High Temperature Insulation Market to Cross USD 4.0bn by 2024
Demand is increasing for insulation by ceramic fibers in industrial insulation systems is one of the factor showing a positive effect on the progress of global high temperature insulation market. Increasing consumption across manufacturing sector in the developing economies of Asia Pacific, and Europe are giving a further boost to the growth of high temperature insulation market.
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Carcinogenic content present in the insulating materials acts as a restraint to the growth of this market. Many nations in the world are opposing these materials, as they may increase the risk to human health.
High temperature insulation market for ceramic fibers segment is the major segment in terms of product. This material has several applications in various end-user industries. The thermal conductivity, and density are very low in these materials, which will help in monitoring the temperature in the surroundings. Also, a wide operating temperature range offered by them, have augmented the demand for ceramic fibers in the forecast period.
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Petrochemical industry vertical is likely to grow at a CAGR close to 5% by the end of forecast period. Growing petrochemical activities is majorly attributed to this High temperature insulation market growth. In addition, petrochemical products demand will further give a significant lift to High temperature insulation market. Ceramics industry is the fast growing among all other segments over the forecast timespan.
By the end of 2016, the Asia Pacific regional high temperature insulation market size was over USD 870 million. Increasing industrialization activities in the developing economies of Asia Pacific will drive the regional high temperature insulation market till the end of forecast period.
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Moreover, rising demand for energy conservation, coupled with stringent regulations regarding them will further drive this market in the entire forecast period.
Significant players of this market are 3M, Hi-Temp Insulation, Cabot Corporation, and BASF SE among others.
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