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The bio-soluble fiber market size is forecast to increase by USD 2.11 billion with growth at a CAGR of 9.91% between 2023 and 2028. The market expansion is influenced by various factors. Notably, the rising demand for biosoluble mineral fibers in diverse industries, including automotive, construction, and textiles, is a significant growth driver. Additionally, the expansion of the oil and gas industry, which utilizes these fibers in drilling and production processes, contributes to market growth. Furthermore, stringent regulations on man-made fibers, promoting the adoption of eco-friendly alternatives like bio-soluble mineral fibers, add impetus to market growth. Consequently, the market is poised for robust expansion in the coming years.
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The increasing stringency of regulations on man-made fibers is notably driving market growth. Shift in demand from man-made mineral fibers to biosoluble mineral fibers. Man-made mineral fibers are generally used in heat-intensive applications and also as an insulating material. These fibers have proven to be more hazardous as they can cause cancer in individuals working at manufacturing sites. These fibers can cause cancer if inhaled for a prolonged period. The different types of man-made fibers include mineral wools, alkaline earth silicate (AES) fibers, refractory ceramic fibers (RCF) wools, and continuous glass filaments. AES fibers are regulated under the BV (REACH). RCF wools are being regulated under the Centers for Disease Control and Prevention (CDC).
Moreover, increasing regulations on man-made mineral fiber will drive the consumption of biosoluble mineral fibers during the market growth and forecasting period. Biosoluble fibers are harmless to the human body, due to which they are increasingly used in major end-use industries such as metal and foundry, petrochemical, power, and others. Therefore, the increasing stringency of regulations on man-made fibers will drive the growth of the market during the forecast period.
Growing demand for bio soluble mineral fiber in the automotive industry is an emerging trend shaping the market growth. Biosoluble fiber is extensively used in the automotive industry, due to which it is expected to be the fastest-growing application segment of the global biosoluble mineral fiber market during the forecast period. Biosoluble fiber is used in manufacturing automotive spare parts and subparts and for fire protection, fuel cell insulation, exhaust pipe insulation, heat shielding for automotive parts, interior sealing, and others. The major types of biosoluble mineral fibers include blankets, wools, and modules, which have a high demand in the automotive segment.
Further, major automotive manufacturing countries, such as Germany, Italy, the US, India, and China, have been using biosoluble mineral fiber for manufacturing automotive parts. Therefore, market trends and analysis such as the growing automotive vehicle production is expected to drive the demand for biosoluble mineral fiber and will propel the growth of the market in focus during the forecast period.
The high price of biosoluble mineral fibers is a significant challenge hindering the market growth. Biosoluble fibers are materials that are derived from natural sources for which these fibers are costly in nature. These fibers are used in end-user industries to impart certain properties such as bio-degradable, low hazard classification, sound damping properties, safe to use, and good thermal insulation. The prices for biosoluble mineral fiber products were much higher than for non-biosoluble mineral fiber products. Thus, the high price of biosoluble mineral fiber products may impede the growth of the global biosoluble market during the forecast period.
Furthermore, the increasing prices for biosoluble mineral fibers will force consumers to shift toward non-biosoluble mineral fiber products, which will adversely impact the growth of the global biosoluble mineral fiber market during the forecast period.
The market share growth by the petrochemical segment will be significant during the forecast period. In the petrochemical industry, biosoluble ceramic fiber modules and blankets are used in pipe insulation, heaters and furnaces, stacks, walls, and roofs to improve thermal efficiency and resist mechanical breakdown. Also, these fibers are easy to install and are majorly used in oil refineries during the extraction of crude oil. Increasing oil and gas extraction in the Middle East and the US is expected to drive the use of biosoluble mineral fibers in the petrochemical segment
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The petrochemical segment was the largest and was valued at USD 898.05 million in 2018. The petrochemical industry is growing due to the increase in the demand for petrochemical products from various end-user industries, such as rubber and plastic. This is leading to an increase in the production of petrochemical products by countries such as China. Moreover, the demand for petrochemical products is expected to grow due to the stabilization of automotive demand in countries such as Japan and India and the upturn in petrochemical production following the macroeconomic recovery in countries like Brazil. This is encouraging enterprises in the petrochemical industry to expand their production capacity to cater to the growing demand. This will lead to an increase in the demand for biosoluble mineral fiber from the petrochemical industry, which in turn will drive the growth of the market in focus during the forecast period.
