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Ceramic fiber industry outlook

September 17th, 2021 / By: / Industry News, News

According to a report by ResearchAndMarkets.com, the ceramic fiber market is projected to reach USD 3.3 billion by 2026, at a CAGR of 9.9 percent from USD 2.1 billion in 2021. The growth of the ceramic fiber market is primarily triggered by its increasing use in the refining and petrochemical and power generation industries.

A major restraint for the market will be the stringent regulations pertaining to the use of carcinogenic materials. The harmful and adverse effects on the environment and human health is a major concern, worldwide. The use of such toxic substances has been limited or banned in many applications, thereby restraining the market growth. However, rising demand for high-temperature insulation from developed regions will act as an opportunity for the market.

The blanket is the most widely known product form of ceramic fiber because of its versatility in design and performance. The blanket segment accounted for the largest share of the overall market, in terms of value, in 2020. The huge demand in this segment is owing to the high demand for insulation material in the shipping, metal, automotive and space industries.