Market Synopsis of High Temperature Insulation Market:
High Temperature Insulation (HTI) are utilized in temperature intensive application for minimizing heat transfer, greenhouse gas emission and in everything that reduces global warming. Strong energy codes and utilities savings are major market drivers for the entire insulation industry. New residential construction are an obstruction for the growth of glass fiber, mineral wool, and cellulose industry, on the other hand replacement/retrofit segment provides a boost to polystyrene and polyisocyanurate. Restricted supply of glass fiber has created the demand for mineral wool and cellulose in residential area. Factors that are hampering the industry growth are overall slowdown in construction which is negatively impacting the entire industry, mindset of many who view insulation as a commodity item and don’t see anything good in products that affects market of every product (mention products or industry to which these products belong).
Geographically, Asia Pacific is the largest market for HTI followed by Latin America. On the other hand market of North America and Europe with respect to HTI product has reached a saturation (reached a saturation level with respect to what?) level so is expected to grow at a sluggish growth rate.
Global High Temperature Insulation Market will cross USD 5.16 Billion Mark by 2022 and it is expected to grow over the CAGR of more than 11.4 % during the period 2016 to 2022.
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Industry/ Innovation/ Related News:
May 15, 2017 – Owens Corning (U.S.), one of the leading manufacturers of high temperature insulation, declared that the company has signed an agreement to buy Pittsburgh Corning’s cellular glass insulation systems for commercial and industrial applications. These systems provide superior performance and high standard quality to the product. One of the sources of the company declared that this deal is set to expand the production facility and create job opportunities in the market. Therefore, these factors are estimated to propel the market over the assessment period.
September 26, 2017 – Unifrax I LLC (U.S.), one of the leading manufacturers of high temperature insulation, announced that the company has launched a low bio-persistent (LBP) fiber Isofrax® 1400. The main feature about this product that it can withstand high temperatures. Excellent thermal conductivity, shock resistance, and others are the important trends and factors driving the market positively. Therefore, its growing consumption in end-use applications is set to boost the market growth during the forecast period.
High Temperature Insulation Market – Regional Analysis:
Geographically, Asia Pacific region is leading the Global High Temperature Insulation Market. China holds the major portion in the region owing to rapid urbanization coupled with extensive use of the product in major industries. Growing demand for insulation materials in ceramics, glass, aluminium, iron & steel, cement, refractory and powder metallurgy has boosted the market demand in Japan, and India. North America has witnessed a significant growth in the market owing to rapid investments in end-use industries. A notable growth has been received by the European region due to implementation of strict rules and regulations in end-use industries. Additionally, the market is growing significantly in the Middle East & Africa and Latin America regions, due to growing research & development activities of the product in major industries.
High Temperature Insulation Market- Competitive Landscape:
The High Temperature Insulation Market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. High Temperature Insulation Market is set to grow at a higher rate which is likely to attract many entrants to the market resulting into healthy competition in the future. Manufacturers functioning in the high temperature insulation market are striving to respond to an increase in demand for the product from ceramics, glass, aluminium, iron & steel, cement, refractory and other sectors attributed to boundless use of the product in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.
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