The high temperature insulation materials market size is expected to grow from USD 6.0 billion in 2019 to USD 8.9 million by 2024, at a CAGR of 8.2%
NEW YORK, March 2, 2020 /PRNewswire/ --
Increasing demand for energy-saving materials, need for reduction in emission level, superior properties of insulation materials, and the growing demand in different end-use industries, such as petrochemical, ceramic, iron & steel industry, are expected to drive the high temperature insulation materials market.
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The high temperature insulation materials market size is expected to grow from USD 6.0 billion in 2019 to USD 8.9 million by 2024, at a CAGR of 8.2% during the forecast period. The high temperature insulation materials market is driven by various factors, such as the need for energy-saving materials to lower manufacturing costs and reduce emission level, and high demand in different end-use industries, such as petrochemical, ceramic, glass, aluminum, iron & steel, cement, refractory, and powder metallurgy.
The ceramic fibers segment is estimated to drive the global market during the forecast period.
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, ceramic fibers accounted for the largest share of the market in 2018.
The market in this segment is likely to witness significant growth during the forecast period.Ceramic fiber is a versatile material, and it has superior physical & chemical properties, which include low weight and flexibility.
The demand for ceramic fibers has increased over the years in the power sector due to their growing use in industrial furnaces.
The petrochemical end-use industry segment is projected to hold the largest market share during the forecast period.
Petrochemical is the largest and fastest-growing end-use industry of high temperature insulation materials.The upward growth trend of the petrochemical industry is due to the increasing use of petrochemical products in energy systems, such as turbines, electric vehicle parts, and solar panels, especially in developing countries.
This is expected to encourage petrochemical manufacturers to add new capacities, which is likely to boost the demand for high temperature insulation materials in this industry. These factors are expected to drive the demand for high temperature insulation materials in the petrochemical end-use industry during the forecast period.
The high temperature insulation materials market in APAC is expected to record the highest growth during the forecast period.
APAC is projected to be the fastest-growing market for high temperature insulation materials and is expected to offer significant growth opportunities to the overall market during the forecast period.The shift in the manufacturing base of several end-use industries, increase in foreign investments, and rise in the number of new manufacturing establishments in different sectors are expected to be the key drivers for the high temperature insulation materials market in the region.
Many high temperature insulation materials manufacturers, such as RHI Magnesita, ETEX, and Calderys, are investing and expanding their manufacturing facilities in this region to cater to the high demand from end-use industries.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the high temperature insulation materials market.
• By Company Type - Tier 1: 60%, Tier 2: 20%, and Tier 3: 20%
• By Designation - C Level: 30%, Director level: 30%, Others : 40%
• By Region – North America: 20%, Europe: 20%, APAC: 40%, South America:10%, Middle East & Africa: 10%
The high temperature insulation materials market comprises key players, including Morgan Advanced Materials (UK), Luyang Energy-Saving Materials (China), RHI Magnesita (Austria), Mitsubishi Chemical Holdings Corporation (Japan), ETEX (Belgium), Calderys (France), Unifrax (US), and Almatis (Netherlands). The study includes an in-depth competitive analysis of these key players in the market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report covers the high temperature insulation materials market based on material type, end-use industry, temperature range, and region.This study aims at estimating the size and future growth potential of the market across various segmentation types.
It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall high temperature insulation materials market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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