Vulcanized Fiber Market size is anticipated to reach USD 2 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of vulcanized fiber was over USD 1 Billion. The growth of the market can be attributed to the increasing use of electronics and electrical devices across the world. Worldwide more than 7 billion people use consumer electronics such as smartphones and feature phones as per the estimations in 2023 which accounts for more than 90% of the world’s population. The increasing preference for vulcanized fiber discs owing to the electrical insulation, resistance to heat & cold, high mechanical strength, and high tensile strength is estimated to drive the market growth. The increasing use of laptops, smartphones, and video game players is anticipated to boost the market growth.
The rising utilization of electric vehicles owing to the increasing prices of fossil fuels across the world is estimated to drive market growth. As per the reports in 2022, in the U.S. more than 64,000 hybrid electric vehicles were sold with a more than 35% increase from 2021. The increasing use of vulcanized fibers in end-user industries such as architecture, aerospace, and others is anticipated to drive market growth during the forecast period. The rising use of vulcanized fiber discs in stainless steel, cast iron, high-alloy steel, and sheet steel sector for machining is also estimated to propel the market growth across the world. The increasing application of steel in various sectors is estimated to hike market growth.
Growth Drivers
Rising Automotive Industry with Increasing Sales of Electric Vehicles across the World – The increasing number of automotive industries across the world is estimated to drive market growth. The adoption of electric vehicle demand is expanding owing to the rising greenhouse gases across the world. The growing global warming around the world is estimated to propel the electric vehicle growth thereby propelling the market growth in the coming years. The less cost and high efficiency of electric vehicles are driving the growth of the market. As per the estimations, electric car sales raised from 0.2% in 2011 to 4.6% in 2021 out of total car sales in the United States according to the Bureau of Labor Statistics.
Growing Policies to Reduce Vehicle Emissions and Use of Petrochemicals – The United States Environmental Protection Agency, in 2021 December finalized the revised national greenhouse emissions standards for light trucks and passenger cars of Model 2023-2036.
Escalating the Construction Sector with Rise in Infrastructural Development – The annual value of construction projects undertaken in the year 2021 was estimated to be more than USD 1.5 trillion in the U.S.
Increasing Use of Furniture Manufacturing with Growing Economic Standards – The furniture industry growth rate in India accounted for more than USD 5 billion in the year 2023 as per the reports.
Rising Electrical Wires Consumption with Growing New Connections and Extension of Old Ones – The year-on-year growth rate of exported insulated wire across the U.S. in 2018 was over 4 and increased to more than 20 in the year 2021 as per the estimation in 2022.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 1 Billion |
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Forecast Year Market Size (2035) |
~ USD 2 Billion |
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Regional Scope |
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Grade (Commercial, Electrical, Bone, Trunk, Flexible, Abrasive Grade)
The global vulcanized fiber market is segmented and analyzed for demand and supply by grade into commercial grade, electrical grade, bone grade, trunk grade, flexible grade, and abrasive grade. Out of these types, the commercial grade segment is estimated to gain the largest market share of about ~18% in the year 2035. The growth of the segment can be attributed to the increasing consumption of vulcanized fiber in various sectors. The increasing use of furniture across the world for various purposes with the rising construction of buildings, commercial complexes, residential buildings, and hotels is estimated to propel the market segment growth. The percentage of home construction for single families during 2019-2020 was estimated to be over 10% and the value of new construction projects is projected to be worth more than USD 1 trillion by the end of 2024 in United States. The number of applications in the construction sector such as the use of laminated fibers is estimated to propel the growth of the market segment. The growth of the market segment is also attributed to the rising agricultural sector as many of the agricultural tools are made of vulcanized fiber. The demand for vulcanized fibers is also estimated to rise owing to the low cost, high resistance to heat and cold, high efficiency, strength, and availability in various colors.
Application (Electrical & Electronics Insulation, Furniture Manufacturing, Farming Tools)
The global vulcanized fiber market is also segmented and analyzed for demand and supply by application into electrical & electronics insulation, furniture manufacturing, farming tools, and others. Amongst these segments, the electrical and electronics insulation segment is expected to garner a significant share of around ~28% in the year 2035. The increasing number of electronic appliances manufactured across the world with the rising number of users is estimated to drive the market segment growth during the forecast period. The increasing safety concerns for the electricity wires to reduce electric shocks around the globe are anticipated to promote significant growth in the market. The rising consumption of electricity across the world with rising internet penetration and disposable income of people are driving the growth of the market. The non-flammable, good insulation properties, resistance to moisture, and chemicals are estimated to increase the use of vulcanized fiber for electric wires is estimated to hike the market growth.
Our in-depth analysis of the global market includes the following segments:
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By Grade |
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By Application |
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North American Market Forecast
The market share of vulcanized fiber in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~38% by the end of 2035. The growth of the market can be attributed majorly to flexible government guidelines. It is estimated that in 2022, the electronics industry in the United States of America was 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 were estimated to be worth USD 42 billion in the year 2019. The increasing population across the region and growing number of people using automobiles owing to high disposable income is estimated to propel the market growth. The rising living standards of people wowing to the rising use of smart kitchen appliances in households for various purposes in the kitchen, living room, garage, and other areas is predicted to boost the market growth in the coming years.
APAC Market Statistics
The Asia Pacific vulcanized fiber market is estimated to be the second largest, registering a share of about ~26% by the end of 2035. The Asia Pacific region is estimated to provide lucrative business opportunities for the growth of the global vulcanized fiber market in the future. It was estimated that the kitchen & dining furniture market accounted 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. The rising price of petrochemical in the region owing to the disruption in the supply chain during the pandemic is anticipated to boost the market growth. The market growth is also attributed to the rising emissions into the air with a high vehicle population that uses petrochemicals. Digitalization of education, employment, and overall living is anticipated to drive the growth of the market in the coming years. The applications of vulcanized fibers in various sectors in the region with the rising population and economic growth of the country are anticipated to propel the market growth.
Europe Market Forecast
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing investment in research and development to create new textile control machines in the region. The increasing number of producers in the region who are ready to invest in the vulcanized fibers business is estimated to boost the market growth. The number of industries of automobiles and automobile spare parts is estimated to drive the growth of the market during the forecast period. The increasing purchases of electric passenger cars owing to the self-driving facility are projected to dominate the market growth. The increasing number of new electronic devices launch and the rising spending capacity of people are expected to contribute to the market growth. The rising furniture sector in the region with rising living standards of people is also estimated to hike the market growth in the coming years. The increasing demand for laminates in the field of construction is also anticipated to have a positive impact on the growth of the market.
DYNOS GmbH acquired the pulp and paper manufacturing company, Cordier, in order to integrate pulp and specialty paper production into the DYNOS Group.
RH Nuttall Limited invested in the latest machine technology to future-proof their business. Three ultra-modern die-cut machines have been shipped to the United Kingdom and are ready to be installed at RH Nuttall’s premises during the first week of November.
Author Credits: Smruti Ranjan, Rajrani Baghel
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