New York (US), May 24, 2023 (GLOBE NEWSWIRE) -- High-Temperature Insulation Industry Overview
The MRFR study reports imply that the “High-Temperature Insulation Market Research Report Information by Product, Region, and Application - Forecast Till 2032”, the global “High-Temperature Insulation Market Size was valued at USD 2.9 billion in 2022. The High-Temperature Insulation market industry is projected to grow from USD 3.14 Billion in 2023 to USD 6.04 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2023 - 2032).
Market Scope:
The global High-Temperature insulation industry has lately demonstrated immense development. The primary parameter causing a surge in the market's performance is the escalating demand for enhancing equipment efficiency. Furthermore, the growing emphasis on sustainable and energy-efficient operations across various end-use industries is also considered to impact the performance of the market around the world positively.
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Competitive Analysis
The listing of the prominent leaders across the global market for High-Temperature insulation includes players such as:
- 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)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 6.04 Billion |
| Compound Annual Growth Rate (CAGR) | 8.50% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | The need for high-temperature insulation goods is anticipated to increase due to the rising consumption of petroleum products, which is anticipated to increase the number of oil and gas exploration operations. |
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Market USP Covered
Market Drivers
The global High-Temperature insulation industry has lately demonstrated immense development. The primary parameter causing a surge in the market's performance is the escalating demand for enhancing equipment efficiency. Furthermore, the growing emphasis on sustainable and energy-efficient operations across various end-use industries is also considered to impact the performance of the market around the world positively. In addition, the factors such as initiatives by governments & regulatory bodies, the increasing demand for High-Temperature insulation in emerging economies, and the need for enhanced equipment efficiency and energy conservation are also anticipated to catalyze the development of the market over the coming years.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The High-Temperature insulation market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
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Segment Analysis
Among all the products, the Calcium Silicate segment is anticipated to ensure the leading position across the global market over the coming years. It is preferred as a replacement for asbestos for high-temperature insulation, given its superior infrared radiation barrier. Common uses for calcium silicate include industrial-grade pipes and machinery for High-Temperatures.
Among all the end-users, the Petrochemical & Refineries application is anticipated to ensure the leading position across the global market over the coming years. It includes the production of chemicals, fuels, and other natural gas and crude oil materials. High-temperature operations characterize this industry.
Regional Analysis
The global market for High-Temperature insulation is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region is anticipated to secure the top position across the global High-Temperature insulation industry over the coming years. The region has China and India as the leading growth contributors. The main parameter supporting the regional market expansion is the increasing investments in the manufacturing sector across the region. Furthermore, the rising infrastructure development is also believed to be one of the crucial parameters enhancing the performance of the regional market. Moreover, the favorable government initiatives by several countries around the region are also likely to positively impact the development of the regional market over the assessment era. In addition, the region is known to have a large industrial base such as the petrochemical and refineries, chemical, and power generation industries, which are the primary end-users of High-Temperature insulation. The escalating demand for energy-efficient and sustainable operations in these industries is also a vital aspect causing a rise in the regional market's revenue share.
The European regional market for High-Temperature insulation is anticipated to secure the second position globally over the assessment period. The main parameter supporting regional market expansion is the growing trend of industrialization in the region. Furthermore, the various initiatives by the European Union (EU) for increasing the energy efficiency of industries are also considered to be one of the vital aspects causing a surge in the regional market's performance.
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The North American regional market for High-Temperature insulation is projected to ensure considerable development over the review timeframe. The main parameter supporting the regional market expansion is the significant growth in demand from several end-use industries, including iron & steel, glass, ceramics, petrochemicals, and cement. The region has the US as the leading growth contributor, with the largest revenue share given to emphasis by the United States Advanced Ceramics Association (USACA) on lowering heat emissions from ceramic factories. On the other hand, the Canadian High-Temperature insulation market is anticipated to showcase the maximum growth rate over the coming years.
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