Insulation or thermal insulation is the process of reducing or increasing 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 especially in industrial applications are known as high performance insulation materials. Some of the key attributes of high performance insulation materials are superior heat regulation without having a support of air conditioning machine or heater, prevention from moisture damage, and an optimum in-house atmosphere. High performance insulation materials also prevent fire damage. As per claims made at the Chalmers Energy Conference 2013, high performance insulation materials can help reduce energy usage across sectors by 50% by 2050.
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 this 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. High performance insulation materials need periodic maintenance, as majority of the materials are made of aerogel and ceramic fiber.
High Performance Insulation Materials Market Taxonomy
On the basis of product type, the global market is classified into:
On the basis of end-use industry, the global market is segmented into:
On the basis of geography, the global market is classified into:
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 the 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 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 towards 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 the growth of the construction industry. Rapid growth of retail industry is also fueling market growth.
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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