PUBLISHER: Grand View Research | PRODUCT CODE: 1114131
PUBLISHER: Grand View Research | PRODUCT CODE: 1114131
The global high temperature insulation market size is expected to reach USD 10.57 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.8% from 2022 to 2030. This growth can be attributed to the imposing of regulations related to the reduction of greenhouse gas emissions on the metal producing, cement, and oil and gas industries.
High-temperature insulation products are increasingly utilized across various application industries including petrochemicals, cement, ceramics, and iron and steel for energy-efficient operations. Increasing demand for customized high-temperature insulation products across the above-mentioned application industries is expected to upscale the demand over the forecast period.
Industrial up-gradation and enhancement of existing and new facilities are subject to an increase in the demand for insulation products. Furthermore, increasing number of facilities incorporating heat treatment and relative operations are likely to upscale the demand for high-temperature insulation products in the forecast period.
The product manufacturers enter into long-term contracts with raw material suppliers to avoid the effect of volatility on raw material prices. Furthermore, the industry participants are engaged in research & development in order to launch energy-efficient solutions and implement strategies to promote the adoption of these products.