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 market is projected to witness decent growth due to the rising demand from various end-use industries. The increasing need for energy savings and reduction in emission levels and manufacturing cost is expected to boost the demand for high temperature insulation materials.
Morgan Advanced Materials (UK), Luyang Energy-Saving Materials (China), RHI Magnesita (Austria), Mitsubishi Chemicals Holdings Corporation (Japan), Calderys (France), Isolite Insulating Products (Japan), Etex (Belgium), and Unifrax (US) are the leading high temperature insulation materials manufacturers globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2015 and 2019 to earn a competitive advantage in the market.
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Morgan Advanced Materials (US) is one of the leading players in the market. The company has been focusing on organic strategies, such as expansion and new product development, to maintain its leading position in the market. For example, in October 2019, Morgan Thermal Ceramics (thermal ceramics business segment of Morgan Advanced Materials PLC, UK) launched Superwool XT RA, which is an alkali metal silicate fiber. Superwool XT RA delivers the performance of refractory ceramic fiber (RCF) without EHS (environmental, health, and safety) concerns. Superwool XT RA does not form crystalline silica when exposed to high temperatures, which helps in maintaining the heat resistance capacity of the furnace. It is available in different forms, such as blankets, pyro-stack modules, paper, and unifelt. This new product launch is expected to drive the demand for high temperature insulation materials in petrochemical, ceramic, iron & steel, power, and other industries.
In April 2015, Morgan Thermal Ceramics set up a fiber manufacturing plant, with a capacity of 5,000 tons in the Khalifa Industrial Zone Abu Dhabi (Kizad), UAE. The establishment of this plant is a part of its expansion strategy to cater to the growing demand from the Middle East region.
Luyang Energy-Saving Materials (China) is one of the major players in the market. In October 2015, the company launched six products: alumina fiber blanket, composite module, backing board, soluble fiber blanket, chrome ceramic fiber blanket, and insulating firebrick, which are at par with internationally accepted standards of high temperature insulation materials. These products are used in major regions, such as APAC, Europe, and the Americas.
High Temperature Insulation Materials Market by Material Type (Ceramic Fibers, Insulating Firebricks, Calcium Silicate), End-use Industry (Petrochemical, Ceramic, Glass), Temperature Range, and Region - Global Forecast to 2024
Mr. Sanjay Gupta
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