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Jun.2024 22
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Global Insights on the Ceramic Fiber - Growing Demand for Insulation in High-Temperature Applications
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The global Ceramic Fiber market held a market value of USD 1,737.7 Million in 2021 and is projected to reach USD 3,973.7 Million by the year 2030. The market is anticipated to grow at a CAGR of 9.86% from 2022 to 2030. In 2021, around 3,009.9 metric tons of ceramic fiber was sold. Ceramic fiber has lower thermal conductivity and also has the ability to tolerate at high temperature. Products made using ceramic fiber are used as insulation materials in applications requiring energy conservation and high heat containment. These products can be in the form of bulk fibers, blanket, paper, boards, modules, textile, and paper, among others. Growing demand for insulation in high-temperature applications are expected to boost the market growth. By region, the global Ceramic Fiber market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. The Asia Pacific region is expected to hold the largest market share of over 45% owing to the rising awareness regarding environmental protection by regulatory bodies, such as REACH and EPA. Furthermore, growing infrastructural development activities are also estimated to fuel the market growth. Europe region is anticipated to witness a growth rate of 9.97% owing to the rapid technological advancements and increasing demand for low cost and lightweight materials. Moreover, North America, South America, and Middle East & Africa regions are also expected to boost the market growth.
