Global High-performance Insulation Materials Market Overview
The key driver impacting the high-performance insulation materials market is the rapidly growing end-user industry in the forecast period. There is a huge demand for high-performance insulation material from ends user industries such as construction, oil & gas, construction, and automotive industries. In addition, there is enormous demand observed for high-performance insulation materials from the oil and gas sector, majorly for subsea pipeline applications. For instance, The International Association of oil and gas producer report (2018) shows that the global demand for oil in 2018 was over 30% more than in 2000. In addition, demand for natural gas was amplified by 60% during the year 2018. This growing demand for oil and gas is expected to create more oil and gas explorations, creating demand for high-performance insulation materials in the forecast period. Moreover, the escalating demand for high-performance insulation processes from industries due to its natural ability to control temperature contributes to high-performance insulation materials market demand in the later years.
According to Value Market Research, the global High-performance Insulation Materials market size was valued at about USD 10 Billion in 2020 and is expected to grow at a CAGR of around 11% during the forecast period 2021 to 2027.
The increasing awareness regarding greenhouse emissions and rising demand for energy savings will likely augment the need for high-performance insulation materials in the forecast period. However, the high manufacturing cost of aerogels hampers the market in the long run. In addition, the carcinogenic nature of ceramic fibers is negatively impacting the market growth. Nevertheless, the industry trends, growing applications of aerogels in the day-lighting segment might provide massive market opportunities to the market's key players.
The high-performance insulation materials market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are Aspen Aerogels Inc., 3M Company, Ibiden Co Ltd, Cabot Corporation, Nano High-Tech Co. Ltd., Aerogel Technologies LLC, Nano High-Tech Co. Ltd., Unifrax Corporation, Morgan Thermal Ceramics.
In this research report, the High-performance Insulation Materials market is segmented by product type, end-use industry, and region.
Analysis by Product Type:
By product type, the report is segmented into aerogel, ceramic fiber, glass bubbles, polystyrene, and others. The ceramic fiber segment dominates the product type segment with the highest share of 30% in 2020. It is due to Ceramic fiber insulating materials include substances such as blankets, modules, boards, and papers are extensively used high-performance insulation materials, contributes to the ceramic fiber segment's growth in the forecast period.
Analysis by End-Use industry:
By end-use industry, the report is categorized into energy, oil & gas, construction, automotive, and others. The oil and gas segment is dominating segment with a market share of 25% market in 2020. It is due to the rising demand for advanced insulation materials, especially for subsea pipeline applications. Moreover, the transportation sector is expected to show the highest growth rate in the forecast period due to growing high-performance insulation materials material for soundproofing against sound systems installed engines and other machinery sounds, and external noise in the automotive sector. Also rapidly expanding automotive industry across the globe contributes to the transportation segment's growth in the forecast period.
Analysis by Region:
In the regional outlook of the global High-performance insulation materials market, the North American region dominated with the largest market share of 30% in 2020. It is due to the growing building & construction, increasing transportation sector, intensifying manufacturing base, and increasing transportation sector across the region. Moreover, strict government regulation regarding reducing greenhouse gas emissions and lower energy usage contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Product Type
- Aerogel
- Ceramic Fiber
- Bio Persistence Fibers
- Polycrystalline Fibers
- Refractory Fibers
- Glass Bubbles
- Polystyrene
- Others
By End-Use Industry
- Energy
- Oil & Gas
- Construction
- Automotive
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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