Rising awareness regarding various characteristics of Ceramic Fiber such as durability, flexibility, toughness, and abrasion resistance is expected to boost the consumption of ceramic fiber in Asia Pacific.
During the forecast period of 2023 to 2033, the predicted growth rate is about 8%. The global Asia Pacific Ceramic Fibers market is expected to be worth US$ 972 million in 2023 and US$ 2098.48 million by 2033.
The market is expected to be driven by rising demand from the power industry and increased use of high-temperature industrial furnaces. Furthermore, the government's tough requirements and policies promoting a sustainable future have resulted in widespread use and demand for Ceramic Fibers across Asia Pacific.
Rising awareness of Ceramic Fiber properties such as durability, flexibility, toughness, and abrasion resistance is likely to drive demand in Asia Pacific. Furthermore, during the forecast period, increased awareness of fire and heat-resistant materials is likely to operate as an opportunity.
Ceramic fibres are used in a wide range of commercial items, including aircraft engine components (turbine combustors, compressors, and exhaust nozzles), automobile and gas turbine components, aerospace missiles, heat exchangers, hot gas filters, rocket nozzles, gaskets, and wrapping insulation.
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Key Takeaways from Market Study
"Ceramic-fibers are utilized in many different commercial products such as aircraft engine components (turbine combustors, compressors, and exhaust nozzles), automotive and gas turbine elements, aerospace missiles, heat exchangers, hot gas filters, rocket nozzles, gasket, and wrapping insulations.," says an analyst at Future Market Insights.
Key Market Players
Major players are channeling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market.
Key players in the Asia Pacific Ceramic Fiber market are Morgan Advanced Materials PLC., Ibiden Co. Ltd., Rath Inc., Unifrax I LLC., and Luyang Energy-saving Materials Co., LtD.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Asia Pacific Ceramic Fiber market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033. The study reveals essential insights by Product, By Temperature Rating, By Application, By End-user Industry, & Region.
Key Market Segments Covered in the Global Asia Pacific Ceramic Fiber Market
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About the Chemicals & Materials Team at Future Market Insights
The Chemicals & Materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Apr 10, 2023
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