Grand View Research, Inc: Global High Temperature Insulation Market Expected to Reach USD 5.14 billion by 2020
San Francisco, January 28, 2014 - The global market for high temperature insulation is expected to reach USD 5.14 billion by 2020, according to a new study by Grand View Research, Inc. Growing need to conserve energy across various industries and sector is expected to be one of the driving factors for the market. In addition, stringent regulations imposed on cement, oil & gas and metal producers to reduce green house gases emission has also helped in developing the market for high temperature insulation. However, health risks associated with the carcinogenic content in high temperature insulation materials has been a key issue for industry participants. In order to reduce reliance on synthetic insulation materials, industry has shifted its focus towards developing bio-based alternatives for high temperature materials. Petrochemicals emerged as the leading application market for high temperature insulation products and accounted for over 30% of the market revenue in 2012. Growing demand for various primary and secondary petrochemicals coupled with need to conserve energy has propelled the growth of high Grand View Research, Inc: Global High Temperature Insulation Market Expected to Reach USD 5.14 billion by 2020
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