Ceramic Textile Market - Growth, Trends, and Forecast (2020 - 2025)
The market for ceramic textiles is expected to grow at a CAGR of about 5% globally during the forecast period. Growing demand from various enduser industries along with superior properties of ceramic textiles are driving the market. On the flip side, stringent environmental conditions coupled with unfavorable conditions arising due to the COVID19 outbreak are hindering the market growth.
The ceramic textile market is expected to grow during the forecast period owing to the growing demand from the enduser industries.
AsiaPacific region to dominate the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Growing Demand form the Enduser Industries
Ceramic textiles are hightemperature fabrics made from aluminasilica ceramic fiber or yarn and are available in a different size, thickness, and shape. They have excellent thermal resistance, textile strength, chemical inertness, and thermal insulation. These textile materials can withstand temperature up to 1250°C.
In industrial applications, they are used as insulation, gaskets, seals, and pipe wrappings for furnaces, refineries, power plants, chemical plants, aluminum, iron & steel processing plants, and foundries. Ceramic textiles are often used as engine encapsulants in the transportation and aerospace industry, to minimize heat loss.
The growing industrialization and excellent temperature of resistance of ceramic textiles are expected to drive the market for ceramic textiles during the forecast period
AsiaPacific Region to Dominate the Market
The AsiaPacific region is expected to dominate the market for ceramic textiles during the forecast period due to an increase in demand from countries like China and India.
The growing urbanization followed by infrastructure coupled with the growing industrialization in countries like India and China is expected to drive the market. India is the seventhlargest producer of chemicals and the thirdlargest agrochemical producer in the world. The total market size of the chemical and petrochemical market is around USD 35 billion for the financial year 201819.
India has the secondlargest petroleum refinery in Asia with an annual capacity of 249 million metric tons per annum. The Indian petroleum import value is about USD 112 billion in the financial year 2019 with a 27% growth from USD 88 billion in the financial year 2018. The growing demand for petroleum products is expected to drive the market in the forecast period.
China is the largest producer of chemicals in the world, with a share of about 35% of the total global shares. Moreover, In China, crude oil consumption is at 14.5 million barrels per day in 2019 from about 13.5 million barrels per day in 2018. The growing demand from chemical and petroleum refinery industries is expected to drive the market.
The aforementioned factors, coupled with government support, are contributing to the increasing demand for the ceramic textile market in the AsiaPacific during the forecast period.
The global ceramic textile market is partially fragmented with players accounting for a major share of the market. Few companies include 3M, IBIDEN, Morgan Advanced Materials, Unifrax, and Mineral Seal Corporation.
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