Hot Insulation Materials Market: Introduction
Insulation is a term used to describe a product that reduces heat gain or loss, and provides critical fire resistance, sound attenuation, and absorption by creating a block between surfaces. Hot insulation materials are protective coatings designed and utilized to maintain an acceptable/required temperature for moving gas and other substances at relatively high temperatures. The most commonly used hot insulation materials are calcium silicate, fiberglass, rockwool, perlite, ceramic fiber, glasswool, cellular glass, and aerogel (MPS). Among these, fiberglass insulation has been the insulation of choice among end users since many decades.
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Hot Insulation Materials Market: Market Dynamics
Hot Insulation Materials Market: Drivers
The increasing demand for hot insulation materials from chemical and petrochemical processing industries is anticipated to act as a prime factor driving the growth of the hot insulation materials market over the forecast period. Moreover, the growth of the HVAC market, coupled with increasing awareness regarding energy conservation, is expected to boost the demand for hot insulation materials in the coming decade. That apart, the hot insulation materials market is projected to register significant growth, driven by the perilous nature of industrial insulation in upkeep system performance in several end-use sectors, increasing the demand for high-temperature insulation materials and rigorous energy efficiency norms.
Hot Insulation Materials Market: Restraints
Hot insulation materials such as fiberglass are nearly impossible to recycle, and also require special handling before disposal, since most types of fiber insulation comprises formaldehyde, a particularly toxic chemical, which may lead to environmental pollution. This is anticipated to act as a factor restraining the growth of the hot insulation materials market over the forecast period.
Hot Insulation Materials Market: Trends
A significant trend anticipated five years down the line is that market players of hot insulations materials will focus on the utilization of recycled materials for the production of insulation materials. Moreover, over the past five years, an increase in the number of expansion and consolidation activities has been witnessed in the hot insulation materials market. Additionally, key players in the hot insulation materials market are likely to invest significantly in developing high-performance insulation materials in order to gain a competitive edge.
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Hot Insulation Materials Market: Regional Outlook
The global hot insulation materials market is directly reliant on the demand from end-use industry across geographies. Over the forecast period, North America is anticipated to dominate the global hot insulation materials market, followed by Western Europe. Increasing government initiatives and rising environmental concerns are the key factors responsible for the growth of the hot insulation materials market in these regions. Asia Pacific is estimated to hold significant market share in the hot insulation materials market over the forecast period, owing to rapid growth in chemical, petrochemical, and power generation industries in the region. Additionally, the Chinese government is taking several initiatives to reduce environmental pollution. The government has imposed insulation standards to reduce energy consumption, which, in turn, is expected to drive the growth of the hot insulation materials market.
Hot Insulation Materials: Market Participants
Examples of some of the key players identified across the value chain of the global hot insulation materials market include Almatis GmbH, Armacell International S.A, BASF SE, ContiTech AG, Etex Group, Knauf Insulation, Morgan Thermal Ceramics Plc., ROCKWOOL International A/S, Shriya FRP Industries, and Unifrax, among others.Â
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