Mar 17, 2020   SOURCE: BusinessWire

$6 Billion High Temperature Insulation Materials Market by Material Type, End-use Industry, Temperature Range, and Region - Global Forecast to 2024 - ResearchAndMarkets.com

The "High Temperature Insulation Materials Market by Material Type (Ceramic Fibers, Insulating Firebricks, Calcium Silicate), End-use Industry (Petrochemical, Ceramic, Glass), Temperature Range, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The high-temperature insulation materials market size is expected to grow from USD 6.0 billion in 2019 to USD 8.9 million by 2024, at a CAGR of 8.2% during the forecast period.

The high-temperature insulation materials market is driven by various factors, such as the need for energy-saving materials to lower manufacturing costs and reduce emission level, and high demand in different end-use industries, such as petrochemical, ceramic, glass, aluminum, iron & steel, cement, refractory, and powder metallurgy.

The ceramic fibers segment is estimated to drive the global market during the forecast period

The high-temperature insulation materials market has been segmented based on material type into ceramic fibers, insulating firebricks, calcium silicate, and others. Among these types, ceramic fibers accounted for the largest share of the market in 2018. The market in this segment is likely to witness significant growth during the forecast period. Ceramic fiber is a versatile material, and it has superior physical & chemical properties, which include low weight and flexibility. The demand for ceramic fibers has increased over the years in the power sector due to their growing use in industrial furnaces.

The petrochemical end-use industry segment is projected to hold the largest market share during the forecast period

Petrochemical is the largest and fastest-growing end-use industry of high-temperature insulation materials. The upward growth trend of the petrochemical industry is due to the increasing use of petrochemical products in energy systems, such as turbines, electric vehicle parts, and solar panels, especially in developing countries. This is expected to encourage petrochemical manufacturers to add new capacities, which is likely to boost the demand for high-temperature insulation materials in this industry. These factors are expected to drive the demand for high-temperature insulation materials in the petrochemical end-use industry during the forecast period.

The high-temperature insulation materials market in APAC is expected to record the highest growth during the forecast period

APAC is projected to be the fastest-growing market for high-temperature insulation materials and is expected to offer significant growth opportunities to the overall market during the forecast period. The shift in the manufacturing base of several end-use industries, increase in foreign investments, and rise in the number of new manufacturing establishments in different sectors are expected to be the key drivers for the high-temperature insulation materials market in the region. Many high-temperature insulation materials manufacturers, such as RHI Magnesita, ETEX, and Calderys, are investing and expanding their manufacturing facilities in this region to cater to the high demand from end-use industries.

Market Dynamics

Drivers

  • Need for Energy Savings
  • Reduction of Emission Levels
  • Shift of Manufacturing Base to APAC

Restraints

  • Carcinogenic Nature of Ceramic Fibers

Opportunities

  • Development of Low Biopersistent Materials
  • Emerging Applications in the Aerospace and Automotive Industries

Challenges

  • Adhering to Insulation Specifications and Guidelines

     

Companies Profiled

  • Morgan Advanced Materials
  • Luyang Energy-Saving Materials Co., LTD.
  • RHI Magnesita GmbH
  • Mitsubishi Chemical Holdings Corporation
  • 3M
  • Isolite Insulating Products Co., LTD.
  • ETEX
  • Calderys
  • Unifrax
  • Almatis
  • Bnz Materials
  • Pyrotek
  • Cotronics Corporation
  • Adl Insulflex Inc.
  • Insulcon Group
  • M.E. Schupp Industriekeramik GmbH
  • Skamol A/S
  • Ibiden Co. LTD.
  • Pacor, Inc.
  • Dyson Technical Ceramics

For more information about this report visit https://www.researchandmarkets.com/r/5xoc4r