Market Trends of High-Performance Insulation Materials Industry
This section covers the major market trends shaping the High Performance Insulation Materials Market according to our research experts:
Increasing Demand from the Oil and Gas Industry
- The hot oil and gas composition flows up at the wellhead and is transported through XMTs, manifolds, various critical instruments, spools, and flow lines before the riser brings the oil to the surface.
- High-performance insulation materials are witnessing a huge demand from the oil and gas sector, primarily owing to the increasing demand for subsea pipeline applications.
- Additionally, these materials offer properties, such as fire and water resistance, excellent thermal resistance, enhanced acoustic insulation, lightweight, and reduced thickness, that are required in the oil and gas sector.
- According to the Ministry of Economy, Trade, and Industry (METI), in 2021, approximately 490 thousand kiloliters of crude oil were produced in Japan, down from about 512 thousand kiloliters in the previous year.
- According to StatCan, the production of crude oil and equivalent products in the United States rose 10.8% in October 2021 to 24.4 million cubic meters, the highest crude production level since December 2019.
- The aforementioned factors are likely to result in an increase in the usage of high-performance insulation materials during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the market for high-performance insulation materials during the forecast period.
- The growth in the oil and gas and the construction sector in the region has significantly boosted the demand for such insulation panels.
- The oil and gas industry in the Asia-Pacific region is growing due to the increasing demand for energy and petrochemicals. Countries such as India, Malaysia, Indonesia, China, South Korea, and Japan are experiencing increased offshore drilling activities.
- The crude oil output of China has registered at 33.47 million tons in the first two months of 2022, which is about 4.6% up from the same period of the previous year. According to the National Bureau of Statistics China, the daily output of crude oil is nearly 576,000 tons.
- According to OICA, the production of vehicles in 2021 accounted for 78,46,955 units, a fall of 3% compared to 80,67,557 units produced in 2020. However, the demand for electric vehicles in Japan is projected to grow over the forecast period.
- In the aerospace sector, according to the India Brand Equity Foundation (IBEF), the country's aviation industry is expected to witness INR 35,000 crore (USD 4.99 billion) investment in the next four years.
- The aforementioned factors will likely increase the demand for high-performance insulation materials during the forecast period.
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