According to a report by Grand View Research, Inc.; the global high temperature insulation market is projected to attain USD 5.14 billion by 2020. High temperature insulation (HTI) products are widely utilized across many end-use industries in applications that require high temperatures.
Increasing demand for HTI materials from automotive, aerospace, and petrochemical industries is anticipated to drive the market over the forecast period (2012 to 2020). In addition, rising need for conservation of the energy across various industries is anticipated to be the major driving factor for the HTI market. Also, stringent instructions implemented on oil and gas, cement, and metal industries to reduce greenhouse gas emission may also create positive impact on the growth of the market.
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Customizable nature of high temperature insulation products is likely to have positive impact on the market expansion over the forecast period. The material can be available in the form of different products such as boards, blankets, insulating bricks, and castables that can be modified for use in kilns, kiln cars, and furnaces. Rising focus on the development of bio-based material can reduce the dependency on synthetic insulation materials. Development of bio-based insulation materials are extensively utilized in commercial as well as residential sector.
High demand from fire protection sector is expected to impel growth in the global market in near future. Execution of strict guidelines for workplace safety is set to boost this growth. However, the carcinogenic properties of the product may restrict the market for high temperature insulation during the forecast period. Frequent replacements of the product can increase cost, which is also recognized as one of the hindrances for market expansion.
Worldwide high temperature insulation market can be segmented on the basis of product, region, and application. Based on product, the market can be categorized into insulating firebrick, calcium silicate, ceramic fiber, and others. As per application, the market for HTI can be classified into aluminum, petrochemicals, glass, ceramics, cement, iron and steel, powder metallurgy, refractory, and others. Geographically, the market can be divided into North America, Europe, Asia Pacific, and Rest of the World.
In 2013, Asia Pacific accounted for the largest share with over 48% of the total market share in terms of volume. The region is expected to hold nearly 21% revenue share of global market over the forecast period. Difference in price as compared to US and European markets is the primary regional driver. The HTI material costs are likely to remain low in the region due to comparatively low cost of energy and the materials like silica, alumina, magnesium, and calcium.
In 2012, Asia Pacific region accounted for USD 376.3 million. It is likely to expand at a CAGR of 9.4% during the forecast period. High demand for high temperature insulation from ceramics and petrochemicals is the major regional driver. Europe and North America will offer significant opportunities for market contributors owing to favorable regulatory scenario and government incentives for conservation and sustainability of the energy. In Europe, the requirement for HTI products is likely to reach 157.9 kilo tons by 2020. Despite being home to major companies, a major chunk of the regional demand is fulfilled by Chinese suppliers due to low product costs. North America HTI market, on the other hand, registered USD 953.7 million in 2012. High demand from the US is the chief regional driver.
Some of the leading players operating in the high temperature insulation market include Skamol, Zircar, Isolite, Pyrotek, and Promat. The market consists of various regional players, which leads to price sensitivity. Most companies are looking for novel product launches, long term agreements, and business collaborations to sustain the competition caused by instable raw material prices.
FRIATEC recently developed DEGUSSIT ZR25, a material combined with insulation properties and shock resistance. It is designed with specific modification of the microstructure and partial suppression of the phase transformation. The material can be suitable for furnace components exposed to heavy loads, crucibles for inductive melting of precious metals, and steel industry.
Access Press Release Of This Research Report by Grand View Research: https://www.grandviewresearch.com/press-release/global-high-temperature-insulation-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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