High Temperature Insulation Market Size growing at 5% CAGR up to 2024
Date: 2018-10-08   Author: Rahul Varpe  Category: #industry

High Temperature Insulation Market Size growing at 5% CAGR up to 2024

High temperature insulation market, one of the most pivotal sub-spheres of polymers and advanced materials sector, is likely to witness lucrative growth prospects over the forthcoming years. The surging demand for insulating materials across abundant end-use domains such as cement, aluminum, petrochemical, ceramics, iron and steel, and glass among others has left a tremendous influence on the overall high temperature insulation industry share, which commanded a total valuation of USD 3 billion in 2016. 

Furthermore, the rising inclination toward utilizing temperature intensive applications which assist in energy conservation, heat transfer reduction, safeguarding materials from thermal impairment and need to constrain the detrimental impacts of global warming by lowering greenhouse gas emissions has, in turn, necessitated the incorporation of high temperature insulation products in these high temperature applications and systems. Apparently, as a consequence of all the aforementioned considerations, high temperature insulation market size is bound to expand at a rapid over the estimated time span.

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While elaborating further, it is quite imperative to take note of the recent research and development activities being undertaken across the globe to augment the existing product spectrum of high temperature insulation market. The persistent efforts being made by research scholars and scientists across various universities and research labs have provided a renewed vigor in accelerating the pace of product upgradation and enhancement, which has accentuated the swift expansion of high temperature insulation industry size worldwide. Following are a few instances of the vigorous initiatives pertaining to R&D in the worldwide high temperature insulation market:
In an endeavor to pinpoint a solution to store surplus renewable power generated when the requirement is low, a team of researchers from the Massachusetts Institute of Technology (MIT) rediscovered the potential of firebricks. These firebricks are said to tolerate high temperatures and preserve heat for a longer duration when insulated. In what is being described as a reinvention of an ancient technology that can be utilized in the modern-era, the researchers have dubbed their latest finding as FIRES (Firebrick Resistance-heated Energy Storage).

Reportedly, this new firebrick thermal storage system is said to be about fortieth of the cost of prevailing practice of storing electricity on a pumped hydroelectric system or in batteries. Furthermore, the researchers have been claimed that FIRES could increment the minimum price of electricity in the utility sector, which at present can depreciate to zero at times of low demand and high production. The team has set the deadline as 2020 to create large-scale firebrick storage systems to test it in real time conditions.

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If recent news reports are to be believed, the researchers at Tsinghua University in collaboration with subject experts of Brown University have developed a sponge-like material that has an extraordinary resilience to withstand a temperature of 800 degree Celsius and can rebound after straining up to 50 percent. It is being said that such the existing ceramic insulation materials are bereft of such unique properties. Furthermore, the material has demonstrated an excellent ability for high temperature insulation which makes it one of the most ideal products of high temperature insulation market.

Speaking in the similar context, the leading high temperature insulation market players, of late, have been increasingly aiming to revamp the existing product landscape by launching upgraded and advanced versions of their insulation products. Concurrently, it would be prudent to mention the instance of the leading high temperature insulation industry giant, Johns Manville Industrial Insulation Group (IIG) which has recently unveiled the first water resistant, high temperature calcium silicate insulation material in North America, named as Thermo-1200™. 

The latest product, an updated variant of its predecessor, Thermo-12 Gold, would reportedly prove to be of immense benefit to the contractors as it will provide them with more time to install the insulation. Thermo-1200™ would prevent water to soak into the insulation and shield the freshly installed insulation from rainfall or moisture. 

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Apparently, it goes without saying that such innovative products equipped with better performance and quality shall compel the other high temperature insulation industry players to release enhanced versions of their products which would, in turn, impel the high temperature insulation market size progression. As per a recent study collated by Global Market Insights, Inc., high temperature insulation market is estimated to surpass a valuation of USD 4 billion by 2024.
 



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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