Ceramic fiber market is expected to witness robust growth during the period 2021 to 2027 on account of rising emphasis on fire and heat-resistant materials. There is also a surging need for less toxic solutions across a host of industrial sectors, including petrochemical and power generation. Increasing penetration of ceramic fibers across the steel production plants, mainly in reheating furnaces is expected to influence the market growth revenue. It has been estimated that global crude steel production exceeded 1,864 million tonnes in 2020.
Furthermore, the booming aviation sector and the rising preference for stainless steel are other ideal growth trends for the industry expansion.
In terms of product type, the ceramic fiber market size from alkaline earth silicate (AES) is set to observe notable proceeds owing to their rising utility in household appliances. These products are excessively used in kitchen utensils to offer excellent insulation in highly demanding cooking environments. Apart from lower bio persistence and linear shrinkage, the product helps to deliver enhanced safety and energy efficiency, as well as consistent cooking performance. Increasing adoption in marine vessels for rendering fire protection will also add a positive edge to the industry size growth.
Based on form, the ceramic fiber market is identified across blanket, paper, module, board, and others. Among these, the revenue share from the module segment is anticipated to grow commendably owing to increasing penetration in the power generation as well as iron & steel verticals. The incessant need for design versatility and robust operational abilities will further drive the market expansion by 2027.
Among the end-use segments, the oil & gas industry is set to bring significant gains for the ceramic fiber market. This can be attributed to the strong abilities of the product to function in harsh abrasive as well as corrosive environments. Owing to their higher performance optimization, ceramic fibers are excessively employed in pumps, filters, liners, seals, valves, and bearings to enhance the service life of the equipment that have utility in exploration, drilling, and processing.
Regionally, Asia Pacific will gain considerable prominence from 2021 to 2027 due to the increasing demand for renewable products and the rise in infrastructure developments in the region. The expanding efforts towards environmental protection have paved the way for the higher adoption of lightweight insulation materials. The growing penetration of ceramic fibers and the proliferating iron & steel sectors in China are other impact rendering prospects contributing to the ceramic fiber market growth.
Major manufacturers of ceramic fibers are consistently opting for strategic collaborations, including mergers and partnerships as well as inorganic marketing initiatives, such as novel product developments for innovations to broaden their portfolio and business growth.
For instance, in March 2021, Unifrax, a specialty ceramic fiber provider, unveiled its silicon fiber anode battery technology, SiFAB™ to venture into silicon fibers and to build its deep history of fiber-based manufacturing and technology.
In another instance, Morgan Advanced Materials Plc., in June 2020 acquired Carbo San Luis, a major abrasion-resistant product supplier, for its continued growth and development through investments in Argentina, Chile, and Peru.
Lewco specialty products, Nutec Fibratec, Yeso Insulating Products Co. Ltd., NGP Industries Limited, and Rath Inc. (RATH AG) are some other leading players in the ceramic fiber industry.
The present COVID-19 outbreak not only posed an unprecedented impact on the health sector and global economy but also gave rise to massive roadblocks to hundreds of thousands of businesses worldwide. The ceramic fiber industry also suffered a major blow of the pandemic on account of the stunted production activities brought by the dearth of materials and trade limitations. However, according to some recent industry researches that have been carried out, the demand for ceramics is anticipated to boom in the post-pandemic era.