Based on the product, the market has been segmented into biosoluble fiber blanket, biosoluble fiber board, and biosoluble fiber paper and others. The biosoluble fiber blanket?segment will account for the largest share of this segment.? A biosoluble fiber blanket is made with a particular spinning technique that produces a fiber with exceptional mechanical and thermal qualities. Further, the demand for biosoluble mineral fiber blankets in metallurgical applications is positioned for significant growth while ensuring productivity and sustainability. Owing to such factors, the segment of the market in focus is expected to witness growth during the forecast period. Thus, such applications of biosoluble mineral fiber blankets will drive the growth of the segment and the market in focus during the forecast period.
APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the market research and growth along with regional trends and drivers that shape the market during the forecast period.
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The region is leading the global biosoluble mineral fiber market in terms of demand as well as innovation in quality and product development. The biosoluble mineral fiber market in APAC is largely driven by the growth in applications such as automotive, construction, power, ceramics, and others. The growth of the construction, power, ceramics, and automotive sectors in APAC is the major driver for the biosoluble mineral fiber market in the region. In 2020, China, India, Indonesia, Vietnam, and Thailand were the leading consumers of automotive vehicles and were expected to maintain their leading positions during the forecast period. High demand for biosoluble mineral fiber across major end-user industries such as petrochemical, ceramics and glass, metal and foundry, power, and other industries will drive the growth of the biosoluble mineral fiber market in the region.
In addition, the market is experiencing a high demand for biosoluble mineral fiber from the developing countries in this region. Growing power industries in China, India, Japan, and other countries are driving the growth of biosoluble mineral fibers in the region. Also, factors such as the expanding urban population, increasing construction activities, rising textile production, and others are expected to drive market growth during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Beijing SUPER International Trade Co. Ltd - The company offers biosoluble mats, boards and papers for thermal insulation of heating units, sealing of thermal seams, and manufacture of blocks and modules.
The market analysis and report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Beijing SUPER International Trade Co. Ltd., Calvo Sealing SL, Double Egret Thermal Insulation Co. Ltd., Etex NV, Final Advanced Materials Sarl, Greenergy Refractory and Insulation Material Co. Ltd, Grupo Nutec, Knauf Insulation, Luyang Energy saving Materials Co. Ltd., Morgan Advanced Materials Plc, Pyrotek Inc., Shandong Green Tiantong New Energy Co. LTD, Shandong Guangming Super Refractory Fiber Co. Ltd., Shinagawa Refractories Co. Ltd., Shree Ceramic Fibers Pvt. Ltd., Shree Group of companies, Silca Service und Vertriebsgesellschaft fur Dammstoffe mbH, THERMO Feuerungsbau-Service GmbH, Unifrax I LLC, and Vitcas Ltd.
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The Market is witnessing substantial growth owing to its versatile applications and eco-friendly properties. These fibers are not only adaptable but also offer solid and sound retention capabilities. With low warmth storage and conductivity, they find extensive use in various industries, including petrochemicals, electrical, electronic, and automobile sectors. Their resistive properties make them ideal for environments exposed to toxic chemicals. Additionally, in the petrochemical and power sectors, bio-soluble fibers are gaining traction due to their bio-stability and soundproofing abilities.
In the realm of health and nutrition, bio-soluble fibers play a crucial role in promoting digestive health, weight management, and combating chronic diseases. Found abundantly in oats, barley, and legumes, these fibers exhibit cholesterol-lowering properties and help regulate blood sugar levels, thus contributing to overall heart health. The market landscape depends on the Pottery, Fiber form, Thermal and chemical stability, Energy-efficient insulation materials, Building and construction, Greenhouse gas emissions, Eco-friendly products, Supplements, Functional food, Chia Seeds, Digestive problems, Raw material availability. Functional foods and beverages enriched with bio-soluble fibers, such as energy bars, smoothies, and yogurt, offer nutritional value and various health benefits, including alleviating constipation and managing diabetes and cardiovascular diseases. As awareness grows regarding the importance of dietary fibers, the demand for bio-soluble fibers is expected to rise, driven by their availability and positive impact on human health.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.91% |
Market Growth 2024-2028 |
USD 2.11 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.75 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Beijing SUPER International Trade Co. Ltd., Calvo Sealing SL, Double Egret Thermal Insulation Co. Ltd., Etex NV, Final Advanced Materials Sarl, Greenergy Refractory and Insulation Material Co. Ltd, Grupo Nutec, Knauf Insulation, Luyang Energy saving Materials Co. Ltd., Morgan Advanced Materials Plc, Pyrotek Inc., Shandong Green Tiantong New Energy Co. LTD, Shandong Guangming Super Refractory Fiber Co. Ltd., Shinagawa Refractories Co. Ltd., Shree Ceramic Fibers Pvt. Ltd., Shree Group of companies, Silca Service und Vertriebsgesellschaft fur Dammstoffe mbH, THERMO Feuerungsbau-Service GmbH, Unifrax I LLC, and Vitcas Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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