San Francisco, California, July 10, 2015 (GLOBE NEWSWIRE) -- The global market for high temperature insulation is expected to reach USD 5.14 billion by 2020, according to a new study by Grand View Research, Inc. Growing need to conserve energy across various industries and sector is expected to be one of the driving factors for the market. In addition, stringent regulations imposed on cement, oil & gas and metal producers to reduce green house gases emission has also helped in developing the market for high temperature insulation. However, health risks associated with the carcinogenic content in high temperature insulation materials has been a key issue for industry participants. In order to reduce reliance on synthetic insulation materials, industry has shifted its focus towards developing bio-based alternatives for high temperature materials.
Petrochemicals emerged as the leading application market for high temperature insulation products and accounted for over 30% of the market revenue in 2012. Growing demand for various primary and secondary petrochemicals coupled with need to conserve energy has propelled the growth of high temperature insulation materials in petrochemical industry. Global demand for HTI materials in petrochemical industry is expected to grow at a CAGR of 8.6% from 2013 to 2020. However, use of HTI materials in powder metallurgy has also been gaining attention from major manufacturers. In addition, novel application of HTI products in aerospace, solar equipment and fire protection industries is also expected to boost their demand over the forecast period.
Browse to access In-depth research report on Global High Temperature Insulation Market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/high-temperature-insulation-industry
Further Key findings from the study suggest:
- Ceramic fibers emerged as the leading product segment and accounted for approximately 60% of total market revenue in 2012. Shift in focus toward replacing asbestos in furnace linings and kilns are expected to fuel the demand for ceramic fibers over the forecast period. Ceramic fibers were followed by insulating firebricks and calcium silicate among some other high temperature insulation products
- Europe emerged as the leading market for high temperature insulation and accounted for 38% of total market revenue in 2012. Stringent regulations to reduce GHG emission in Europe is expected to be a key driving factor for the regional market. European demand for HTI products is mainly dependent on imports from Asia. Europe was followed by North America and Asia Pacific in terms of market demand
- North American and European market for HTI products has reached its saturation and is expected to grow at a relatively sluggish rate. On the other hand, Asia Pacific and Latin America have immense growth opportunities in the near future owing to growth of industrialization in China, India and Brazil. Asia Pacific market for high temperature is expected to grow at an estimated CAGR of 9.2% from 2013 to 2020
- In terms of production, Asia Pacific emerged as a clear leader and accounted for 48% of the total production in 2012. Relaxed regulations coupled with low manufacturing cost are expected to boost production of high temperature insulation materials in the region. Asia Pacific export most of its produced HTI materials to European and North American countries
- Global market for high temperature insulation is dominated mainly by two companies, Thermal Ceramics and Unifrax which together accounted for over one third of the total market in 2012. Some of the other companies operating in the global high temperature insulation market include Zircar, Pyrotek, Isolite, Skamol, Promat and Saffil.
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For the purpose of this study, Grand View Research has segmented the global high temperature market on the basis of product, application and region:
High Temperature Insulation Product Outlook,
- Ceramic Fiber
- Insulating Firebrick
- Calcium Silicate
High Temperature Insulation Application Outlook,
- Iron & Steel
- Powder metallurgy
High Temperature Insulation Regional Outlook,
- North America
- Asia Pacific
- Rest of the World
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research