High Temperature Insulation Materials Market Worth $8.9 Billion by 2024 - Exclusive Report by MarketsandMarkets™
The high temperature insulation materials market has been segmented based on material type into ceramic fibers, insulating firebricks, calcium silicate, and others.
CHICAGO, Feb. 25, 2020 /PRNewswire/ -- According to the new market research report "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" Published by MarketsandMarkets™, the high temperature insulation materials market is expected to grow from USD 6.0 billion in 2019 to USD 8.9 billion by 2024, at a CAGR of 8.2% during the forecast period.
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The major factors driving the high temperature insulation materials market include the need for energy-saving materials to lower manufacturing cost and reduce emission levels, and their 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 the largest type of high temperature insulation materials
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, the ceramic fibers segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period. The market growth in this segment is attributed to their superior properties, which include low weight and flexibility, and their ability to reduce the emission level to a great extent due to their excellent chemical stability at high temperatures.
The 600°C-1100°C (1112°F-2012°F) segment is the largest temperature range of high temperature insulation materials
The temperature range of 600°C-1100°C (1112°F-2012°F) is estimated to be the largest segment of the market because all the insulation materials (ceramic fibers, insulating firebricks, calcium silicate, and perlite, vermiculite, and microporous materials) are used in this temperature range.
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The petrochemical end-use industry is expected to register the highest CAGR in the global high temperature insulation materials market during the forecast period.
The petrochemical industry is growing rapidly due to an increase in the production of oil in various countries. The increase in the production of petrochemicals has resulted in the growing demand for high temperature insulation materials. Petrochemical prices are directly interlinked with energy costs, and the use of high temperature insulation materials is important for controlling greenhouse emissions and saving manufacturing costs. The key applications of high temperature insulation materials in the industry include the insulation of pipelines, heat processors, reformers, and thermal crackers.
APAC is expected to hold the largest market share in the global high temperature insulation materials market during the forecast period.
APAC is estimated to be the largest as well as the fastest-growing market for high temperature insulation materials. The growth is attributed to the development of end-use industries, such as petrochemical, ceramic, and glass, in the emerging economies of China and India. Rising population and urbanization, along with the growing concerns related to emission control, are some of the factors that are expected to drive the market in the region during the forecast period. Moreover, several 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.
Morgan Advanced Materials (UK), Luyang Energy-Saving Materials (China), RHI Magnesita (Austria), ETEX (Belgium), Calderys (France), Unifrax (US), and Almatis (Netherlands) are the leading High Temperature Insulation Materials Market players globally.
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