The Global High-Performance Insulation Market Expected to reach a high CAGR during the forecast period (2021-2028).
CLEVELAND, OHIO, UNITED STATE AMERICA, October 26, 2021 /EINPresswire.com/ —
Insulations are any material used to fill the spaces, including little gaps, crevices, and hard-to-reach places behind walls, above ceilings, and others to reduce heat flow by reflection and absorption. Apart from thermal insulation, acoustic, impact, and fire have also become a concern these days.
Moreover, adding insulation is one of the most practical means of improving energy efficiency. However, not all insulation is created equally. Henceforth, the ever-increasing requirements for higher and higher insulation levels are driving to look for innovative insulation solutions, called high-performance solutions.
High-performance insulations offer less heat loss and thus low energy costs. Moreover, high-performance insulations such as multifoil insulation provide high insulation levels without losing all the space typically lost when using traditional insulation.
The low environmental impact of high-performance insulation is driving the market
As per the United Nations report, carbon emissions from buildings operations hit their highest-ever level in 2019 and reached 9.95 GtCO2. The sector accounts for 38% of all energy-related CO2 emissions when adding building construction industry emissions.
For net zero carbon building stock by 2050, direct building CO2 emissions need to halve by 2030 to get on track which can be achieved by building renovation and performance standards for newly constructed buildings.
Efficient insulation plays an essential role in making a home more environmentally friendly. High-performance insulation helps reduce greenhouse gas emissions and makes the environment healthier. Insulation to walls and windows lowers the amount of heating, which costs more than 25% of the amount of energy needed to heat and even cool the home.
SuperFOIL, a UK-based company, manufactures Multifoil Insulation, which provides outstanding thermal performances while acting as a vapor control layer and radiant barrier at the same time. Moreover, multifoil insulation helps reduce pollution emissions, making the environment healthier.
Increasing Demand from the Oil and Gas Industry is driving the high-performance insulation market
Oil and gas flow up at the wellhead and are transported through various critical instruments such as XMT's, manifolds, spools, and flow lines. The formation of hydrates and wax starts when the oil or gas composition is depressurized and exposed to low seawater temperature at the seabed. High-performance insulation materials provide thermal insulation and help in maintaining the temperature and protecting from wax deposition. Hence, insulation is witnessing a considerable demand in the oil and gas sector, primarily owing to the increasing demand for subsea pipeline applications.
Etex Group's Promat, a company based in Belgium, manufactures ultra-thin and lightweight insulation solutions for refineries, LNG, and petrochemical plants, maximizing energy efficiency and taking advantage of even the smallest spaces. In addition, their extremely low thermal conductivity reduces heat loss to an absolute minimum and guarantees an optimal protection temperature at the cold face without the need for thick insulation linings.
By Material Type
• Vacuum Insulation Panel (VIP)
• Ceramic Fiber
• High-performance Foam
• Oil and Gas Industry
• Building and Construction
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Asia-Pacific is to dominate the market for high-performance insulation materials during the forecast period owing to the growth in the oil and gas and the construction sector in the region.
The South Korean aerospace industry has shown growth potential, with solid demand from the military sector stimulating the high-performance insulation materials market growth. In addition, the rising investments in the construction sector of emerging economies, including China and India, are expected to augment high-performance insulation materials further.
Furthermore, with the increase in demand from the oil and gas and transportation industries in India, the high-performance insulation materials market is expected to proliferate in the coming years.
The High-Performance Insulation market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include SuperFOIL, Concept Group LLC, BASF SE, Acciona, S.A., Etex Group, Aspen Aerogels Inc., Cabot Corporation, 3M Company, Aerogel Technologies LLC, Nano High-Tech Co. Ltd., Morgan Thermal Ceramics among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the High-Performance Insulation market globally.
Source: EIN Presswire