Ceramic Fiber Market by Type (RCF and AES Wool), Product Form (Blanket, Board, Paper, and Module), End-use Industry (Refining & Petrochemical, Iron & Steel, Power Generation, and Aluminum), and Region - Global Forecast to 2022
Northbrook, IL -- (SBWIRE) -- 06/19/2018 -- The growth of the global ceramic fiber market is majorly driven by the increased thermal efficiency of ceramic fiber products which are lightweight and exhibit enhanced functionality as compared to substitute products, such as metal, glass, or wood.
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AES segment to grow at the highest CAGR between 2017 and 2022
Based on type, the global ceramic fiber market has been segmented into RCF, AES, and others. The AES segment is projected to grow at the highest CAGR during the forecast period. This high growth rate is attributed to the increasing need for highly-efficient, low bio-persistent, and lightweight ceramic fiber having superior properties as compared to carcinogenic RCF based ceramic fiber.
Ceramic fiber module segment to witness the highest CAGR between 2017 and 2022
Based on product form, the global ceramic fiber market has been segmented into blanket, board, module, paper, and others. The module segment is projected to grow at the highest CAGR during the forecast period. This expected high growth rate is due to their convenient shapes and demand from the petrochemical, iron & steel, and ceramic industry.
The refining & petrochemical end-use industry segment projected to grow at the highest CAGR during the forecast period
Based on end-use industry, the refining & petrochemical segment is projected to grow at the highest CAGR between 2017 and 2022. The increasing need to lower operating costs, increase reliability, and lower energy use in furnace linings, roofs, and walls is expected to fuel the demand for ceramic fiber in the refining & petrochemical industry.
APAC to be the fastest-growing market for ceramic fiber during the forecast period
The ceramic fiber market in the APAC is projected to grow at the highest CAGR between 2017 and 2022. This growth is mainly attributed to the growth of construction, automotive, and manufacturing industries; significant R&D investments; and drive to use less toxic products in the APAC countries, such as India, Japan, South Korea, and China.
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Unifrax I LLC (US), IBIDEN Co., Ltd. (Japan), Morgan Advanced Materials PLC (UK), Nutec Fibratec (Mexico), and Rath Group (Austria) are some of the leading players in the global ceramic fiber market.
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