Press release
High-Performance Insulation Materials Market size is expected to grow from USD 10.3 billion in 2021
The growing use of high-performance insulation materials in the oil and gas industry and rising awareness about greenhouse emissions and energy savings are expected to drive the growth of the high-performance insulation materials market. The market for high-performance insulation materials is expanding rapidly due to increased demand for specialized products, new product development, high durability, and appropriate material thickness. Moreover, rising environmental concerns and the increasing use of extruded polystyrene and polyurethane insulation materials that are less harmful to the earth's ozone layer are some of the other factors that will drive the growth of the high-performance insulation material market. On the other side, high set-up and maintenance costs and relatively short service life, and high flammability with CFC-containing insulated materials and foam products CFCs that are relatively harmful to the environment are expected to suppress market growth. Increased investment in infrastructure activities in Asia-Pacific is expected to open up new opportunities for the market.
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COVID-19 Impact on the High-Performance Insulation Materials Market
During COVID-19, most countries were placed on complete lockdown for a specified period, with many factories operating with very limited staffing or even closing temporarily. The level of activity was extremely low, and many project schedules were changed or postponed. Furthermore, key manufacturers and raw material suppliers extended the closure of all operations at their manufacturing facilities until further instructions from government authorities were received. Production at some of the manufacturing companies' plants later resumed, which was a positive sign.
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Scope of the High-Performance Insulation Materials Market
The study categorizes the high-performance insulation materials market based on product type, material type, and end-use industries at regional and global levels.
By Material Type Method Outlook (Sales, USD Billion, 2017-2030)
Aerogel
Vacuum Insulation Panel (VIP)
Fiberglass
Ceramic Fiber
High-performance Foam
Other Material Types
By Product Type Method Outlook (Sales, USD Billion, 2017-2030)
Insulating Bricks
Calcium Silicate Blocks
Insulation Mattresses
By End-Use Industries Outlook (Sales, USD Billion, 2017-2030)
Oil and Gas
Industrial
Building and Construction
Transportation
Power Generation
Other End-user Industries
By Region Outlook (Sales, USD Billion, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
Slovenia
Slovakia
the Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
the Philippines
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
The oil and gas industry segment is projected to account for the highest market share by end-use industries
Based on end-use industries, the global high-performance insulation materials market is divided into oil and gas, industrial, building and construction, transportation, power generation, and other end-user industries. High-performance insulation materials are in high demand in the oil and gas sector, owing primarily to the growing demand for subsea pipeline applications. Furthermore, these materials have properties that are required in the oil and gas industry, such as fire and water resistance, superlative thermal resistance, enhanced acoustic insulation, lightweight, and reduced thickness.
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According to the Ministry of Economy, Trade, and Industry (METI), Japan produced approximately 490 thousand kiloliters of crude oil in 2021, down from approximately 512 thousand kiloliters the previous year. According to StatCan, crude oil and equivalent product production in the United States increased 10.8% - 24.4 billion cubic meters in 2021, the highest level since December 2019. During the forecast period, the aforementioned factors are likely to increase the use of high-performance insulation materials.
The ceramic fiber segment is projected to account for the largest market share, by Product Type
By product type, the global high-performance insulation materials market is divided into aerogel, ceramic fiber, glass bubbles, polystyrene, and others. With a market share of 30% in 2020, the ceramic fiber segment dominates the product type segment. Ceramic fiber insulating materials, which include blankets, modules, boards, and papers and are widely used high-performance insulation materials, contribute to the growth of the ceramic fiber segment during the forecast period.
Asia Pacific accounts for the highest CAGR during the forecast period
Asia-Pacific is expected to dominate the high-performance insulation materials market during the forecast period. The region's growth in the oil and gas and construction sectors has significantly increased the demand for insulation panels due to the growing oil & gas industry. The Asia-Pacific oil and gas industry is expanding owing to the rising demand for energy and petrochemicals. Offshore drilling activity is increasing in countries such as India, Malaysia, Indonesia, China, South Korea, and Japan. According to the National Bureau of Statistics, China's crude oil output was 33.47 billion tonnes in the first two months of 2022, a 4.6 percent increase over the same period the previous year. The daily output of crude oil in China is nearly 576,000 tonnes.
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Key Market Players in the High-Performance Insulation Materials Market
Owens Corning
Knauf Gips KG
Rockwool
Johns Manville
Unifrax
Aspen Aerogels, Inc.
Morgan Advanced Materials
Isolite Insulating Products Co., Ltd.
The 3M Company
Unifrax LLC
Nano High-Tech Co., Ltd
Cabot Corporation
Alison hi-tech company Ltd
Ibiden Co. Ltd.
Shandong Luyang Share Co., Ltd
Aerogel Technologies LLC
Others
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