High Temperature Insulation Market Synopsis:
High Temperature Insulation will cross USD 5.16 Billion Market by 2022 and it is expected to grow over the CAGR of more than 11.4 % during the period 2016 to 2022.
High Temperature Insulation Market is growing with the impulsive pace; mainly due to the burgeoning petrochemical industries. According to a recent study report published by the Market Research Future, the global market of high temperature insulation is booming and expected to gain strong influence over the forecast period. The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the forecasted period (2017 – 2022).
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High Temperature Insulation Market Key Players:
High Temperature Insulation Market includes: Morgan Advanced Materials (U.K.), LUYANG ENERGY-SAVING MATERIALS CO., LTD. (China), RHI Feuerfest GmbH (Austria), Mitsubishi Plastics, Inc. (Japan), 3M (U.S.), Isolite Insulating Products Co., Ltd. (Japan), Etex (Belgium), BASF SE (Germany), Owens Corning (U.S), and Unifrax I LLC (U.S.).
High Temperature Insulation Market Segmentation:
The High Temperature Insulation Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding,
Segmentation On the basis of Product Type : Comprises Ceramic Fiber, Insulating Firebrick, Calcium Silicate, and Others.
Segmentation On the basis Applications : Comprises Petrochemicals, Iron & Steel, Glass, and Others.
Segmentation On the basis of Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
High Temperature Insulation Market Application:
High Temperature Insulation materials are used in a numerous end-uses such as valves, flanges, expansion joints, heat exchangers, boilers, furnaces, and others to provide excellent thermal resistance, and superior performance to the final products. They are also utilized in ceramic and textiles industries due to lightweight and corrosion resistance offered by them. The growing demand of these materials has prompted the manufacturers and investors to minimize the heat loss and energy savings factors in end-use applications. Additionally, an increase in the number of mergers & acquisitions among the leading companies have resulted into a remarkable growth in the market during the last couple of years.
High Temperature Insulation materials are products for refractory linings of thermal industrial plants with the objective to reduce heat losses. Materials with low thermal conductivity and low heat capacity have to be used to reach that goal. HTI products are designed to enhance energy efficiency, performance and safety. Apart from temperature intensive application for minimizing heat transfer and greenhouse gas emission, High Temperature Insulations are used for a wide range of industrial applications encompassing project and maintenance work in refineries, petrochemical, and gas processing plants.
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High Temperature Insulation Market Regional Analysis:
Geographically, Asia Pacific is the largest market for HTI followed by Latin America. On the other hand, market of North America and Europe with respect to HTI product has reached a saturation (reached a saturation level with respect to what?) Level so is expected to grow at a sluggish growth rate.
Diverse end-use markets range from petrochemicals, ceramics, glass, aluminium, cement, iron & steel, refractory, powder metallurgy and others. Growing GDP in the emerging region, rapid pace of industrialization, growing production and industrial bases, increased necessity to save energy and reduce greenhouse emissions remain key growth driving forces in the post-recession period. Future growth in the international market hinges heavily onto developing economies in Asia-Pacific, South America, Middle East and Africa. The ensuing increase in foreign investments and rise in the number of new manufacturing establishments will contribute to the APAC regions emerge into a prime driver of growth.
High Temperature Insulation Market Competitive Landscape:
High Temperature Insulation Market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. High temperature insulation market is set to grow at a higher rate which is likely to attract many entrants to the market resulting into healthy competition in the future. Manufacturers functioning in the high temperature insulation market are striving to respond to an increase in demand for the product from ceramics, glass, aluminium, iron & steel, cement, refractory and other sectors attributed to boundless use of the product in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.
The petrochemicals end-user industry is the biggest consumer of the HTI products and is expected to drive the HTI market. However, others end-user segment consisting of industries such as aerospace, automotive, fire protection and solar applications is expected to be the fastest growing end-user segment. Increasing need for energy savings to cut down manufacturing cost and environmental concerns over greenhouse emission is the major driving factor for the HTI industry.
High Temperature Insulation Market Table of Content to be Continue….,
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