Global high-temperature insulation market is poised to reach USD 5.14 billion by 2020. Increasing emphasis on energy conservation across various industries is projected to be one of the major driving forces for the market. Moreover, stringent regulation imposed on metal, cement, and oil & gas to reduce greenhouse gas emission has further augmented the industry growth. However, the carcinogenic content in high-temperature insulation material pose high risk to health, thus is expected to have an adverse impact on growth
Petrochemical application accounted for more than 30% of the market by revenue in 2013. Rising demand for petrochemicals along with the need towards energy conservation is likely to propel demand for the product in the petrochemical industry. Furthermore, stringent regulations emphasizing on workplace safety is expected to impact growth positively.
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Demand for HTI materials in petrochemical industry is expected to grow at a CAGR of more than 6% over the forecast period. HTI is also gaining popularity among the powder metallurgy manufacturers. Also, industries such as aerospace, solar equipment, and fire protection industries are also projected to augment the demand for HTI over the forecast period.
Ceramic fibers accounted for more than 57% market by revenue in 2013. Rising trends related to replacing asbestos lining in furnaces and kilns with ceramic fibers is expected to augment market demand over the projected period.
Europe accounted for more than 35% market revenue in 2012. Stringent regulations to reduce GHC emission in Europe are expected to be a key driving factor for the regional market. The demand for HTI product in Europe is primarily dependent on imports from Asia. North America and Asia Pacific also contributed to the significant demand for HTI over the forecast period. Positive regulatory scenario related to improving workplace safety is expected to propel demand over the projected period.
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However, European and North American markets have reached saturation and supposed to grow at a sluggish rate. In contrast, Latin America and Asia Pacific region are poised to witness substantial growth owing to rapid industrialization in Brazil, China, and India. Asia Pacific region is poised to grow at a CAGR of more than 8.5% over the forecast period.
Asia Pacific accounted for more than 46% of total production in 2012. Support from the government along with low manufacturing cost is expected to boost production of HTI materials in the region. Asia Pacific exports the majority of the HTI material manufactured in the region to North America and Europe.
Some of the major players in HTI market are Isolite, Skamol, Promat, Zircar, and Pyrotek. Thermal Ceramics and Unifrax dominate the global HTI market. Thermal Ceramics and Unifrax together accounted for over one-third of the total industry in 2012.
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