Vulcanized Fiber Market Size

Vulcanized Fiber Market size was valued at USD 1.06 Billion in 2023 and is likely to cross USD 2.12 Billion by the end of 2036, expanding at more than 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of vulcanized fiber is estimated at USD 1.11 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.