The high temperature insulation materials market is estimated to grow from USD 6.0 billion in 2019 to USD 8.9 billion by 2024, at a CAGR of 8.2% during the forecast period. The major factors driving the high temperature insulation materials market include the need for energy-saving materials to lower manufacturing cost and reduce emission levels, and their high demand in different end-use industries, such as petrochemical, ceramic, glass, aluminum, iron & steel, cement, refractory, and powder metallurgy.
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Petrochemical is the largest and fastest-growing end-use industry of high temperature insulation materials. The upward growth trend of the petrochemical industry is due to the increasing use of petrochemical products in energy systems, such as turbines, electric vehicle parts, and solar panels, especially in developing countries. This is expected to encourage petrochemical manufacturers to add new capacities, which is likely to boost the demand for high temperature insulation materials in this industry.
The petrochemical industry is growing rapidly due to an increase in the production of oil in various countries. The increase in the production of petrochemicals has resulted in the growing demand for high temperature insulation materials. Petrochemical prices are directly interlinked with energy costs, and the use of high temperature insulation materials is important for controlling greenhouse emissions and saving manufacturing costs. The key applications of high temperature insulation materials in the industry include the insulation of pipelines, heat processors, reformers, and thermal crackers.
The high temperature insulation materials market has been segmented based on material type into ceramic fibers, insulating firebricks, calcium silicate, and others. Among these types, the ceramic fibers segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period. The market growth in this segment is attributed to their superior properties, which include low weight and flexibility, and their ability to reduce the emission level to a great extent due to their excellent chemical stability at high temperatures.
APAC is estimated to be the largest as well as the fastest-growing market for high temperature insulation materials. The growth is attributed to the development of end-use industries, such as petrochemical, ceramic, and glass, in the emerging economies of China and India. Rising population and urbanization, along with the growing concerns related to emission control, are some of the factors that are expected to drive the market in the region during the forecast period. Moreover, several high temperature insulation materials manufacturers, such as RHI Magnesita, ETEX, and Calderys, are investing and expanding their manufacturing facilities in this region to cater to the high demand from end-use industries.
Morgan Advanced Materials (UK), Luyang Energy-Saving Materials (China), RHI Magnesita (Austria), ETEX (Belgium), Calderys (France), Unifrax (US), and Almatis (Netherlands) are the leading market players globally.
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