The global vulcanized fiber market is estimated to garner ~5% CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the wide-spreading automotive industry. The vulcanized fiber is an insulating material that has high mechanical strength, impeccable temperature resistance, and high tensile strength. Moreover, it can be shaped in a variety of ways, such as rod, sheet, tube, and coil. Since, the vulcanized fiber is tough, resilient, and lightweight, it is extensively used in electric cars. Furthermore, the growing demand for EVs amongst consumers is estimated to boost the market growth. According to the data released by International Energy Agency, sales of electric cars reached up to 2.1 million in 2019. On the back of the rising automation sector, the global vulcanized fiber market is expected to grow significantly during the forecast period.
The vulcanized fiber is also significantly utilized as an insulator in electrical and electronic devices, such as, smart phones, gadgets and home appliances. It is estimated that a total number of around 340 million households will use smart appliances by 2026. Hence, the global vulcanized fiber market is estimated to grow over the forecast period on the back of the rise in the demand for smart home appliances. Furthermore, the rising disposable income of people is leading to increased demand for sophisticated furniture. On account of this, the global vulcanized fiber market is estimated to grow remarkably during the forecast period.
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The market is segmented by application into electrical & electronics insulation, furniture manufacturing, farming tools, and others, out of which, the electrical & electronics insulation sub-segment is anticipated to hold the notable share in the global vulcanized fiber market on account of the rising demand for home appliances. With the rising disposable income of people, demand for appliances is increasing, which is the reason the global vulcanized fiber market is expected to grow during the forecast period.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global vulcanized fiber market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of flexible government guidelines. It is estimated that in 2022, the electronics industry in the United States of America is projected to grow by around 5.1%. On account of the rising electronic industry, the global vulcanized fiber market is estimated to grow over the forecast period. Additionally, the growing marine industry is also expected to boost the global vulcanized fiber market over the forecast period. The report published by National Marine Manufacturers Association states that annual sales of marine and boat products and services are estimated to be worth USD 42 billion in the year 2019.
Furthermore, the Asia Pacific region is estimated to provide lucrative business opportunities for the growth of the global vulcanized fiber market in the future. It is estimated that the kitchen & dining furniture market accounts for USD 5 billion alone in China in 2020. Hence, on the back of rapid urbanization in the Asia Pacific region, the global vulcanized fiber market is estimated to grow significantly over the forecast period.
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The global vulcanized fiber market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global vulcanized fiber market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing electronics sector is estimated to be the major factor driving the growth of the global vulcanized fiber market during the forecast period.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 - 2031.
The major players in the market are ESPE Manufacturing Co., Inc., New Process Fibre Company, Inc., Franklin Fibre Corporation., and RH Nuttall Limited.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by grade, application, and by region.
The electrical & electronics sub-segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
The availability of substitutes is estimated to hamper the market growth.
The North America region is expected to provide more business opportunities for the growth of the global vulcanized fiber market in the future on the back of rising electronics sector in the region.
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