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High Temperature Insulation Materials Market, Type (Ceramic Fibers, Insulating Firebricks), Temperature (600°C-1100°C, 1100°C-1500°C, 1500°C-1700°C), End-Use Industry (Petrochemicals, Iron & Steel, Ceramics, Aluminum) - Global Market Trends & Industry Forecasts Upto 2030
Type: PDF
Status: Syndicate
Categories: Chemical
Report Code : CH23
No. of Pages : 170
The high temperature insulation materials market is estimated to account for USD 4.0 billion in 2023, and is projected to grow at a CAGR of 7.5% to reach USD 6.1 billion by 2030. The major driving factor for HTI materials market have been the rising awareness and emphasis on use of energy efficient products owing to stringent regulations in place to reduce the GHG emissions. The major restraint observed in the HTI market is the carcinogenic nature of insulation material which is found to pose risks to human health. Therefore, stringent regulations have been in place to guide the production process, primarily in the North American and European markets. The opportunities for players in the HTI market lies in exploring the novel applications in the segments such as aerospace, automotive, renewable, and fire protection alongside devolvement of bio-based insulation materials. With respect to high temperature insulation materials types, Ceramic fiber is the largest segment. The superior properties of ceramic fibers, such as low thermal conductivity, high strength, and lightweight, and wide range of operating temperatures has been driving the ceramic fibers’ demand over the years.
The ceramic fibers segment is estimated to account for USD 2.0 billion in 2023 and is projected to grow at a CAGR of 5.0% between 2023 and 2030
Calcium silicate, another HTI material is expected to witness the highest CAGR of 6.0% over the forecast period. The demand for insulation on industrial grade piping and equipment is increasing across most of the developing economies. Moreover, rise in drilling activities in the petroleum segment globally has fueled the demand for high temperature insulation materials.
The temperature range of 600°C-1100°C has the most widespread products thus accounts for the largest segment among all temperature ranges. This is owing to the maximum use of HTI materials (such as ceramic fibers, insulating firebricks) in the temperature range of 600°C-1100°C.
In terms of market value and volume, Asia-Pacific is the largest segment for high temperature insulation materials market. Emerging economies are the driving force of the HTI industry in this subcontinent. The emerging economies such as China and India offers a bunch of favorable factors such as low labor cost, high growth potential of the end-use industries, and gradual increase in manufacturing establishments. Cumulatively all these factors drive the high temperature insulation materials market in the Asia-Pacific region.
Among all the end-use industries for high temperature insulation materials market, petrochemical is the most significant and the largest segment both in terms of volume and revenue. The growing demand for petrochemical products worldwide has augmented the manufacturers and producers to enhance their production capabilities thus contributing to increased demand for HTI materials. The HTI market in the petrochemicals segment is estimated to account for about 40.0% in 2023 and is expected to grow over 5.0% in the next five years. Insert Image
Ceramics industry is expected to grow at the highest CAGR of over 7.0% over the projected period. This is due to rising trend of ceramic fibers replacing asbestos lining in furnaces and kilns, thus propelling the HTI materials demand. HTI is also gaining popularity among the powder metallurgy manufacturers. Also, industries such as aerospace, solar equipment, and fire protection industries are also expected to augment the demand for HTI over the forecast period.
Asia-Pacific is estimated to account for 45.0% of the high temperature insulation materials market in 2023. It is projected to witness a growth of over 8.0% during the period of 2023-2030. Asia-Pacific is the hub of exports to the North American and the European markets. Isolite Insulating Products Co. Ltd and Luyang Energy-Saving Materials Co., Ltd. and Ibiden are the significant players in the region with a stronghold and diversified portfolio in the APAC market. However, in the North America and Europe markets high emphasis is laid on innovation and investments in research & development. This is due to the fact that stringent governmental regulations emphasize on energy efficient products. 3M, Unifrax, and Morgon Thermal Ceramics are the key players operating in the North America and European markets. The regional markets of North America and Europe have reached saturation and are expected to grow at a moderate CAGR of 3-4%.
The high temperature insulation materials market is highly fragmented and competitive in nature. A large number of multinational corporations and small players operate in this segment through manufacturing and development of diversified products. Quality, price, production capabilities and continuous innovation are the main pillars driving the competition in the industry. The companies aim for strategic collaborations to expand their global footprint and product portfolio in order to strengthen their market position. The key players operating in this industry are 3M, Isolite, Morgan Thermal Ceramics, Unifrax, Pacor, Pyrotek, Promat, Luyang Energy-Saving Materials Co., Ltd., and Zircar among others.
Report Code
CH23
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