High Temperature Insulation Market is projected to be worth USD 4.6 billion by 2030, registering a CAGR of 8.50% during the forecast period (2022 - 2030).
The high temperature insulation market was valued over USD 4.6 billion in 2030 and expected to register a CAGR of 8.50% during the forecast period. High temperature insulation is used in building and manufacturing equipment’s to prevent heat gain. The products are designed to enhance the energy efficiency and increase the performance of ventilating, heating, and power systems installed in commercial and industrial sectors. Growth in the industrial sector is increasing the application of high temperature insulation in equipment and factories positively impacting the market. For instance, the United Nations Industrial Development Organization (UNIDO), reported that in 2000 manufacturing output was valued at USD 7,535.0 billion, which reached USD 12,316 billion by 2016. In addition, industrialized economies accounted for manufacturing output worth USD 6,822.0 billion in 2016, and emerging industrial economies valued at USD 4,926.0 billion.
High temperature insulation products are significantly used for thermal management in critical high temperature environments. It improves the efficiency of processes by reducing operating cost, emission, and energy consumption in the petrochemical industry. High temperature insulation works excellently on equipment working under toughest environment of oil & gas which is surging the application of high temperature insulation products in upstream, downstream, and midstream processes thus providing excellent thermal managing system. The growth of the oil and gas industry is mainly driven by an increase in demand for energy in India and China on account of the expansion of various industries. According to Organization of the Petroleum Exporting Countries (OPEC), oil and gas collectively are expected to continue to cater to more than half of the global energy needs by 2040, which is expected to propel the growth of high temperature insulation products market during the assessment period.
Moreover, the increasing use of petroleum products is expected to surge the number of oil & gas exploration activities, and consequently boost the demand for high temperature insulation products in the petrochemical industry. According to the US Department of Energy, the global consumption of petroleum was around 93 million barrels per day in 2015. The petroleum consumption in the US was around 1.96 million barrels per day by the end of 2017. Furthermore, the total revenue generated from the Canadian oil & gas extraction was USD 118.5 billion in 2017, as reported by the Government of Canada. High dependency on petrochemical products is expected to boost the high temperature insulation market growth.
High Temperature Insulation Market Share, by Application, 2018 (%)
Source: MRFR Analysis
Asia-Pacific dominates the global high temperature insulation market with significant market share owing to high metal production and an increasing number of power plant constructions. Rapid urbanization and economic development in the region have triggered the growth of several end-use such as automotive, construction, and aerospace industries positively influencing the demand for metal and energy to support growth, thus, fueling high temperature insulation market growth.
In North America, the US is increasing oil production, obtaining resources from unconventional sources which have opened new investment opportunities for the region. Due to the increased in production of oil & gas, high temperature insulation products is witnessing remarkable growth driving the products to demand in the region.
The global high temperature Insulation market has been segmented on the basis of product, application, and region. Based on the product, the global market is segmented into insulating firebrick, ceramic fiber, calcium silicate, and others. The insulating firebrick and calcium silicate are projected to be the fastest growing segment at a healthy CAGR. On the basis of application, the global market is divided into petrochemicals, aluminum, iron & steel, cement, refractory, glass, cement, and others. The petrochemicals segment is projected to exhibit exponential growth during the forecast period owing to the high demand for petrochemicals products such as fuel and chemicals across the region.
|Market Size||USD 4.6 billion|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||3M Company (US), ADL Insulflex Inc (US), Dyson Group (Australia), Hi-Temp Insulation Inc. (US), Insulcon Group (UK), Isolite Insulating Products Company Ltd (US), Pacor Inc. (US), Promat International NV (Belgium), Pyrotek (India), Skamol A/S (Denmark), Unifrax (India) and Thermal Ceramics (UK)|
|Key Market Opportunities||Increase in demand for energy in India and China on account of the expansion of various industries|
|Key Market Drivers||Increasing use of petroleum products is expected to surge the number of oil & gas exploration activities, and consequently boost the demand for high temperature insulation products|
The global high temperature insulation market was valued at USD 4.6 billion in 2030.
The global high temperature insulation market is expected to exhibit a strong 8.50% CAGR over the forecast period.
The petrochemicals sector is the leading end-use segment of the global high temperature insulation market, followed by iron and steel and refractories.
Asia Pacific is the leading regional market for high temperature insulation due to the growing concentration of power plants and manufacturing plants in the region.
Leading players in the global high temperature insulation market include 3M, ADL Insulfex Inc., Dyson Group, Insulcon Group, Pacor Inc., Promat International NV, Pyrotek, and Skamol A/S.