The Ceramic Fiber Rope Market size is estimated to reach US$4.7 billion by 2027, after growing at a CAGR of 10.2% during the forecast period 2022-2027. The robust growth scope for the global ceramic fiber rope market is high due to expanding utilization in major end-use sectors, including metallurgy, automotive, iron & steel, petrochemical and others, owing to its excellent performance in high heat temperatures. The rising metallurgy sector and development in the refining and petrochemical industry, along with an emphasis on energy consumption are fueling the growth scope for the global ceramic fiber rope industry. Moreover, expansion of metalworking facilities, set-up of stainless steel production facilities and industrialization is further augmenting the demand for ceramic fiber rope market.
The Asia-Pacific holds a major share of 41.6% in the Global Ceramic Fiber Rope market due to the established base for metallurgy sectors, surging automotive production and urbanization trends in emerging nations such as China, Japan, India and others. The lucrative growth of the metallurgy sector is influenced by factors such as increasing stainless steel foundry activities, metalworking projects and industrialization. According to the India Brand Equity Foundation (IBEF), the Indian metallurgical sector attracted FDI inflows of US$17 billion between April 2000 and March 2022. Resulting in high demand for metalworking projects, the applicability of ceramic fiber rope in high heat temperatures is rising in APAC, which, in turn, is boosting the growth scope of the global ceramic fiber rope industry.
Ceramic Fiber Rope Market Growth Drivers:
Robust Growth in Automotive Industry:
Flourishing demand for ceramic fiber ropes in the automotive sector for applications in gaskets, seals and others, owing to their efficiency in high heat temperatures is boosting the demand for global ceramic fiber ropes. The automotive sector is significantly growing due to an increase in smart and fuel-efficient vehicle production, growing public transportation sector and vehicle electrification projects.
According to the Federal Chamber of Automotive Industries, the new vehicle registration in Australia represented an increase of 1.2% with 101,233 units in March 2022 compared to March 2021. According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. With the increase in demand and surging automotive production across the world, the utilization of ceramic fiber rope is boosting, thereby driving the global ceramic fiber rope industry.
Increasing Utilization in the Metallurgy Sector:
The expanding utilization of ceramic fiber ropes in the metallurgy sector for utilization in high heat temperatures, foundry, steelmaking furnaces and others is propelling growth scope for the global ceramic fiber rope industry. The upsurge in the metallurgy sector is due to factors such as metal-working projects, rapid industrialization and stainless steel production trends.
According to the World Steel Association, the production of crude steel increased by 23.3% in April 2021 and reached 169.5 million tonnes compared to March 2021. According to the Indian Steel Association (ISA), steel demand in India will grow by 7.2% in 2019-20 and 2020-21. With the flourished demand for metalworking and stainless steel manufacturing activities, the applicability of ceramic fiber ropes in steel furnaces and the metallurgy sector is rising, thereby driving the market.
The Major Players in the Ceramic Fiber Rope Market Include:
The major companies in the Global Ceramic Fiber Rope market include ExxonMobil, TotalEnergies, Royal Dutch Shell Plc, RSC Bio Solutions, Renewable Lubricants Inc., Cargill Inc, Balmer Lawrie & Co., Ltd., KAJO Group, Polnox Corporation and BECHEM.
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