The High Temperature Insulation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Temperature Insulation Global Market Report 2024, The high temperature insulation market size has grown strongly in recent years. It will grow from $6.14 billion in 2023 to $6.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to industrialization and manufacturing growth, energy efficiency regulations, focus on workplace safety, expansion of the aerospace industry, demand in automotive manufacturing, oil and gas industry requirements, mining and mineral processing requirements.
The high temperature insulation market size is expected to see strong growth in the next few years. It will grow to $8.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to rise in research and development, focus on lightweight materials, urbanization and infrastructure development, demand for high-temperature superconductors, hydrogen economy development, global resilience and infrastructure preparedness.. Major trends in the forecast period include advancements in insulation materials, expansion in power generation sector, integration of nanotechnology, usage in furnace and kiln applications, strategic alliances and collaborations, globalization and market expansion.
The increasing use of petrochemical products is expected to propel the growth of the high-temperature insulation market going forward. A petrochemical is any chemical obtained from crude oil or natural gas and used for a wide range of commercial purposes. High-temperature insulation is used in the petrochemical industry as it stops the transfer of heat, safeguarding materials and components near a heat source and lowering the energy needed to reach desired temperatures. For example, according to the U.S. Energy Information Administration a statistical agency, in the first half of 2022, exports of U.S. petroleum products grew by 11%, equivalent to an increase of 596,000 barrels per day (b/d), when compared to the same period in 2021. Moreover, petrochemical fuels like naphtha, LPG, and ethane will account for half of total oil product demand growth from 2019 to 25 or 490 kb/d on average across the world. Therefore, the increasing use of petrochemical products is driving the growth of the high-temperature insulation market.
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The high temperature insulation market covered in this report is segmented –
1) By Product Type: Insulating Firebrick, Ceramic Fiber, Calcium Silicate
2) By Temperature Range: Temperature Range 600-1,100 C, Temperature Range 1100-1500 C, Temperature Range 1,500-1,700 C, Temperature Range 1,700 C and Above
3) By Application: Petrochemicals, Glass, Aluminium, Iron And Steel, Cement, Refractory, Other Applications
Technological advancements are a key trend gaining popularity in the high-temperature insulation market. Major companies operating in the market are focusing on advanced technologies to strengthen their position in the high-temperature insulation market. For instance, in January 2021, Johns Manville Corporation, a US-based company that manufactures insulation materials and engineered products, introduced JM Corbond IV closed-cell spray polyurethane foam with HFO technology to their product line of insulation materials. JM Corbond IV is a closed-cell spray foam of the fourth generation made with a HydroFluoro-Olefin (HFO) blowing agent. Its unique features such as high yield, great thermal and moisture performance, and exceptional adhesion, make it the perfect option for high-performing, energy-efficient structures.
The high temperature insulation market report table of contents includes:
1. Executive Summary
2. High Temperature Insulation Market Characteristics
3. High Temperature Insulation Market Trends And Strategies
4. High Temperature Insulation Market – Macro Economic Scenario
5. Global High Temperature Insulation Market Size and Growth
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26. South America High Temperature Insulation Market
27. Brazil High Temperature Insulation Market
28. Middle East High Temperature Insulation Market
29. Africa High Temperature Insulation Market
30. High Temperature Insulation Market Competitive Landscape And Company Profiles
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