LONDON--(BUSINESS WIRE)--The global inorganic fiber market is expected to post a CAGR of more than 7% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global inorganic fiber market size is the rise in preference for fuel-efficient vehicles. Stringent regulations and strict fuel emission standards have led automakers to manufacture fuel-efficient vehicles, which is increasing the consumption of inorganic fibers, including carbon fiber, ceramic, and glass. Inorganic fibers are mainly used in the production of automobile components, such as engine components, gasket lining, and brake pads. Some of the factors that make inorganic fiber suitable for these applications include excellent strength, stiffness, durability, and corrosion resistance. Product design flexibility and lightweight nature of inorganic fibers is leading automobile manufacturers to use these products. Thus, the rise in preference for fuel-efficient vehicles will boost the demand for inorganic fibers during the forecast period.
As per Technavio, the increasing demand for inorganic fibers from additive manufacturing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global inorganic fiber market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global inorganic fiber market: Increasing demand for inorganic fibers from additive manufacturing
Additive manufacturing or 3D printing has gained immense prominence over the last few years, which eliminates the tooling process and improves design flexibility, thereby reducing the production cost of making product parts. Inorganic fibers, including glass fiber and carbon fiber, are being used to produce various components in 3D printing. Carbon fiber is used in the formulation of composites for 3D printing material to provide strength and stiffness to prototypes, rigid tools, and production parts. Therefore, the growth in additive manufacturing is expected to fuel the growth of the inorganic fiber market over the next five years.
“Factors such as the growing demand for inorganic fiber to produce aerospace engine components and the growth in adoption of inorganic fiber in the renewable energy industry will have a significant impact on the inorganic fiber market growth during the forecast period,” says a senior analyst at Technavio.
Global inorganic fiber market: Segmentation analysis
This market research report segments the global inorganic fiber market by type (glass fiber, silicon carbide, boron, carbon fiber, and others), and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the inorganic fiber market in 2018, followed by Europe, APAC, South America, and MEA, respectively. The growth of the inorganic fiber market in North America can be attributed to the rising demand from end-user industries, such as aerospace, construction, and automobile. The use of inorganic fibers to produce matrix composites for new military aircraft is increasing significantly, owing to their efficiency and performance features.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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