Pune, India -- (SBWire) -- 05/31/2018 --High Temperature Insulation Market – Market Overview:
The Global High Temperature Insulation Market is growing with the impulsive pace; mainly due to the burgeoning petrochemical industries. According to a recent study report published by the Market Research Future, the global market of High Temperature Insulation is booming and expected to gain strong influence over the forecast period. The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the forecasted period (2017 – 2022).
Globally, the market for High Temperature Insulation is driven by the region Asia Pacific, owing to an increase in the production capacity resulting into a growing demand for the product in the petrochemical sector. Ceramic fibers are used in blankets, boards, felts, bulk fibers, and others to provide low thermal conductivity, surface emissivity, and excellent thermal thickness of insulation to the final product. Moreover, insulation materials are also used in furnace linings, hot face, intermediate, flexible pipe insulation, seals, and others.
Increasing demand for the product in applications such as kiln linings, high temperature packaging, curing membranes, storage tanks, and others signifies the growth of petrochemical industry. Moreover, growing consumption of product in glass, ceramics, and iron & steel provide a momentum to the High Temperature Insulation Market growth.
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High Temperature Insulation Market- Competitive Landscape:
The High Temperature Insulation Market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other's on the basis of quality, price, production and innovation. High Temperature Insulation Market is set to grow at a higher rate which is likely to attract many entrants to the market resulting into healthy competition in the future. Manufacturers functioning in the high temperature insulation market are striving to respond to an increase in demand for the product from ceramics, glass, aluminium, iron & steel, cement, refractory and other sectors attributed to boundless use of the product in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.
Industry/ Innovation/ Related News:
May 15, 2017 – Owens Corning (U.S.), one of the leading manufacturers of high temperature insulation, declared that the company has signed an agreement to buy Pittsburgh Corning's cellular glass insulation systems for commercial and industrial applications. These systems provide superior performance and high standard quality to the product. One of the sources of the company declared that this deal is set to expand the production facility and create job opportunities in the market. Therefore, these factors are estimated to propel the market over the assessment period.
September 26, 2017 – Unifrax I LLC (U.S.), one of the leading manufacturers of high temperature insulation, announced that the company has launched a low bio-persistent (LBP) fiber Isofrax® 1400. The main feature about this product that it can withstand high temperatures. Excellent thermal conductivity, shock resistance, and others are the important trends and factors driving the market positively. Therefore, its growing consumption in end-use applications is set to boost the market growth during the forecast period.
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High Temperature Insulation Market: Growth, Vendors, Shares, Trends, Challenges with Forecast to 2022