The high-performance insulation materials market is expected to achieve a net worth of US$ 13.43 Billion in 2022 to reach over US$ 38.13 Billion by 2032. The market is growing at an impressive CAGR of 11% during the forecast period. Some of the propelling factors for the market are:
Attributes
Details
Market Value (2023)
US$ 13.43 Billion
Market Value (2033)
US$ 38.13 Billion
Market CAGR (2023 to 2033)
11%
Insulation is defined as a complete barrier to transfer of heat through walls, floor and ceilings by trapping it into small cavities that helps in maintaining indoor temperature, save energy costs, and creates a healthier & comfortable living environment. Smaller the cavities, better performance of insulation material which leads to an effective thermal barrier.
Insulation materials have some important properties namely low thermal conductivity, density, thickness of insulation, surface emissivity and thermal bridging which exhibits product effectiveness. These properties enhance the function and performance of insulating materials. High-performance insulation material depends on the type of raw material used, process takes place during manufacturing and skilled labor force.
Aerogel is a type of raw material used to manufacture insulation materials which are 1,000 times less dense than a glass and are environmentally benign. High-performance insulation material delivers 40 times more insulation that the fiberglass and can be used at -200 °C to 650 °C temperature without flammable.
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Rising Awareness Related Greenhouse Emissions Drives the Demand for High-performance Insulation Materials
The demand for high-performance insulation materials is growing due to increasing demand for the appropriate thickness, specialized and high-durability products.
The growing awareness of energy saving and greenhouse emissions is increasing the adoption of high-performance insulation materials .
Moreover, the end-use sectors such as oil & gas, automotive, power generators, and industrial and construction are increasing the demand for high-performance insulation materials in recent years.
The key manufacturers are growing their investment in developing countries to increase market opportunities.
The manufacturers are increasing the adoption of less harmful materials for environmental concerns to make high-performance insulation such as vermiculite, aerogel and ceramic fiber.
Rising skilled labor, production and demand in the subsea pipeline are increasing the high-performance insulation materials market share .
The insulation materials offer several properties, such as lightweight, enhanced insulation, thermal resistance, and reduced thickness, and are surging market expansion in recent years.
Top Manufacturers of High-performance Insulation Materials and their Recent Developments
In 2021, according to METI (Ministry of Economy, Trade and Industry), Japan produced around 490 thousand liters of crude oil.
In 2021, according to StatCan, the US produced 24.4 million crude oil that comparatively had risen 10.8% since 2019.
In January 2022, Armacell acquired SpiderPlus & Co. Ltd. - a top manufacturer and supplier that supplies excellent thermal insulation for ductwork and pipelines.
In June 2021, Shanghai Harvest Insulation Engineering Co. Ltd. signed an agreement with BASF to create cryogenic pipes with the help of BASF’s foam technology.
According to the National Bureau of Statistics China, the daily crude oil production in China is around 5,76,000 tons. However, In 2022, China produced 33.47 million tons of oil in just two months which is 4.6% higher than in previous years.
According to IBEF (India Brand Equity Foundation), the country’s aerospace sector is witness US$ 4.99 billion in investment in the coming years.
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Why does Asia- Pacific have Additional Demand for High-performance Insulation Materials?
The Asia-Pacific is anticipated to dominate the global market by securing the highest share during the forecast period. The rising construction and oil & gas industries are accelerating the demand for high-performance insulation materials in the region.
Asian countries such as India, China, Malaysia, South Korea, and Indonesia are increasing the demand for petrochemicals, energy and automotive flourishing market expansion. The presence of prominent manufacturers with their innovative marketing tactics are uplifting the market growth in recent times. Moreover, rising offshore drilling bolstered the Asia-Pacific market size.
High-Performance Insulation Materials Market:Drivers and Restraints
High-performance insulation materials market are witnessing maximum growth owing to increasing demand for specialized products, new product development, high durability and appropriate thickness of the material.
Moreover, increasing use of extruded polystyrene and polyurethane insulation materials which are 90% less harmful to earth’s ozone layer, and rising environmental concern are some of the other factors that increase the growth of high-performance insulation material market in near future.
However, the risk of flammability with insulated materials, foam products that contain CFC are relatively detrimental to the environment and high cost of production are a major barrier to the high-performance insulation materials market.
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High-performance insulation materials market witnessed substantial growth owing to low thermal conductivity, sound absorption, water repellency and thermal shock resistance properties of insulation materials. By material type, aerogel is anticipated to hold the major share in the high-performance insulation materials market owing to its properties such as light weight, tensile strength, thermal insulation, superior fire resistance, easy installation, high compressive strength and low density.
Ceramic fiber insulating materials include substances such as blankets, modules, boards, and papers are extensively used which is expected to boost the global high-=performance insulation materials market in near future. Based on the application type, when high-performance insulation materials are used for an industrial purpose they help in allocating the heat consistently, diminish the overall noise, vibrations and energy consumption which will enhance the growth of the market during the forecast period.
High-Performance Insulation Materials Market: Region-wise Outlook
Depending on the geographic region, High-Performance Insulation Materialsmarketis segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia=Pacific, Japan, and Middle East & Africa. Asia Pacific dominates the High=Performance Insulation Materials marketfollowed by Europe, Japan and North America owing to high infrastructural investment and availability of insulation material suppliers.
Asia Pacific, Middle East, and Africa hold huge potential and shows substantial growth in terms of wide acceptance of new technologyowing to increase in the consumption of oil & gas and rising manufacturing facilities in these regions which will further boost the demand for insulating materials to reduce greenhouse effect, global warming, and less energy consumption.
Some players of high-performance insulation materialsmarket are as follows:
Aspen Aerogels, Inc.
Morgan Advanced Materials
Isolite Insulating Products Co., Ltd.
The 3M Company
Unifrax LLC
Nano High-Tech Co., Ltd
Cabot Corporation
Alison hi-tech company Ltd
Ibiden Co. Ltd.
Shandong Luyang Share Co., Ltd
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology, material, and applications.
The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico, Brazil, Argentina)
Western Europe (Germany, Italy, U.K, Spain, France, Nordic, Rest of Western Europe)
Eastern Europe (Russia, Poland)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
