APAC high temperature insulation market is driven by rapid industrialization in most of the developing nations. The Asia Pacific regional high temperature insulation market size was over USD 870 million.
According to a new industry analysis report by Global Market Insights, Inc., High Temperature Insulation Market will hit USD 4.0 billion by 2024. Growing demand for energy conservation in the manufacturing processes of different industry verticals like petrochemical, ceramic, and glass is majorly driving the high temperature insulation market over the forecast period. Tightening regulations regarding the proper energy conservation, and the increasing demand for maximizing the industrial systems’ efficient are further increasing the demand and enhancing the high temperature insulation market growth.
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In the industrial manufacturing systems, the ceramic fiber insulation demand is growing and it will act as a positive factor assisting the market growth in the coming years. Rising consumption in manufacturing companies of most of the developing countries of Europe and Asia Pacific will further augment the high temperature insulation market growth in the coming years.
In terms of product, major volume and revenue are offered by the ceramic fibers. Due to its low density and thermal conductivity, they can monitor the external and equipment’s temperature simultaneously. In addition, the capability of sustaining and operating at varied temperature ranges will also enhance the ceramic fibers demand over the projected timeframe.
Browse key industry insights spread across 230 pages with 261 market data tables & 27 figures & charts from the report, “High Temperature Insulation Market Size By Product (Insulating Firebricks, Calcium Silicate, Ceramic Fiber), By End-User (Petrochemical, Ceramics, Aluminium, Iron & Steel, Cement, Glass), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, China, India, Japan, Australia, Argentina, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
In terms of end-users, the petrochemical industry is the major in volume, and it will grow at a CAGR of around 5% in the upcoming years. Increasing petrochemical operations, such as shale gas production and increasing refining activities, will primarily attribute to the market growth. Among all end-users, ceramics is the fastest growing segment, which will grow at a CAGR close to 5.5% in the projected period.
Speaking in the similar context, the leading high temperature insulation market players, of late, have been increasingly aiming to revamp the existing product landscape by launching upgraded and advanced versions of their insulation products. Concurrently, it would be prudent to mention the instance of the leading high temperature insulation industry giant, Johns Manville Industrial Insulation Group (IIG) which has recently unveiled the first water resistant, high temperature calcium silicate insulation material in North America, named as Thermo-1200™. The latest product, an updated variant of its predecessor, Thermo-12 Gold, would reportedly prove to be of immense benefit to the contractors as it will provide them with more time to install the insulation. Thermo-1200™ would prevent water to soak into the insulation and shield the freshly installed insulation from rainfall or moisture.
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