Increasing need for energy savings is expected to boost the demand for high temperature insulation materials – MENAFN.COM

SectorOil & Gas

(MENAFN - GetNews) High Temperature Insulation Materials Market by Material Type (Ceramic Fibers, Insulating Firebricks, Calcium Silicate), End-use Industry (Petrochemical, Ceramic, Glass), Temperature Range, and Region The high temperature insulation materials market is estimated to grow from USD 6. 0 billion in 2019 to USD 8. 9 billion by 2024, at a CAGR of 8. 2% during the forecast period.

The major factors driving the high temperature insulation materials market include the need for energy-saving materials to lower manufacturing cost and reduce emission levels, and their high demand in different end-use industries, such as petrochemical, ceramic, glass, aluminum, iron & steel, cement, refractory, and powder metallurgy. Download PDF Brochure: Petrochemical is the largest and fastest-growing end-use industry of high temperature insulation materials. The upward growth trend of the petrochemical industry is due to the increasing use of petrochemical products in energy systems, such as turbines, electric vehicle parts, and solar panels, especially in developing countries. This is expected to encourage petrochemical manufacturers to add new capacities, which is likely to boost the demand for high temperature insulation materials in this industry. The petrochemical industry is growing rapidly due to an increase in the production of oil in various countries. The more...