High Temperature Insulation Market SWOT Analysis by End Use, Product Type & Manufacturers

The global high temperature insulation market size is expected to reach USD 7.5 billion by 2025 registering a CAGR of 7.8%, according to a new report by Grand View Research, Inc. Rising preference for high temperature insulation, owing to its environmental benefits to reduce greenhouse gas emission is expected to drive the market growth. The market exhibits low threat of backward integration from buyers. Buyers are looking for low-cost solutions, tailored to specific requirements along with technical support. However, durability is a critical criteria for buyers.

Increasing R&D expenditure by major companies is expected to have positive impact on product enhancement and differentiation strategies, and has led to rise in number of patents for high insulation products. Market participants are focused on developing novel materials for higher thermal resistance, and lower operational costs. Growing demand for ceramic fiber lining technology mainly from steel industry, owing to their usage for wide range of operating temperatures is expected to drive the market growth over the forecast period.

In addition, focus on development of products with higher energy-efficiency, process control, and cost effectiveness is also presumed to benefit the market growth. The industry is fairly consolidated with top four participants accounting for more than 45% of the high temperature insulation market share. However, the market is fragmented in emerging economies due to high level of competition from local companies. Furthermore, dynamic regulatory scenario is expected intensify the competition with increase in mergers & acquisitions.

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Further key findings from the study suggest:

  • Ceramic fiber segment led the market, in terms of revenue, in 2018 owing to increased product demand as a replacement for asbestos for high temperature insulation in furnace linings and kilns
  • Petrochemical industry led the market in 2018 and is estimated to expand further due to rising need for energy conservation coupled with growing demand for primary and secondary petrochemical products
  • Iron & steel industry is expected to witness significant growth over the forecast period owing to high process temperature, coupled with rising need to reduce production cost by preventing heat losses and saving energy costs
  • Asia Pacific is expected to register the fastest CAGR over the forecast period due to rapid economic and industrial developmentin the region

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Grand View Research has segmented the global high temperature insulation market on the basis of product, application, and region

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