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High Temperature Insulation Market, Will Witness Tremendous Growth Over the Forecast Timeframe

Author : Rahul Varpe | Published Date : 2019-07-04 

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.

High Temperature Insulation Market will cross USD 4.0 billion; according to a new research report.

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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.

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.

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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.

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.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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