The global market for high-performance insulation materials market will witness a healthy growth during the forecast period. The factors contributing to the growth of this market are growth of end-use industries in developing economies of Asia-Pacific and the Middle-East & Africa. Countries such as China and India are witnessing a healthy increase in industrial activities because of the relocation of manufacturing facilities from Europe and North America to Asia-Pacific and the Middle-East & Africa. Along with these factors, increasing concerns on energy conservation and reduction of green-house gases emission are driving the market for high-performance insulation materials.
The global high-performance insulation materials market has a large number of market players; however the market is dominated by some of major players such as Aspen Aerogels Inc. (U.S.), Cabot Corporation (U.S.), 3M Company (U.S.), Aerogel Technologies LLC (U.S.), Nano High-Tech Co. Ltd. (China), Guangdong Alison Hi-Tech Co. Ltd. (China), Morgan Thermal Ceramics (U.K.), Unifrax Corporation (U.S.), and Shandong Luyang Share Co. Ltd. (China), among others.
These companies are focused on investments to create innovative products and for capacity expansion of high-performance insulation materials to achieve economies of scale, product innovation, and expansion to capture and improve their market share.
Market players are also concentrating on increasing their production capacities and developing cost effective technologies. These companies are setting up new facilities, mainly in emerging regions, so as to increase their global presence. All these developments are a reaction to the increasing demand for advanced insulation materials from the oil & gas, construction, and automotive industries.
New product development is the key strategy adopted by major high-performance insulation materials manufactures in the recent past. The top players in the high-performance insulation materials market are keen on these strategies for better penetration and expansion of their business into emerging regions. These new ventures would help the companies to satiate the growing demand for high-performance insulation materials in several applications. Morgan Thermal Ceramics (U.K.), Cabot Corporation (U.S.), Aspen Aerogels (U.S.), and Unifrax (U.S.) are some of the market players who adopted the strategy of new product launch to acquire more market share.
Leading market players are also focusing on expanding their existing production facilities to meet the growing demand of high-performance insulation materials, especially, in the Asia-Pacific region. For instance, 3M (U.S.) adopted the strategy of capacity expansion by opening a production facility in China to acquire more market share in Asia-Pacific.
High-Performance Insulation Materials Market by Type (Aerogel, Ceramic Fiber, Glass Bubble, EPS, XPS) Application (Oil & Gas, Industrial, Construction, Transportation and Power Generation, Automotive, and Paints & Coatings) - Global Forecast to 2021
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