High Temperature Insulation Materials Market worth $8.9 billion by 2024 | Key Players include Morgan, Luyang Energy-Saving Materials, RHI Magnesita, ETEX, Calderys

According to recent market research "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", 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. 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.

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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 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 high temperature insulation materials market is estimated 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. The market is projected to witness decent growth due to the rising demand from various end-use industries. The increasing need for energy savings and reduction in emission levels and manufacturing cost is expected to boost the demand for high temperature insulation materials.

Morgan Advanced Materials (UK), Luyang Energy-Saving Materials (China), RHI Magnesita (Austria), Mitsubishi Chemicals Holdings Corporation (Japan), Calderys (France), Isolite Insulating Products (Japan), Etex (Belgium), and Unifrax (US) are the leading high temperature insulation materials manufacturers globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2015 and 2019 to earn a competitive advantage in the market.

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Morgan Advanced Materials (US) is one of the leading players in the market. The company has been focusing on organic strategies, such as expansion and new product development, to maintain its leading position in the market. For example, in October 2019, Morgan Thermal Ceramics (thermal ceramics business segment of Morgan Advanced Materials PLC, UK) launched Superwool XT RA, which is an alkali metal silicate fiber. Superwool XT RA delivers the performance of refractory ceramic fiber (RCF) without EHS (environmental, health, and safety) concerns. Superwool XT RA does not form crystalline silica when exposed to high temperatures, which helps in maintaining the heat resistance capacity of the furnace. It is available in different forms, such as blankets, pyro-stack modules, paper, and unifelt. This new product launch is expected to drive the demand for high temperature insulation materials in petrochemical, ceramic, iron & steel, power, and other industries.

In April 2015, Morgan Thermal Ceramics set up a fiber manufacturing plant, with a capacity of 5,000 tons in the Khalifa Industrial Zone Abu Dhabi (Kizad), UAE. The establishment of this plant is a part of its expansion strategy to cater to the growing demand from the Middle East region.
Luyang Energy-Saving Materials (China) is one of the major players in the market. In October 2015, the company launched six products: alumina fiber blanket, composite module, backing board, soluble fiber blanket, chrome ceramic fiber blanket, and insulating firebrick, which are at par with internationally accepted standards of high temperature insulation materials. These products are used in major regions, such as APAC, Europe, and the Americas.

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