High-Performance Insulation Materials Market To Generate Revenue worth $11,096.8 Million by 2030
- Published: October 2022
The global high-performance insulation materials market will generate revenue of $11,096.8 million in 2030, advancing at a CAGR of 7.4% between 2021 and 2030. This is attributed to the rising awareness of greenhouse gas emissions and energy consumption reduction, as well as the growing demand for such materials from the oil & gas industry.
Building & Construction Sector To Have Highest CAGR
The building & construction category will account for the highest CAGR, of 7.8%, during the forecast period. High-performance insulation materials are used in the renovation of homes as well as the construction of new houses, due to the rising need for low thermal conductivity, density, thickness, surface emissivity, and thermal bridging in insulation materials.
The production process, the type of raw material used, and the competitiveness of the labor force all have an impact on how well high-performance insulating materials function on these aspects. In order to decrease the energy consumption of buildings, there is an increasing demand for sophisticated insulation materials. Hence, as the construction industry grows with the booming population and disposable incomes, so will the demand for materials that effectively insulate buildings against heat, sound, fire, and water.
Opportunities in the Market
- Aerogel is used to create insulating products that are safe for the environment and 1,000 times less dense than glass. High-performance insulation materials made of aerogel can withstand temperatures between –200 °C and 650 °C, without igniting, and provide 40 times more insulation than fiberglass. This is reason they are increasingly being used in the building & construction industry.
- Likewise, the need for ceramic fibers in the power industry is rising because of their usage in lightweight electrical units, electrical insulators, thermal insulators, and acoustic insulators. In this regard, the high-performance insulation materials market growth is driven by the increase in power generation around the world, aided by the setup of new power plants.
Partnerships Are Most-Effective Strategic Measures for Market Players
The players in the market have been involved in partnerships to remain competitive. For instance:
- In January 2021, BASF and Harvest signed an agreement to jointly develop prefabricated cryogenic pipes made with BASF’s polyurethane rigid foam system Elastopor Cryo.
Some of the major players are 3M Company, Morgen Advanced Materials, Aspen Aerogels Inc., Ibiden Co. Ltd., Guangdong Alison Hi-tech Co. Ltd., Nano High-Tech Co. Ltd., Cabot Corporation, Unifrax LLC, and Rockwool International A/S.