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.
Energy savings and reduced emissions are key benefits driving the adoption of high temperature insulation; environmental initiatives supported by regulatory agencies across the globe will also support market growth. Durability issues are expected to remain a key challenge for manufacturers. However, development of new applications for HTI products and emergence of low bio-persistent and bio-based insulation products are expected to open opportunities for market participants.
The global HTI industry is led by production innovation and application development. While competition is expected to intensify over the next few years, the market is also expected to consolidate as leading participants look to enter new regional markets and enhance market presence through strategic mergers. Regulations are expected to be a critical factor influencing industry development.
HTI products are required to meet standards set by U.S. EPA, European REACH, and recently adopted CLP regulations. European Chemical Regulations supplemented by local and national regulations are applicable for high temperature insulation wools as these are considered chemical substances. Increasing need to reduce energy consumption and emissions has particularly encouraged development of advanced high temperature insulation products.
There are moderate barriers to entry in the HTI industry. The stringent and dynamic regulatory scenario makes entry difficult as product acceptance and registration remains a key challenge for new entrants. Frequent alliances, acquisitions, and mergers are steadily pushing the industry toward consolidation, which in turn, is expected to somewhat counter the threat of new entrants.
The industrial sector accounted for over 30.0% of the global fuel consumption. Close to 25.0% of the total energy used in industrial processes is wasted due to various factors
Processes such as smelting generate significant heat, with temperatures soaring to 2,000C in blast furnaces in the iron and steel industry. About 20.0% to 30.0% of the heat energy generated during these processes is lost through normal convection in the absence of insulation
Thermal properties of HTI products erode over time, while continuous heat exposure causes shrinkage and heat leakage through the insulation layer. This hampers product performance, resulting in the need to replace HTI products every two years or so
The petrochemical industry is the largest as well as fastest growing market for high temperature insulation and provides immense opportunities for players
Browse related reports by Grand View Research:
Cross Laminated Timber Market - The global cross laminated timber market size was valued at USD 558.6 million in 2016 and is projected to grow at a CAGR of 15.7% over the forecast period.
Roofing Materials Market - The global roofing materials market size was estimated at USD 105.4 billion in 2015 and is projected to grow at a CAGR of 3.1% from 2016 to 2025.
Geomembrane Market - The global geomembrane market size was 809.9 million square meters in 2015.
Grand View Research has segmented the global high temperature insulation market on the basis of product, application, and region:
High Temperature Insulation Product Outlook (Volume, Kilotons; Revenue, USD Million)
High Temperature Insulation Application Outlook (Volume, Kilotons; Revenue, USD Million)
Iron & Steel
High Temperature Insulation Regional Outlook (Volume, Kilotons; Revenue, USD Million)
Rest of the World
Explore the BI enabled intuitive market research database,Grand View Compass, by Grand View Research, Inc.
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.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: firstname.lastname@example.org