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High Temperature Insulation Market To Accomplish A Valuation Of Around USD 5.14 Billion By 2020: Gra

Time:2018-11-18 05:00mesothelioma | mesothelioma lawyers Website Click:

billion Gran 5.14 2020 Around

Grand View Research, Inc. – Market Research And Consulting.

The global high temperature insulation (HTI) market size is expected to reach USD 5.14 billion by 2020, according to a new report by Grand View Research, Inc., exhibiting a 7.5% CAGR during the forecast period. Stringent regulations imposed on oil and gas, cement, and metal to reduce greenhouse gas (GHG) emissions has augmented market growth.

Based on a report published by Grand View Research, Inc.; the global high temperature insulation market is anticipated to value USD 5.14 billion by 2020. Stringent government regulations to reduce emissions of Greenhouse Gas (GHG) is anticipated to drive the market growth. High Temperature Insulation (HTI) reduces emission and encourage energy savings. This factor is projected to bode well for demand in near future.

Development of using raw materials such as metal oxides like zirconium, silica, alumina, and non-oxides like carbides is on the rise, owing to rising necessity to reduce energy consumption. However, manufacturers are required to get government approvals. Developing durable and safe HTI products is projected to remain a key challenge for the industry manufacturers. Hence, the companies are expected to invest in R&D and make horizontal and vertical integrations to drive market concentration. Development of bio-based and low-bio persistent insulation products can also create productive opportunities for market players in near future.

The worldwide high temperature insulation market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into calcium silicate, insulting firebrick, ceramic fiber, and others. In 2012, ceramic fiber segment emerged dominant with a 60.5% market share in terms of volume. Shifting preference from asbestos to ceramic fibers for high temperature insulation in kilns and furnace linings is projected to propel the demand. Effective properties of ceramic fibers such as thermal shock resistance, high strength, and light weight can drive demand from multiple applications like ceramics, petrochemicals, and aluminum. Insulating firebrick is expected to witness steady growth over the forecast period. Advantages like electric shock, high temperature, and pressure resistance and low operating costs can drive the demand.

Full Research Report On High Temperature Insulation Market Analysis:

Based on application, the market for high temperature insulation can be classified into ceramics, petrochemicals, cement, iron and steel, glass, refractory, powder metallurgy, aluminum, and others. In 2012, petrochemical segment held the largest market share owing to rising need for primary and secondary petrochemicals. In addition, growing awareness regarding conservation of energy can fuel demand from this sector over the forecast period. Cement segment is projected to witness growth owing to increasing use of HTI products to reduce GHG emissions. Approximately 5% of GHG emission is caused by cement production. HTI products can reduce this emission by 20%. This, in turn, can augment demand from cement application sector.

Regional segmentation includes Europe, North America, Asia Pacific, and Rest of the World (RoW). In 2012, North America accounted for market share equivalent to USD 953.7 million. Growing environmental concerns and energy consumption can propel regional growth. The region is the largest emitter of GHG with around 43% of total regional emission. This factor is anticipated to impel regional demand over the forecast period. However, the regional market is in saturation phase, which is likely to obstruct new entrants.

Europe is anticipated to witness significant growth over the forecast period attributed to rising industrialization. Rising demand for high temperature insulation products from iron and steel sector can stimulate regional growth. Iron and steel sector is anticipated to witness substantial rise in demand in near future. Processes such as smelting generate high heat with temperatures as high as 2,0000C in blast furnaces. Lack of insulation can cause loss of around 20% to 30% of this heat energy. Hence, utilization of HTI is on the rise in the iron and steel sector.

Some of the leading companies operating in the high temperature insulation market are 3M Company, Cellaris Ltd, Dyson Group, Insulcon Group, and Promat International NV. The market is characterized by long-term supply contracts and backward integration. Market penetration and raw material supply are expected to remain some of the major challenges. However, business strategies like mergers and acquisitions can create lucrative opportunities for new companies to break barriers in the market.

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