Selbyville, Delaware, May 13, 2020 (GLOBE NEWSWIRE) — According to Global Market Insights Inc., the Asia Pacific ceramic fiber market was valued at $637 million in 2019 and is projected to surpass $755 million by 2026, registering a CAGR of 6.3% from 2020 to 2026. The report delivers a broad analysis of the industry size & estimations, competitive scenario, drivers & opportunities, key investment pockets, wavering market trends, and top winning strategies.
Technological advancements and developments in high-temperature applications for various industries such as chemical processing, aluminum, power generation, iron & steel is creating the demand for advanced insulating materials. This is primarily because insulation is a very important component in terms of energy costs for these industries.
Ceramic fibers are highly porous and are lightweight, which results in exceptional insulation efficiency. Moreover, the high porosity and insulation efficiency of ceramic fibers minimizes the material consumption of insulators by nearly 40% to 50%. These factors thus enable the end-user industries to reduce the weight of the structure, lower fuel consumption, and to increase productivity.
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Additionally, owing to the current COVID-19 pandemic, the oil & gas industry has been majorly impacted in an adverse manner by various factors, which also includes shortfall of workforce during lockdown, a price war between Russia and Saudi Arabia, as well as a significant drop in oil & gas demand due to the limited consumption of fuel across the globe, which is expected to affect the Asia Pacific ceramic fiber market in the short term.
With respect to product, the Asia Pacific ceramic fiber market is bifurcated into alkaline earth silicate, refractory ceramic fiber, and others. The ceramic fiber products are utilized in areas where good insulating properties at high temperatures are needed, like in laboratory furnaces, expansion joints, fire dampers, thermal insulation in thermal analysis devices etc. Furthermore, polycrystalline wool which is produced by sol-gel technique from aqueous spinning solutions is normally utilized in applications which need working temperatures of more than 1300 °C and within critical physical and chemical application conditions.
Additionally, ceramic fiber-based products are also available in various forms as per their usability. The ceramic fiber board segment is likely to generate a revenue of approximately $110 million by 2026. The production of board primarily includes alumina-silica binders and fibers through the wet forming process. Furthermore, these boards also provide superior features like low thermal conductivity, high temperature stability, consistent density, resistance against thermal shock & chemical attack, etc. They also resist oxidation as well as reduction, which is likely to attract the Asia Pacific ceramic fiber market application avenues in the coming years.
In terms of end-users, the Asia Pacific ceramic fiber market is classified into chemical processing industry, ceramics, power generation, iron & steel, and oil & gas among others. The iron & steel segment is considered as the key application segment and is likely to account for over 23% of the industry share by 2026. Iron & steel is a major energy driven industry, which needs efficient thermal insulation products for the conservation of energy. Moreover, high temperature insulation products are broadly utilized in heat treatment furnaces, converters, pipes, kilns, induction furnaces, forging furnaces, electric arc furnaces among others.
Key Reasons for APAC Ceramic Fiber Market Growth:
- Growing product demand from iron & steel industry.
- Growing demand for ceramic fibers owing to its superior features.
- Key players to increase production capacity and technological upgradation in the product to increase their position.
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The prevalence of various low-cost product manufacturers in India, China as well as the Southeast Asian countries is likely to distinguish the regional market, since they deliver a strong customized support to the end-users who are focusing on operational cost optimization. The extensive presence of numerous small, medium, as well as large-scale pharmaceutical and chemical companies in India and China will further bring a growth in Asia Pacific ceramic fiber market demand over the forecast time period.
Leading market players analyzed in the Asia Pacific ceramic fiber industry research include Simond Fibertech Limited, Yeso Insulating Products Co., Nutec Fibratec, PAR Group, Unifrax, Rath, Isolite Insulating Products, NGP Industries Limited, IBIDEN Co., Lewco Specialty Products, and Shandong Luyang Share among others.
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