High Temperature Insulation Materials Market Worth $8.9 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, Feb. 25, 2020 /PRNewswire/ -- According to the new market research report "High Temperature Insulation Materials Market by Material Type (Ceramic Fibers, Insulating Firebricks, Calcium Silicate), End-use Industry (Petrochemical, Ceramic, Glass), Temperature Range, and Region - Global Forecast to 2024" Published by MarketsandMarkets, the high temperature insulation materials market is expected to grow from USD 6.0 billion in 2019 to USD 8.9 billion by 2024, at a CAGR of 8.2% during the forecast period.

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The major factors driving the high temperature insulation materials market include the need for energy-saving materials to lower manufacturing cost and reduce emission levels, and their high demand in different end-use industries, such as petrochemical, ceramic, glass, aluminum, iron & steel, cement, refractory, and powder metallurgy.

The ceramic fibers segment is the largest type of high temperature insulation materials

The high temperature insulation materials market has been segmented based on material type into ceramic fibers, insulating firebricks, calcium silicate, and others. Among these types, the ceramic fibers segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period. The market growth in this segment is attributed to their superior properties, which include low weight and flexibility, and their ability to reduce the emission level to a great extent due to their excellent chemical stability at high temperatures.

The 600°C-1100°C (1112°F-2012°F) segment is the largest temperature range of high temperature insulation materials

The temperature range of 600°C-1100°C (1112°F-2012°F) is estimated to be the largest segment of the market because all the insulation materials (ceramic fibers, insulating firebricks, calcium silicate, and perlite, vermiculite, and microporous materials) are used in this temperature range.