The global Vulcanized Fiber market is estimated to be valued at USD 1795.9 million by 2023 and is expected to register a CAGR of 4.62% during the forecast period.
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The commercial grade type segment dominated the global market as it offers excellent mechanical and electrical properties. It is also known as mechanical grade Vulcanized Fiber. It is strong, robust, resistant to oils, most of the solvents, and gasoline. It is an electrical grade insulating material capable of withstanding temperatures up to 115°C.
The growth of the electrical application segment is attributed to the high punching resistance, high surface resistance, anti-static, lightweight, and excellent electrical insulation of Vulcanized Fiber. The segment accounted for over 37% of the global market share in 2017 and is projected to register a CAGR of 5.34% during the assessment period.
Market Research Future (MRFR) recognizes Emco Industrial Plastics (US), Dynos GmbH (Germany), Iten Industries, Inc (US), ESPE Manufacturing Co., Inc (US), Franklin Fibre Lamitex Corporation (US), Sachsenröder (Germany), Hokuetsu Toyo Fibre Co., Ltd. (Japan), Thrust Industries (US), Oliner Fibre Co., Inc (US), and Dante Bertoni Srl (Italy) as the key players in the global Vulcanized Fiber market.
The global Vulcanized Fiber market has been segmented on the basis of type, application, and region.
On the basis of type, the global market has been categorized into commercial grade, electrical grade, trunk grade, bone grade, abrasive grade, flexible grade, and others. Among these types, the commercial grade dominated the global market in 2017. This is attributed to its extensive use in mechanical and electrical applications such as washers, handles, gears, arc barriers, insulating plates, and switch and appliance insulation. It is projected to register a CAGR of 5.4% to reach USD 551.0 million by 2023.
Based on the applications, the global market has been segmented into electrical, abrasive, textile, automotive, and others. The automotive segment is expected to reach USD 470.7 million by the end of the review period. The growth of the automotive industry can be attributed to the high production and sales of automobiles across the globe.
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Geographically, the global Vulcanized Fiber market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia-Pacific was the largest market for Vulcanized Fiber in 2017 and is expected to remain dominant during the review period. Europe accounted for 16.4% of the market share in 2017, with Germany being the major contributor. The rising demand for wireless electronic devices coupled with the high disposable income of the consumers is the major driver for the growth of the Vulcanized Fiber market in the region.
Key Findings of the Study:
- The global Vulcanized Fiber market is projected to reach USD 1,795. Million by 2023 at a CAGR of 4.62% during the review period of 2018 to 2023.
- Asia-Pacific accounted for the largest market share with China being the major contributor to the growth of the market.
- Some of the prominent players in global market are Emco Industrial Plastics, Dynos GmbH, Iten Industries, Inc, ESPE Manufacturing Co., Inc, and Hokuetsu Toyo Fibre Co., Ltd, among others.
- The key manufacturers are strengthening their distribution and sales network as growth strategies.
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