Chicago, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Coated Fiber Market size is projected to grow from USD 9.4 billion in 2022 to USD 11.7 billion by 2027, at a CAGR of 4.5% during the forecast period, as per the recent study by MarketsandMarkets™. The growing demand from the oil & gas industry is one of the most significant factors projected to drive the growth of the coated fiber market.
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Browse in-depth TOC on “Coated Fiber Market” 180 - Market Data Tables 60 - Figures
List of Key Players in Coated Fiber Industry:
Technical Fiber Products Limited (UK)
Fiber guide Industries Ltd. (US)
Nippon Sheet Glass Co., Ltd. (Japan)
Drivers, Restraints, Opportunities and Challenges in Coated Fiber Industry:
Driver: Increased demand from harsh environment-related applications
Restraints: Volatility in raw material prices
Opportunities: Increasing adoption of advanced automotive electronics
Challenges: Maintaining the environmental durability of coated fibers
Key Findings of the Study:
Aluminum segment is the fastest-growing material type in the coated fiber market, in terms of value
Freezing is the fastest-growing coating method in the coated fiber market, in terms of value
Oil & gas industry is expected to grow with the highest CAGR, both in terms of value and volume during the forecast period
Asia Pacific is the largest region in the coated fiber market during the forecast period
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Aluminum segment is the fastest-growing material type in the coated fiber market, in terms of value
Coated fibers can be broadly classified into four major material types, namely, Aluminum, Copper, Nickel and Others. The aluminum segment accounted for the largest portion of the global coated fibers market share in 2021. Aluminum-coated fibers can withstand temperatures between –269°C and +400°C. In aluminum coatings, specific temperature settings and temperature controls are essential. Aluminum-coated fibers find application in harsh chemical environments, medical, and down-hole sensing for the oil & gas industry. Growth of the oil & gas industry in offshore sites is expected to substantially drive the growth of metal coated fiber market size during the forecast period. Freezing is the fastest-growing coating method in the coated fiber market, in terms of value
The coating methods in making coated fibers can be broadly classified into four major types, namely, Freezing Method, Electroplating, Electroless Plating, and Others. The freezing method segment held a significant share of the global coated fibers market in 2021. Growing demand for aluminum-coated fiber is expected to drive the growth of the segment during the forecast period.
Oil & gas industry is expected to grow with the highest CAGR, both in terms of value and volume during the forecast period
The various end-use industries of coated fiber include Oil and Gas, Defense & Aerospace, Medical, Telecommunication & Data Centers, Research & Development, and Others. Coated fibers are extensively used in the oil and gas industry due to their capacity to withstand very high levels of temperature. They are also widely used in the telecommunication & data centers owing to the rising demand for highly resistant and high dielectric strength coating layers in photovoltaic (PV) cells, electronics assemblies, ICs, and other optoelectronic devices.
Asia Pacific is the largest region in the coated fiber market during the forecast period
Asia Pacific is the largest market for coated fiber in 2021. This growth can be attributed to the growing demand from the oil & gas sector as well as the defense & aerospace industry and increasing contribution of government and major players for commercializing optical coatings in the region. Moreover, stringent environmental and government regulations, such as Architectural and Industrial Maintenance (AIM) Coatings for Volatile Organic Compounds (VOCs) content limits and the United States Munitions List (USML) that regulate optical technology along with coating exports under the International Traffic in Arms Regulations (ITAR) fuel the market growth for coated fiber.
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