The global high temperature insulation market is expected to reach US$5.14 bln by 2020, according to a new study by Grand View Research, Inc. Growing need to conserve energy across various industries and sector is expected to be one of the driving factors for the market. In addition, stringent regulations imposed on cement, oil & gas and metal producers to reduce green house gases emission has also helped in developing the market for high temperature insulation. However, health risks associated with the carcinogenic content in high temperature insulation materials has been a key issue for industry participants. In order to reduce reliance on synthetic insulation materials, industry has shifted its focus towards developing bio-based alternatives for high temperature materials.
Petrochemicals emerged as the leading application market for high temperature insulation products and accounted for over 30% of the market revenue in 2012. Growing demand for various primary and secondary petrochemicals coupled with need to conserve energy has propelled the growth of high temperature insulation materials in petrochemical industry. Global demand for HTI materials in petrochemical industry is expected to grow at a CAGR of 8.6% from 2013 to 2020. However, use of HTI materials in powder metallurgy has also been gaining attention from major manufacturers. In addition, novel application of HTI products in aerospace, solar equipment and fire protection industries is also expected to boost their demand over the forecast period.
25-Jun-15 
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