High Temperature Insulation Market Revenue Share, Growth Factors, Recent Trends Analysis Forecast by 2021–2027
The High Temperature Insulation market is projected to reach USD 13.69 Billion by 2027, according to a new report by Reports and Data. Critical factors such as rising competition for the product propel the industry to boost machinery performance and process productivity through application industries. Insulation prevents heat transfer from the equipment system and increases the machine’s effectiveness by making manufacturing processes more efficient. However, the industry is moving towards consolidation as producers seek to reduce manufacturing costs and improving the material’s thermal resistance. Increasing demand, combined with the availability of the product at reasonable prices, would likely lead to growth in the market.
Increasing population and stringent energy conservation regulations that apply to different industries, such as chemical & petrochemical and cement, are likely to drive demand in the high temperature insulation sector.
The increasing use of advanced technology to boost the characteristics of performance, such as thermal conductivity and compressive strength, would drive demand. Furthermore, the production of bio-based replacements for high-temperature products is expected to create new opportunities for industrial development.
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The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic. Over a couple of months, this crisis has had a direct impact on the high temperature insulation development rates as the manufacturing units have been disrupted. Also, the disturbances in the regular supply chain have caused the companies to create new supply chains that are more expensive and takes a lot more time to satisfy the need for catalysts in different areas of the chemical industry.
Key participants include RHI Magnesita, Calderys, BNZ Materials, 3M, Refractory Specialties Incorporated, Luyang Energy-Saving Materials, Morgan Advanced Materials, ETEX, Almatis, and Unifrax, among others.
Further key findings from the report suggest
- Government initiatives to endorse manufacturing sectors in the country are projected to augment the demand for high temperature insulation in construction and industrial applications, thereby creating growth opportunities for market players.
- Due to the rising demand for high temperature insulation materials in the thermal power generation industry, the power generation application segment is projected to grow to mitigate energy losses
- Calcium silicate is one of the most commonly used materials, primarily for heat preservation, used for industrial protection. The physical properties allow it to develop into various shapes and can be reinforced with different materials with the ultimate purpose of obtaining enhanced protective property.
- In recent years, all of the significant market players have invested heavily in R&D initiatives, leading to the invention of several innovative products. Major players aim to enhance their product portfolio by strategic mergers and acquisitions of small and medium-scale companies. In the coming years, therefore, an intense rivalry among players is expected.
- In May 2019, 3M acquired Acelity Inc. and its KCI subsidiaries. The acquisition agreement will help the company boost key wound and operational care solutions globally.
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For this report, Reports and Data segmented the global High Temperature Insulation industry report based on product type, application, temperature, and by Region for this study:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Insulating Firebricks
- Ceramic Fiber
- Calcium Silicate
Application Outlook (Revenue, USD Billion; 2017-2027)
- Iron and steel
- Powder metallurgy
Temperature Outlook (Revenue, USD Billion; 2017-2027)
The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.
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To summarize everything stated above, the report offers key insights into the High Temperature Insulation market to allow the reader to gain a complete understanding of the Global High Temperature Insulation Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global High Temperature Insulation Market.
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