DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ -- The report "Ceramic Fiber Market by Type (Refractory Ceramic Fiber (RCF), Alkaline Earth Silicate (AES) Wool), Product Form (Blanket, Board, Paper, Module), End-use Industry (Refining & Petrochemical, Metal, Power Generation), and Region - Global Forecast to 2029", size USD 2.3 billion in 2024 and is projected to reach USD 3.5 billion by 2029, at a CAGR of 8.6%, between 2024 and 2029.
The market is projected to grow because of the growing infrastructural projects and urbanization, mounting demand for ceramic fiber insulation, and increasing industrial expansion in Asia Pacific region. The ceramic fiber contributes to reduce energy consumption, improved thermal management, fire resistance, and lightweight, making them a crucial tool for wide range of industries in today's world. In addition, due to the increasing population, increasing demand for energy efficiency demand, technological advancements and changing consumer needs, the demand for ceramic fiber can increase due to various applications.
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RCF segment type are projected to register the second-highest CAGR, in terms of value, of the global ceramic fiber market during the forecast period.
The RCF segment market is set to grow notably during the forecast period. This impressive growth is attributed to its low costs as compared to other types such as AES wool and other types. Due to its properties of heat resistance and insulation it is very vital in industries like metals, glass making and aerospace engineering. Energy conservation and regulatory compliance are a key factor that is amazing the need for materials such as RCF due to their high-rate performance under high temperatures. Also, improvements in technology have seen the safety and performance characteristics of RCF being increased thus increasing its usage across the industrial market segment.
Blanket segment is estimated to be the fastest growing product form of ceramic fiber market, in terms of value, during the forecast period.
From the product forms available in the ceramic fiber market, the blanket product form is expected to grow at the highest CAGR because of its applicability in various end-use sector. Ceramic fiber blankets have many useful features, such as high heat resistance, flexibility and low density, which makes it possible to apply them in such industries as furnace, kiln and exhaust industries. This characteristic makes them versatile especially in conveyance of heat and energy efficiency due to their unique performance in conforming to irregular shapes and geometries. Further, the rising trends for energy savings and the high demands for advanced insulating material in the aerospace, automobile and metallurgical industries are the major factors that fuels the ceramic fiber blankets market. Technological developments in the production of these blankets are also seeing a positive impact on the effectiveness and safety of the blankets thus putting into emphasis why so many people are using it.
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Europe is estimated to be the second-largest market for the ceramic fiber market, in terms of value, during the forecast period.
Europe is expected to be the second largest market due to the presence of well-developed industries coupled with the requirements of using high-performance ceramic fibers in thermal insulations. For thermal resistance and energy efficiency, the ceramics fiber finds applications in automobile, aerospace, and metal industries, which are largely concentrated in the region. On top of it, European environmental standards and its policy on energy saving give pressure to use the superior insulation materials. Interest in technology as well as in infrastructure formation also boosts the expansion of the ceramic fiber market in the region.
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