The global HTI market is projected to register a CAGR of 6.8% between 2022 and 2031 to reach $5.1 billion. The petrochemicals segment, that uses HTI, is witnessing a CAGR of 8.1% and constitutes a significant part of the overall HTI market. However, the others segment is projected to grow at a high CAGR of 12.4% by 2031.
High temperature insulation is an insulation material used in various applications in several end-user industries to prevent heat loss, energy consumption and reduce greenhouse gas emissions. Major end-user industries for HTI include petrochemicals, ceramics, glass, aluminum, cement, iron & steel, refractory, powder metallurgy, and others. Steady economic growth, rapid pace of industrialization, rising environmental concerns and reducing energy consumption to cut down manufacturing cost to stay competitive remain the key driving forces in the market.
The World Integrated Trade Solution (WITS) of the World Bank recorded the United States to be the largest exporter of chemicals in the world, amounting for an export value of about USD 345.65 billion, followed by China with USD 158.75 billion worth of exports.
Request A Free Sample to Learn More About This Report@ https://www.sdki.us/sample-request-60134
Furthermore, there is an ever-increasing demand for chemicals that are more environment-friendly, backed with the imposition of stringent government regulations to control pollution on a global level. It is calculated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2022. On the other hand, estimations also show that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. This in turn, is projected to raise the in-flow of investments by market players for the development of new technologies to manufacture products with reduced toxicity.
Region-wise, Asia-Pacific is the biggest consumer of HTI products, followed by Europe and North America respectively. However South America is leading the global market in terms of growth both in terms of value and volume. It is expected to grow at a CAGR of 11.2% and 10.9% respectively in terms of value and volume. Africa is expected to follow South America in terms of growth. Growth in Asia-Pacific is led by rapid industrialization in economies such as India and China. Due to the region’s favorable prospects, several companies are expanding in Asian countries to benefit from the low-cost structures and growing local demand for the end products. Petrochemicals represent the largest end-use market for HTI.
The report analyzes the global HTI market trends and forecasts till 2031. The market size has been provided in terms of market volume (KT) and value ($million). The report also identifies prominent players and provides analysis for each player in terms of company overview, financials, products & services offered recent developments, and company strategy.
Download PDF Sample Report For More Information@ https://www.sdki.us/sample-request-60134
The HTI industry is moving towards investment in the implementation of technologies to produce new and high-quality products. The companies involved in this market are extensively into research and new product developments.
All these factors, along with the growing end-user industries, will continue to drive the demand for HTI.
About SDKI :
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
For more information, please contact:
Shibuya Data Count
Tel: + 81 3 45720790
For More Related Reports: