The market for high-performance insulation materials is expected to expand at a CAGR of more than 10%, during the forecast period. The major factors driving the market are the rising awareness regarding greenhouse emissions and increasing demand for high-performance insulation materials from the end-user industries, such as oil and gas, paints and coatings, and construction, etc. On the other hand, high set-up and maintenance costs, and the relatively low service life is expected to hinder the growth of the market studied.
– The oil and gas industry dominated the market and is expected to grow during the forecast period, owing to the increasing oil and gas activities across the world.
– Increasing investments in infrastructural activities in Asia-Pacific is likely to act as an opportunity in the future.
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Key Market Trends
Increasing Demand from the Oil and Gas Industry
– The hot oil and gas composition flows up at the wellhead, and is transported through XMT’s, manifolds, various critical instruments, spools, and flow lines before the riser brings the oil to the surface.
– Insulation is necessary to avoid the formation of hydrate plugs and wax build-up (paraffin). The formation of wax and hydrates starts when the oil/gas composition is depressurized and exposed to low seawater temperature at the seabed.
– High-performance insulation materials are witnessing a huge demand from the oil and gas sector, primarily owing to the increasing demand for subsea pipeline applications.
– Additionally, these materials offer properties, such as fire and water resistance, superlative thermal resistance, enhanced acoustic insulation, lightweight, and reduced thickness, that are required in the oil and gas sector.
– The oil and gas industry in the Asia-Pacific region is growing, due to the increasing demand for energy and petrochemicals. Countries, such as India, Malaysia, Indonesia, China, South Korea, and Japan, are experiencing an increase in offshore drilling activities.
– The aforementioned factors are likely to consequently result in an increase in the usage of high-performance insulation materials, during the forecast period.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific is expected to dominate the market for high performance insulation materials during the forecast period.
– The growth in the oil and gas and the construction sector in the region have significantly boosted the demand for such insulation panels.
– Furthermore, India is one of the major markets for high-performance insulation materials. With the increase in demand from the oil and gas and transportation industries, the high-performance insulation materials market is expected to grow rapidly in the coming years.
– The South Korean aerospace industry boasts exceptional growth potential, with strong demand from the military sector, which is likely to stimulate the high-performance insulation materials market growth.
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– The rising investments in the construction sector of emerging economies, including China, India, and Indonesia, are expected to augment further growth of high-performance insulation materials.
– The aforementioned factors are likely to increase the demand for high-performance insulation materials during the forecast period.
The high-performance insulation materials market is consolidated. The major companies include BASF SE, Cabot Corporation, 3M, Armacell, and Morgan Thermal Ceramics.
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