The global high-temperature insulation materials market is estimated to witness a healthy growth, at an estimated CAGR of over 7%, over the forecast period. The major factor driving the growth of the market studied is growing demand for energy efficient equipment.
- Harmful effects as a result of exposure to certain ceramic fibers is likely to hinder the markets growth.
- Increasing usage in lightweight refractory cement are likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Usage of Ceramic Fibers
- Owing to their prime characteristics, such as emission reduction and energy conservation, the usage of ceramic fibers is increasing from numerous end-user industries.
- In addition, rising concerns of safety in the work environment is also propelling the implementation of such materials. Refractory ceramic fibers are capable of reducing energy consumption by more than 50% in comparison to the alternative products.
- Ceramic fibers are increasingly becoming an integral part of petroleum & petrochemicals industry along with various other industries such as energy & power, textile, manufacturing, and paper & pulp.
- Owing to all these factors, the market for high-temperature insulation materials is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
- Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
- Due to all such factors, the market for high-temperature insulation materials in the region is expected to have a steady growth during the forecast period.
The high-temperature insulation materials market is partially consolidated in nature. Some of the major players in the market include Morgan Advanced Materials, 3M, Rath-Group, Pyrotek, and Almatis, among others.
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