Pune, India, May 23, 2019 (GLOBE NEWSWIRE) -- An assessment published by Market Research Future (MRFR) suggests that that Global Vulcanized Fiber Market is expected to mark a CAGR of 4.62% during the forecast period 2016 to 2023. The market has been projected in the report to scale a valuation of USD 1795.9 Mn by the close of 2023. The key advantages offered by the fiber such as electrical insulation, high mechanical strength, resistance to heat & cold, etc. are expected to unleash developmental opportunities to the market in the upcoming years. Proliferating applications across different domains is anticipated to expedite the growth pace of the market in the upcoming years.
Vulcanized Fiber is extensively used in the production of electronics and gadgets such as laptops, home appliances, smartphones, etc. due to its resilience, lightweight, and strength. The increasing demand being observed in the consumer electronics industry is likely to motivate the growth trajectory of the Vulcanized Fiber Market over the next couple of years. Similarly, the production of textile power looms leverages Vulcanized Fiber for meeting standard quality. The advancements in the textile industry are expected to have a positive influence on the expansion of the market. To illustrate, the state government of Telangana, India, has sanctioned INR 500 Cr for the modernization of power looms to give a fillip to the textile industry.
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The wide scope of application of fiber discs, which uses Vulcanized Fiber as a backing material, is anticipated to catapult the market on an upward trajectory in the years to come. One of the key areas of application signified by fiber discs is the production of steel auto components. The strong value maintained by the automotive industry is projected to accelerate revenue creation in the Vulcanized Fiber Market over the assessment period. However, the availability of a range of substitutes is likely to undermine market growth across the review period.
Summary:
Vulcanized Fiber is extensively used in the production of electronics due to its high resistance, resilience, etc. It also exhibits advantages such as electrical insulation, high mechanical strength, etc. which are expected to increase application across industry verticals. Thus, the future trajectory of the market is projected to remain highly lucrative over the next few years. The growth of the end-user industries such as consumer electronics, textile, etc. is projected to accelerate revenue creation for market players. Also, the increasing use of fiber discs, made of Vulcanized Fiber, is finding applications across major industries such as the automotive industry. These factors are anticipated to provide impetus to the market growth in the forthcoming years. Market Research Future (MRFR) recently conducted a study which has found out that the Global Vulcanized Fiber Market is projected to touch a valuation of USD 1795.9 Mn by 2023-end reflecting a CAGR of 4.62% over the assessment period 2016 to 2023.
Key Players:
The noted players operating in the Global Vulcanized Fiber Market are Oliner Fibre Co., Inc (US), Emco Industrial Plastics (US), Iten Industries, Inc (US), Dynos GmbH (Germany), ESPE Manufacturing Co., Inc (US), Sachsenröder (Germany), Hokuetsu Toyo Fibre Co., Ltd. (Japan), Franklin Fibre Lamitex Corporation (US), Thrust Industries (US), and Dante Bertoni Srl (Italy).
Browse the market data and information spread across 155 pages with 191 data tables and 25 figures of the report “Vulcanized Fiber Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/vulcanized-fiber-market-7713
Latest Industry News:
JSW Steel, one of India’s largest integrated steel producers, has unveiled its plan of introducing value-added products linked to sectors and segments that are witnessing booms, such as automobile and consumer appliances.
India-based Jindal Stainless Ltd (JSL) is tapping on the increasing demand for steel from the automotive industry. It has successfully deployed stainless steel fuel tanks for commercial vehicles and supplies 60 percent of the demand generated in the domestic market.
Market Segmentation:
This MRFR report offers an exhaustive segmental analysis of the Global Vulcanized Fiber Market based on Type and Application.
By Type, the market has been segmented into commercial, electrical, trunk, bone, abrasive, and flexible. The commercial segment accounted for the maximum market share of 29.2% in 2017. The segment is expected to exhibit considerable growth at a CAGR of 5.4% over the forecast period and is anticipated to reach a valuation of USD 550 Mn by the end of 2023.
The Vulcanized Fiber Market, by Application, has been segmented into electrical, abrasive, textile, automotive. Among these, the electrical segment is projected to grow substantially over the next couple of years and scale a valuation of around USD 745 Mn by 2023-end. The growth is attributed to the extensive use of Vulcanized Fiber in the insulation of electrical hardware, appliances, capacitors, fuse tubes, transformers, and other electrical instruments.
Asia Pacific expected to expand at 5.1% CAGR over 2023
The regional analysis of the Global Vulcanized Fiber Market encompasses five major regions, namely Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa (MEA). Asia Pacific, which stood at the pole position in 2017, is expected to maintain its prominence over the next couple of years. It has been projected to strike a CAGR of 5.1% during the assessment period. China is anticipated to hold the major share of the regional Vulcanized Fiber Market. Meanwhile, India also resonates strong opportunities for growth and is estimated to reach USD 177 Mn mark by the end of 2023. Europe is another major revenue pocket of the global market. The developments in the automotive industry witnessed in the region are likely to drive the expansion of the regional market in the nearby future.
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