High Performance Insulation Materials Market – Industry Trends, Outlook, Regulatory Bodies & Regulations and Key Market Players
Insulation or thermal insulation is the process of reducing heat transfer between two or more objects that are in the range of thermal contact or relative influence. Materials that help in reducing heat gain or loss by offering a barrier within the areas are known as insulation materials. The insulation capability of the materials depends on their thermal conductivity. Materials that provide superior insulation are known as high performance, are used in several application such as oil & gas, construction, transportation and power generation, automotive and paints and coatings, and industries. Some of the key attributes of high performance insulation materials are superior heat regulation, without the support of an air conditioning machine or heater, prevention from moisture damage, and an optimum in-house atmosphere. These materials have high load-bearing capacity with high resistance to thermal, flame, moisture, sound, and weather, thus being able to provide insulating properties of a superior level. High performance insulation materials also prevent fire damage. As per claims made at the Chalmers Energy Conference 2013, high performance insulation materials are projected to help reduce around 50% energy usage across sectors by 2050.
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Growing awareness regarding greenhouse emissions and rising demand for energy savings are major factors boosting growth of the global high performance insulation materials market. High performance insulation processes are in high demand in the industrial sector, mainly due to its natural ability to regulate temperature. This is a very important attribute, as it helps avoid costs related to artificial thermal regulators such as air conditioners and heaters. Energy usage during insulation processes is minimal, which helps to cut down on associated production costs. However, some of the disadvantages associated with the usage of high performance insulation processes are high set up and maintenance costs, and relatively low service life. The necessity for periodic maintenance of the materials results from them being made of aerogel and ceramic fibers.
Asia Pacific is projected to be the fastest growing region in the global high performance insulation materials market, mainly due to rampant growth of end-use industries such as construction and automotive, especially in emerging economies of India and China. As per stats released by Indian Brand Equity Foundation—part of the Department of Commerce, Ministry of Commerce and Industry, Government of India—the real estate market is expected to be valued at US$ 180 billion by 2020. The automotive sector in India has attracted FDI worth US$ 15.79 billion during April 2000–September 2016, as per statistics released by Department of Industrial Policy and Promotion (DIPP). On the other hand, Europe is expected to hold the largest share of the market throughout the forecast period, owing to its large base of end use industries and high awareness about greenhouse effect and lower energy usage among people.
High Performance Insulation Materials Market Outlook – Growing Construction Industry To Drive Market Growth
The growing construction sector is expected to have an immense positive impact on the growth of high performance insulation materials market. According to a study conducted by Coherent Market Insights, the global construction industry is projected to be pegged at over US$ 15 trillion by 2024, with Asia Pacific positioned as the growth engine (the regional market is expected to witness a massive 30% CAGR over 2016–2024). Growing population is a key factor towards growth of the construction industry. Rapid growth of retail industry is also fueling market growth.
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Key players in the global high performance insulation materials market include Aspen Aerogels Inc., Unifrax Corporation, Nano High-Tech Company Ltd., Cabot Corporation, Ibiden Co Ltd., Morgan Thermal Ceramics, and, The 3M Company.
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