Research and Markets has announced the addition of the "High Temperature Insulation Materials Market by Type, by Temperature, by End-User - Global Trends & Forecast to 2019" report to their offering.
The Global High Temperature Insulation Materials Market is projected to grow at a CAGR of 6.8% from 2014 to reach $5.1 billion in 2019.
High temperature insulation materials are used in several end-user industries to prevent heat loss, energy consumption and reduce greenhouse gas emissions. The HTI market can be classified into three segments ceramic fibers, IFB (insulating fire bricks) and others (calcium silicate boards and polycrystalline alumina fibers). Others HTI segment is the fastest-growing segment that finds its application mostly in end-user industries such as aerospace, automotive, fire protection and solar applications.
The petrochemicals end-user industry is the biggest consumer of the HTI products and is expected to drive the HTI market. However others end-user segment consisting of industries such as aerospace, automotive, fire protection and solar applications is expected to be the fastest growing end-user segment. Increasing need for energy savings to cut down manufacturing cost and environmental concerns over greenhouse emission is the major driving factor for the HTI industry.
South America is expected to witness high growth rates during the forecast period (2014-2019) followed by Africa and the Middle East. The HTI market in Europe and North America is maturing and expected to witness below average growth during the forecast period. HTI market in Asia-Pacific is growing mainly due to industrialization in emerging economies such as India and China. HTI industry is witnessing the shift in the manufacturing base from the Western region to Asia-Pacific due to low cost advantage in terms of labor and raw materials; another important factor for the shift in manufacturing base is the stringent regulations in the western region over the production of ceramic fibers.
Asia-Pacific dominated the HTI market followed by Europe in terms of volume. Asia-Pacific is the largest market for HTI owing to the high demand of HTI materials due to increasing number of end-user industries in the region.