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    High Performance Insulation Materials Market Size Expected to Be Valued at $5.9 Billion by 2027
    (I-BusinessNews.Com, March 18, 2022 ) High Performance Insulation Materials Market size is expected to be valued at US$5.9 billion by the end of the year 2027 and is set to grow at a CAGR of 9.3% during the forecast period from 2022-2027. The rising environmental awareness regarding greenhouse emissions is majorly driving the demand for high-performance insulation materials from end-use industries such as oil & gas, paint & coatings, building & construction and others, since the insulation acts as a barrier to the heat flow and thus helps in reducing greenhouse gas emissions. High performance insulation like ceramic fibers, aerogel and microporous insulation is used in oil & gas industry, energy generation (power generators), building & construction, automotive industry and others. Therefore, the growth in these end use industries is further driving the demand for high performance insulation materials (HPIM) market.



    COVID-19 impact



    Amid the Covid-19 pandemic, the high-performance insulation materials (HPIM) market was affected in various ways. There were various legal restrictions across the globe that majorly affected the demand and growth of the high-performance insulation materials (HPIM) market. The production and sales activities were majorly disturbed which slowed down the growth of the high-performance insulation materials (HPIM) market. However, the high-performance insulation materials (HPIM) market witnessed a steady growth by the end of the year 2020 and is estimated to grow further and cover the industrys loss towards the end of the year 2022.



    High Performance Insulation Materials (HPIM) Market Segment Analysis By Material Type



    Ceramic Fiber segment held the largest share in the high-performance insulation materials (HPIM) market in the year 2021. Ceramic Fiber is extensively used in various end use industries such as petrochemical industry and oil refinery industry owing to its properties like resistance to extreme temperatures and low thermal conductivity. Therefore, ceramic fibers are widely used as an insulating material. According to US Energy Information Administration, the total production of petroleum and other liquids amounted to 94,185 million barrels per day during the year 2021. This is majorly driving the demand for ceramic fibers from high-performance insulation materials (HPIM) market, as ceramic fibers in packaging and insulation of petroleum barrels.



    High Performance Insulation Materials (HPIM) Market Segment Analysis By Temperature Range



    1100C-1500C segment held the largest share in the high-performance insulation materials (HPIM) market in the year 2021. The 1100C-1500C range is mostly required in the oil & gas industry and petrochemical industry. Insulation materials with this range of temperature are usually lightweight, has low thermal conductivity and high thermal shock resistance. This helps in containing the heat emitted from power generators, gas reactors, oil tanks and petrochemical reserves. Therefore, this is driving the demand for 1100C-1500C range of temperature of insulation material in the high-performance insulation materials (HPIM) market.



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    High Performance Insulation Materials (HPIM) Market Segment Analysis By Application



    Oil & Gas Industry held the largest share in the high-performance insulation materials (HPIM) market in the year 2021, growing at a CAGR of 6.8% during the forecast period 2022-2027. Ceramic fibers are widely used in the oil and gas industry for insulation purposes, so that the heat is retained in the oil tanks and gas reactors. Therefore, the increase in the oil and gas consumption across the world is driving the demand for high-performance insulation materials (HPIM) such as ceramic fibers and aerogel. According to the International Energy Association (IEA) oil market report, the global oil consumption is estimated to increase by 5.4 million barrels per day in the year 2021. This will further increase the demand for high-performance insulation materials such as ceramic fiber in the oil industry, as it is used in packaging and containers petrol and oil. This will further drive the high-performance insulation materials (HPIM) market.



    High Performance Insulation Materials (HPIM) Market Segment Analysis By Geography



    Asia-Pacific region held the largest share of 35% in the high-performance insulation materials (HPIM) market in the year 2021. The rapid growth in the population in countries like India and China coupled with the increase in demand for power and energy in the region is highly driving the high-performance insulation materials (HPIM) market like ceramic fibers in Asia Pacific region. For instance, according to the Ministry of new and renewable energy, of Government of India, the total installed capacity of wind energy in India was 37739.45 megawatts in the year 2020, an increase of 5.94% from 35621.67 megawatts in the year 2019. Furthermore, according to the long-term renewable energy development plan of the Chinese government, the wind power generation target for 2020 was 30 million kilowatts. This is hugely driving the demand for ceramic fibers market in the high-performance insulation materials (HPIM) market.



    High Performance Insulation Materials (HPIM) Market Drivers



    The increase in the demand from the power industry, as ceramic fibers are used for their superior quality high temperature resistance, and therefore used as electrical insulators is driving the high-performance insulation materials (HPIM) market



    The increase in use of ceramic fibers in the power industry as lightweight electrical units, electrical insulators, thermal insulators and sound insulators is one of the major factors driving the demand for ceramic fibers in the power industry. The increase in the activities of power generation across the globe is contributing to the demand for ceramic fibers in industries like wind generation, hydropower plants, nuclear power plants, solar power plants and others owing to the quality of ceramic fibers as an high performance insulating material is driving the demand for ceramic fibers in the power industry. According to World Wind Energy Association (WWEA), the worldwide wind capacity reached 744 gigawatts in the year 2020, an increase of 93 gigawatts as compared to the year 2019. This is further increasing the demand for ceramic fibers from the wind generation plants, which is further driving the high-performance insulation materials market.



    The increase in use of high-performance insulation materials in various applications such as packaging, personal and hygiene products etc., is driving the high-performance insulation materials (HPIM) market



    The increase in the application of the high-performance insulation materials in the packaging industry is highly driving the high-performance insulation materials market. According to the World Packaging Organisation (WPO), a global organization and regulatory body of the packaging industry, the turnover of the packaging industry crossed US$ 500 billion in the year 2019, which influenced the demand for high-performance insulation materials, as they are extensively used in the packaging industry. The high-performance insulation materials are preferred in the packaging industry, due to the properties such as high thermal shock resistance and less thermal conductivity. This is driving the growth and demand for high-performance insulation materials in the packaging industry across the globe.



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    High Performance Insulation Materials (HPIM) Market Challenges



    Strict norms regarding hazardous materials are restricting the growth of the high-performance insulation materials (HPIM) market



    The manufacturing of ceramic fiber releases volatile organic compounds (VOC). Volatile organic compounds are mostly released into water bodies by the factories, which is highly dangerous. Therefore, governments have set various norms and standards regarding the release of volatile organic compounds. This is one of the major challenges faced by the high-performance insulation materials (HPIM) market. For an instance, the limit set for the content of such volatile organic compounds is 90 parts per million (ppm) total content, and is based on the weight of the total non-volatile content of the paint, in most countries. This is hindering the growth of the high-performance insulation materials (HPIM) market.



    High Performance Insulation Materials (HPIM) Market Industry Outlook



    New product launches, expansion, collaborations, partnerships, investments, acquisitions and mergers are some of the key strategies adopted by players in the High-Performance Insulation Materials (HPIM) Market. Major players in the High-Performance Insulation Materials (HPIM) Market include:



    BASF SE



    Cabot Corporation



    3M



    Armacell



    Morgan Thermal Ceramics



    Arkema Group



    H.B Fuller



    Sika Ag



    Henkel AG & Co.



    DowDuPont Inc



    Ashland Global Holdings Inc.



    Huntsman International LLC



    Covestro AG



    Acquisitions/Technology Launches



    In February 4, 2020 Henkel Adhesives Technology opened a new state-of-the-art facility in Pune, India. This was done to serve the growing demand of Indian industries for high-performance solutions in adhesives.



    Key Takeaways



    Asia-Pacific market held the largest share in the high-performance insulation materials (HPIM) market owing to the easy availability of raw materials in the region coupled with growing awareness for environmental protection is driving the demand for high performance insulation materials (HPIM) market.



    The increase in the demand from the power industry, as ceramic fibers is used for their superior quality high temperature resistance, and therefore used as electrical insulators is driving the high-performance insulation materials (HPIM) market.



    The increase in use of high-performance insulation materials in various applications such as packaging, personal and hygiene products etc., is driving the high-performance insulation materials (HPIM) market.



    Amid the Covid-19 pandemic, the high-performance insulation materials (HPIM) market went through a lot of setbacks which lead to huge losses. It is however set to improve in the coming months of 2021.



    Relevant Reports



    High Temperature Insulation Materials Market

    https://www.industryarc.com/Research/High-Temperature-Insulation-Materials-Market-Research-511391



    For more Chemicals and Materials related reports, please click here



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