According to the Market Statsville Group (MSG), the global high-performance insulation materials market size is expected to grow from USD 10.3 billion in 2021 to USD 15.3 billion by 2030 at a CAGR of 10.8% from 2022 to 2030. High-Performance insulation materials aid in reducing heat transfer between objects in thermal contact or within the range of radiative influence. Thermal insulation can be achieved using specially designed methods or processes and appropriate object shapes and materials.
The growing use of high-performance insulation materials in the oil and gas industry and rising awareness about greenhouse emissions and energy savings are expected to drive the growth of the high-performance insulation materials market. The market for high-performance insulation materials is expanding rapidly due to increased demand for specialized products, new product development, high durability, and appropriate material thickness. Moreover, rising environmental concerns and the increasing use of extruded polystyrene and polyurethane insulation materials that are less harmful to the earth’s ozone layer are some of the other factors that will drive the growth of the high-performance insulation material market. On the other side, high set-up and maintenance costs and relatively short service life, and high flammability with CFC-containing insulated materials and foam products CFCs that are relatively harmful to the environment are expected to suppress market growth. Increased investment in infrastructure activities in Asia-Pacific is expected to open up new opportunities for the market.
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COVID–19 Impact on the High-Performance Insulation Materials Market
During COVID-19, most countries were placed on complete lockdown for a specified period, with many factories operating with very limited staffing or even closing temporarily. The level of activity was extremely low, and many project schedules were changed or postponed. Furthermore, key manufacturers and raw material suppliers extended the closure of all operations at their manufacturing facilities until further instructions from government authorities were received. Production at some of the manufacturing companies’ plants later resumed, which was a positive sign.
The study categorizes the high-performance insulation materials market based on product type, material type, and end-use industries at regional and global levels.
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Based on end-use industries, the global high-performance insulation materials market is divided into oil and gas, industrial, building and construction, transportation, power generation, and other end-user industries. High-performance insulation materials are in high demand in the oil and gas sector, owing primarily to the growing demand for subsea pipeline applications. Furthermore, these materials have properties that are required in the oil and gas industry, such as fire and water resistance, superlative thermal resistance, enhanced acoustic insulation, lightweight, and reduced thickness.
According to the Ministry of Economy, Trade, and Industry (METI), Japan produced approximately 490 thousand kiloliters of crude oil in 2021, down from approximately 512 thousand kiloliters the previous year. According to StatCan, crude oil and equivalent product production in the United States increased 10.8% – 24.4 billion cubic meters in 2021, the highest level since December 2019. During the forecast period, the aforementioned factors are likely to increase the use of high-performance insulation materials.
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By product type, the global high-performance insulation materials market is divided into aerogel, ceramic fiber, glass bubbles, polystyrene, and others. With a market share of 30% in 2020, the ceramic fiber segment dominates the product type segment. Ceramic fiber insulating materials, which include blankets, modules, boards, and papers and are widely used high-performance insulation materials, contribute to the growth of the ceramic fiber segment during the forecast period.
Asia Pacific accounts for the highest CAGR during the forecast period
Asia-Pacific is expected to dominate the high-performance insulation materials market during the forecast period. The region’s growth in the oil and gas and construction sectors has significantly increased the demand for insulation panels due to the growing oil & gas industry. The Asia-Pacific oil and gas industry is expanding owing to the rising demand for energy and petrochemicals. Offshore drilling activity is increasing in countries such as India, Malaysia, Indonesia, China, South Korea, and Japan. According to the National Bureau of Statistics, China’s crude oil output was 33.47 billion tonnes in the first two months of 2022, a 4.6 percent increase over the same period the previous year. The daily output of crude oil in China is nearly 576,000 tonnes.
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