High Temperature Insulation Market share by applications and regions for 2019-2024

Global Market Insights, Inc has recently added a report on High Temperature Insulation Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.

In the industrial manufacturing systems, the ceramic fiber insulation demand is growing, and it will act as a positive factor assisting the market growth in the coming years. Rising consumption in manufacturing companies of most of the developing countries of Europe and Asia Pacific will further augment the high temperature insulation market growth in the coming years.

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The existence of carcinogenic compounds in these materials poses a significant threat to the market over the forecast period. Many countries are opposing them as they have negative effects on human health and environment.
In terms of product, major volume and revenue are offered by the ceramic fibers. Due to its low density and thermal conductivity, they can monitor the external and equipment's temperature simultaneously. In addition, the capability of sustaining and operating at varied temperature ranges will also enhance the ceramic fibers demand over the projected timeframe.
In terms of end-users, the petrochemical industry is the major in volume, and it will grow at a CAGR of around 5% in the upcoming years. Increasing petrochemical operations, such as shale gas production and increasing refining activities, will primarily attribute to the market growth. Among all end-users, ceramics is the fastest growing segment, which will grow at a CAGR close to 5.5% in the projected period.

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An increase in demand for conservation of energy in the production processes of various industries including ceramic, iron & steel, glass, and petrochemical is majorly assisting the high temperature insulation market growth by the end of the forecast timeframe. Increasing concerns regarding the need for conservation of energy and the rising demand for enhancing the industrial manufacturing systems' efficiency are further creating the product demand.
In terms of region, Asia Pacific is found to be the most dominating by 2016 with the market close to USD 870 million. Rapid industrialization in most of the Asia Pacific's developing nations is expected to drive the Asia Pacific high temperature insulation market by 2024.

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Key players in this market include Morgan, Unifrax, Hi-Temp Insulation, BASF SE, Cabot, and 3M.

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