According to a new research report by Global Market Insights Inc., the High Temperature Insulation Market size will exceed USD 4 billion by 2024.
Growing demand for energy conservation in the manufacturing processes of different industry verticals like petrochemical, ceramic, and glass is majorly driving the high temperature insulation market over the forecast period. Tightening regulations regarding the proper energy conservation, and the increasing demand for maximizing the industrial systems’ efficient are further increasing the demand and enhancing the high temperature insulation market growth.
Demand is increasing for insulation by ceramic fibers in industrial insulation systems is one of the factor showing a positive effect on the progress of global high temperature insulation market. Increasing consumption across manufacturing sector in the developing economies of Asia Pacific, and Europe are giving a further boost to the growth of high temperature insulation market.
Carcinogenic content present in the insulating materials acts as a restraint to the growth of this market. Many nations in the world are opposing these materials, as they may increase the risk to human health.
Browse key industry insights spread across 230 pages with 261 market data tables & 27 figures & charts from the report, “High Temperature Insulation Market Size by Product (Insulating Firebricks, Calcium Silicate, Ceramic Fiber) and End-User (Petrochemical, Ceramics, Aluminum, Iron & Steel, Cement, Glass), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
High temperature insulation market for ceramic fibers segment is the major segment in terms of product. This material has several applications in various end-user industries. The thermal conductivity, and density are very low in these materials, which will help in monitoring the temperature in the surroundings. Also, a wide operating temperature range offered by them, have augmented the demand for ceramic fibers in the forecast period.
Petrochemical industry vertical is likely to grow at a CAGR close to 5% by the end of forecast period. Growing petrochemical activities is majorly attributed to this High temperature insulation market growth. In addition, petrochemical products demand will further give a significant lift to High temperature insulation market. Ceramics industry is the fast growing among all other segments over the forecast timespan.
By the end of 2016, the Asia Pacific regional high temperature insulation market size was over USD 870 million. Increasing industrialization activities in the developing economies of Asia Pacific will drive the regional high temperature insulation market till the end of forecast period. Moreover, rising demand for energy conservation, coupled with stringent regulations regarding them will further drive this market in the entire forecast period.
Significant players of this market are 3M, Hi-Temp Insulation, Cabot Corporation, and BASF SE among others.