The ceramic fiber market in the Asia Pacific region is projected to experience robust growth, reaching an estimated value of USD 972 million in 2023 and expected to more than double to USD 2098.48 million by 2033. This substantial increase reflects a strong compound annual growth rate (CAGR) of approximately 8% over the forecast period from 2023 to 2033. The market’s expansion can be attributed to rising demand in various industries such as manufacturing, automotive, and construction, driven by the material’s exceptional properties, including high thermal resistance, low thermal conductivity, and lightweight characteristics.
The power industry’s rising demand and the rise in popularity of high-temperature industrial furnaces are expected to boost the market. Also, the demand for and widespread use of Ceramic Fibers in Asia Pacific is a result of the government’s tight regulations and policies that are focused on a sustainable future. The demand in Asia Pacific is anticipated to increase due to growing awareness of Ceramic Fiber’s many properties, including durability, flexibility, toughness, and abrasion resistance.
Aerospace missiles, heat exchangers, hot gas filters, rocket nozzles, gaskets, and wrapping insulations are just a few of the commercial products that use ceramic fibres. Other examples include aircraft engine components (turbine combustors, compressors, and exhaust nozzles), automotive and gas turbine elements, and heat exchangers.
Key Takeaways from the Market Study
- The refractory ceramic fiber (RF) segment is poised to surpass USD 900 million in revenue by 2033.
- The industry share from the up to 1000 segment is estimated to grow at more than 6% CAGR over 2023-2033.
- The industry furnace base seal segment is anticipated to surpass USD 450 million by 2033.
- Excellent thermal properties of ceramic fibers are fueling market expansion.
“Ceramic-fibers are utilized in many different commercial products such as aircraft engine components (turbine combustors, compressors, and exhaust nozzles), automotive and gas turbine elements, aerospace missiles, heat exchangers, hot gas filters, rocket nozzles, gasket, and wrapping insulations.,” says an analyst at Future Market Insights.
Key Market Players
Major players are channeling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market.
Key players in the Asia Pacific Ceramic Fiber market are Morgan Advanced Materials PLC., Ibiden Co. Ltd., Rath Inc., Unifrax I LLC., and Luyang Energy-saving Materials Co., LtD.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Asia Pacific ceramic fiber market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Product (Refractory Ceramic Fiber, Alkaline Earth Silicate), By Form (Blanket, Module, Board, Paper), By Temperature Rating (Up to 1000, 1001 to 1200, 1201 to 1400, Over 1400), By Application (Expansion Joint Fiber Barriers, High Temp Pipe, Duct & Tube Insulation, Industry Furnace Base Seal, Fire Dampers), By End-user Industry (Oil & Gas, Iron & Steel, Power Generation, Aluminum, Chemical Processing Industry, Ceramics), & Region.
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