The high-performance insulation materials market is projected to reach USD 10.93 Billion by 2021, registering a CAGR of 11.2% between 2016 and 2021. The market is driven by the increased demand form the end-use applications such as oil & gas, industrial, construction, transportation, and paints & coatings, among others. Asia-Pacific region, with its growing economy and rapidly expanding commercial and industrial base is projected to experience the highest growth in the high-performance insulation material market between 2016 and 2021.
The high performance insulation material market is segmented on the basis of material type, application, and region. On the basis of material type, it is segmented as aerogel, ceramic fiber, and others.
The aerogel segment is projected to be the fastest-growing high-performance insulation material type between 2016 and 2021, in terms of volume. The high growth for this segment is attributed to its superior thermal resistance properties, water repellent characteristics, light-weight, and tensile strength.
The high performance insulation materials market segmented on the basis of application as, oil & gas; industrial; construction, transportation and power generation; and others. The oil & gas segment is the largest market for high-performance insulation materials due to growing demand for advanced insulation materials, especially, for subsea pipelines applications. This dominance is expected to continue during the forecast period due to increasing demand of advanced insulation materials and capability of this segment to absorb the high cost of insulation materials. Unique properties such as superlative thermal resistance, enhanced acoustic insulation, lightweight, reduced thickness, and fire & water resistance are required for usage in the oil & gas sector.
The Asia-Pacific market is projected to register the highest growth in the global high-performance insulation material market between 2016 and 2021. The high performance insulation material market in Europe and North America is consolidated, whereas, the market in Asia-Pacific has a fragmented structure. High-performance insulation materials manufacturers are significantly expanding their production capacities in China, Japan, and South Korea.
The major restraints in the high-performance insulation materials market are high production cost of aerogels and carcinogenic nature of ceramic fibers. Expansion and new product launch are the most preferred strategies adopted by the key market players to sustain in this highly competitive market. Major opportunities in the market are growing applications of aerogels in day-lighting segment and others. The company profiled in this report includes Aspen Aerogels Inc. (U.S.), Cabot Corporation (U.S.), 3M Company (U.S.), Aerogel Technologies LLC (U.S.), Nano High-Tech Co. Ltd. (China), Morgan Thermal Ceramics (U.K.), and Unifrax Corporation (U.S.), among others.
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