High Temperature Insulation Market Overview
High temperature insulation (HTI) is used in temperature intensive applications to minimize heat transfer. It is also used to reduce greenhouse gas emissions and in everything that reduces global warming. The global high temperature insulation market is estimated to garner a market revenue of USD 5.16 Billion by the end of 2022, according to the recently published report by Market Research Future (MRFR).
There are many factors fueling growth in the global high temperature insulation market share. Some of these market drivers include strong energy codes and utilities savings. Further, a wide scope of application of HTI products, ranging from project and maintenance work in refineries to petrochemical & gas processing plants are contributing heavily to the ascension of the HTI market. Rising demand for high temperature insulations in other end-user industries is causative of a speedy upscaling in the growth chart of the global high temperature insulation market. These end-user industries include aerospace, fire protection, automotive, as well as solar applications.
The report published by Market Research Future (MRFR) also states that the global high temperature insulation industry is likely to capture a lucrative CAGR of 11.4% through the assessment period. Increasing demand for energy savings in order to lower manufacturing costs and environmental concerns are identified as significant contributors to the growth observed in the global high temperature insulation market during the forecast period. Additionally, obligatory stringent regulations laid by the government for energy conservation across various sectors has pushed the HTI market to a great extent. Availability of HTI products in the form of blankets, insulating bricks and board has provided a great impetus to the growth of the high temperature insulation market report in the foreseeable future.
Even though the global market is anticipated to garner lucrative growth throughout the forecast period, there are many factors obstructing that growth to a certain extent. Carcinogenic content found in high temperature insulation materials is one of the most significant factors acting as a hindrance to the market growth.
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High Temperature Insulation Market Detailed Regional Analysis
The global high temperature market forecast has been regionally segmented into Asia Pacific, North America, Europe, and Rest of the World. According to the market research report published by MRFR, the global high temperature insulation market is led by Asia Pacific during the forecast period. Factors accrediting to the growth in this region include a presence of diverse end-user markets ranging from petrochemicals, glass, aluminum, ceramics, cement to iron & steel, powder metallurgy, and refractory. Other than that, the growing GDP in some of the emerging economies present in the region such as China and India, coupled with the emerging industrialization is bolstering growth in the HTI market in Asia Pacific. Growing production and industrial bases have led to an increased necessity to save energy and reduce greenhouse gas emissions, causing an upsurge in the demand for high temperature insulation materials through the assessment period.
Latin America is estimated to follow Asia Pacific and capture the second largest share in the global HTI market. In Contrast, North America and Europe are expected to showcase sluggish growth during the forecast period. Slow market growth in these regions can be owed to a high saturation level that the HTI products have reached.
High Temperature Insulation Market Key Players
The global HTI market has many noteworthy market players including ADL Insulflex Inc, 3M Company, Almatic GmbH, Insulcon Group, Hi-Temp Insulation Inc., Isolite Insulating Products Company Ltd, Promat International NV, Dyson Group, Pacor Inc., and Cellaris Ltd.
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