According to Global Market Insights Inc., this high temperature insulation market is estimated to surpass a mammoth of USD 4 billion by 2024.
High temperature insulation market, a niche sector for polymers and advanced materials industry, is set to establish itself in the billion dollar business space on the grounds of mounting demand for insulating materials across various end-use domains including petrochemical, cement, ceramics, aluminum, glass, and iron and steel. High temperature insulation materials offer enhanced performance, safety, and robust reliability, and are operated at elevated temperature range.
Nevertheless, advancements in the field, have been significantly adding to the widespread prominence of these materials, which can be rather evident from a recent groundbreaking innovation by scientists at Max Planck Institute for Polymer Research.
The scientists, in collaboration with University of Bayreuth, jointly developed and characterized a novel, transparent, and extremely thin material that possesses different thermal conduction properties depending on the direction. The material is said to conduct heat suitably in one direction while demonstrating exceptional thermal insulation in the other. Innovations like these are likely to augment the use of high temperature insulating materials worldwide.
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One of the fundamental reasons contributing towards the elevating insulating material sales is the rising industrialization in various developing and developed economies. Speculations have it that expanding industrialization has offered a push to the construction sector, which also stands as a major remunerative vertical making use of high temperature insulation materials.
The concept of using high temperature insulation in various buildings and construction for heating purpose is not new. However, various economies have still been using the conventional fossil fuel combustion techniques to keep their houses warm, thus adding to the increasing CO2 emission level and global warming. In this regard, it does not come as a surprise that intervention of stringent governmental laws allowing residents to decrease the use of fossil fuel and drive for adoption of insulating materials has been bolstering the industry outlook.
Consequently, it was observed through various studies, that use of optimum insulation thickness and other energy saving methods potentially decreased the CO2 emission amount by 50 per cent. However, it is recorded that a slowdown in construction activities in wake of the current COVID-19 pandemic would negatively influence the growth of overall high temperature insulation market in the upcoming years.
High temperature insulation | Applications in petrochemical industry
The world today, has been witnessing a prolific rise in demand for petrochemicals. In fact, according to IEA statistics, petrochemical feedstock accounts for nearly 12 per cent of global oil demand, which eventually comes from surging demand for plastics, fertilizers, and other products. Also, it has been predicted that the petrochemical industry or the product are ready to seize over one-third of the growth in oil demand by 2030, while consuming an additional 56 billion cubic meters of natural gas by the same year.
This steady growth has brought about a dire need for high temperature insulation market with an intent of ensuring proper safety, reduced or controlled emission, or high energy efficiency. As a matter of fact, companies and various organizations have also been developing new materials that offer robust thermal insulation across the industry.
Accountability of the aforementioned statement is offered by Japan Insulation’s release of inorganic thermal insulation material – DAIPALITE-EA. The material, which is resistant to high temperatures was developed in the basis of results of ODA- based cooperation research in collaboration with Malaysia. It has been made of rice husk ash, an alternative for silica stone, whose heat generated while combustion can be used to massively reduce the carbon emissions, thereby protecting the environment.
For the record, DIAPALITE-EA is certified by the AN Giang provincial government as environment-friendly project for its CO2 emission control effect which significantly contributed to global environmental conservation. The material poses ability to resist heat upto 1000 degrees Celsius, thus finding its use in petrochemical and power plants for insulating equipment and pipes with extremely high internal temperatures.
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Speaking in the similar context, the prominent high temperature insulation market players, of late, have been increasingly aiming to revamp the current product landscape while also engaging in collaborations, acquisitions, and mergers to gain a competitive advantage in the overall industry. Concurrently, it would be prudent to mention the instance of high temperature insulation industry leader, Johns Manville’s 2019 acquisition of ITW Insulation Systems- a company well proclaimed for its low temperature polyisocyanurate foam insulations and metal jacketing solutions.
As per official sources, this strategic move is likely to expand JM’s current insulation solutions portfolio in the industrial market, keeping it at the top among other leading companies. It is needless to mention that this move shall urge other high temperature insulation market payers to come up and enhance their existing profile range, in turn, impelling the high temperature insulation market size progression.
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