Technavio analysts forecast the global bio soluble fiber market to grow at a CAGR of over 10% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global bio soluble fiber market from 2018-2022. (Graphic: Business Wire)
The growing demand for bio-soluble fiber in the automotive industry is one of the major trends being witnessed in the global bio soluble fiber market 2018-2022. Bio-soluble fiber is extensively used in the automotive industry due to which it is expected to be the fastest growing application segment of the global bio-soluble fiber market. Bio-soluble fiber is used in manufacturing automotive spare pals and subparts and for fire protection in automotive, fuel cell insulation, exhaust pipe insulation, heat shielding for automotive parts, interior sealing, and others. The major types of bio-soluble fibers include blankets, wools, modules, and others which have a high demand in the automotive segment. Thus, the considerable increase in vehicle production will drive the demand for bio-soluble fiber during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global bio soluble fiber market is the growing popularity of bio-soluble fiber in end-user industries:
Global bio soluble fiber market: Growing popularity of bio-soluble fiber in end-user industries
Bio-soluble fibers are strong, lightweight, and flexible insulating products that are manufactured using advanced spinning technology. These fibers exhibit very low thermal conductivity, super thermal shock resistance, low heat storage, and excellent sound absorption. Due to their unique properties, bio-soluble fibers have been used in many end-user industries such as metal and foundry, petrochemical, power, and others. These fibers are easy to install and do not have any hazard classification due to low bio-persistence and biodegradability. Also, these fibers are resistant to temperatures as high as 1100°C/ 2012°F. Therefore, the growing number of end-user industries is expected to drive the demand for bio-soluble fibers during the forecast period.
According to a senior analyst at Technavio for research on specialty chemicals, “The rising frequency of innovations and technological advances in manufacturing processes is expected to considerably increase the production volumes of the bio-soluble fiber manufacturers. However, the higher production volumes have also contributed to an increase in demand for bio-soluble fibers worldwide. Technological innovations are expected to increase the market penetration of bio-soluble fiber products and make it an ideal solution for different end-use sectors.”
Global bio soluble fiber market: Segmentation analysis
The global bio soluble fiber market research report provides market segmentation by end-user (petrochemical, ceramics and glass, metal and foundry, power, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, followed by the EMEA and Americas respectively. During the forecast period, the APAC region is expected to continue dominating the global market and also register the highest incremental growth of close to 2%.
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