Industrial Insulation Market – Global Industry Analysis and Forecast (2023-2029)

Industrial Insulation Market was valued nearly US$ 2.59 Bn. in 2022. Industrial Insulation Market size is estimated to grow at a CAGR of 4.99% & is expected to reach at US$ 3.64 Bn. by 2029.

The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.To know about the Research Methodology:-Request Free Sample Report
Industrial Insulation Market Overview:
The major driver driving growth is expected to be rising product demand for improving equipment efficiency & process performance across application sectors. Insulation reduces heat transfer from entering the equipment system and increases machine performance by speeding up the manufacturing process. It protects pipelines against frost at low temperatures, making it acceptable for transportation equipment. Market expansion is expected to be aided by rising demand and the availability of the product at reasonable pricing.

From 2023 to 2029, the industrial insulation market in the U.S is expected to grow at a CAGR of 3.7 %. During the forecast period, factors like the country's ongoing climate change measures & other associated projects, as well as the increased demand for maintenance & replacement of existing insulation systems, are expected to fuel growth. Crude oil derivatives are the most common raw materials used in product creation. The change in crude oil prices is expected to be a major stumbling block to the market's expansion. Furthermore, political unrest in key crude oil producing economies such as Qatar, Libya, & Iraq is expected to depress crude oil prices further.

Thermal insulation provides industrial equipment an energy-efficient and cost-effective design, eliminating the need for a heating system & lowering operating expenses. Manufacturers offer materials which extend the life of products & increase their performance, which is expected to boost market growth throughout the forecast period. Raw materials are obtained directly from vendors or through third-party distribution organizations by manufacturers. To avoid the effects of raw material price volatility, some manufacturers negotiate long-term agreements with raw material suppliers. They also form strategic partnerships with distributors in order to give ideal solutions via direct or third-party distribution.
Industrial Insulation Market Segment Analysis:
Based on Product, Pipe, board, blanket, and some other insulation products are used in industrial applications to improve the reliability and efficiency of process systems. Corrosion-inhibiting qualities are present in raw materials in use in product manufacturing, which aid in the prevention of condensation-related corrosion of pipes and other equipment. Industrial insulation comes in a variety of shapes and sizes, with pipe insulation being the most popular. In terms of revenue, this product sector held for 46.16 % of the market in the year 2022 & is expected to maintain its dominance over the forecast period. The rising usage of the product in heat conservation, fireproofing, & soundproofing is expected to drive the market forward.

Pipe insulation reduces noise & vibration along the pipeline, providing acoustic protection. These devices can help mechanical systems operate within the intended parameters & reduce pollution emissions. Pipe insulation materials also help the system work at a variety of temperatures, from cryogenic to refractory, resulting in strong demand from the application sectors. In terms of revenue, blanket insulation is expected to grow at a CAGR of 5.3 % over the forecast period. In industrial applications, the product has outstanding handling properties, thermal performance, & dimensional stability. Storage tanks, heat exchangers, cooling towers, and stack installations are among the product's most common uses.

Based on Application, Government rules focused at reducing greenhouse gas emissions are expected to enhance demand in areas like electricity generation and petrochemicals. Moreover, many benefits such as energy saving are expected to boost the segment's growth throughout the forecast period. The EIP industrial application sector had a market value of USD 2.20 Bn in the year 2022 & is expected to increase significantly over the next few years. Growth will continue to be fueled by the expansion of the manufacturing industry, as well as the implementation of severe regulatory rules around the world.

The global demand for natural & petroleum gas has led to the construction of a vast storage & transportation infrastructure. Because of the high risk involved in the shipping and storage of the aforementioned products, industry players use them on a wide scale, which is expected to drive category expansion in the near future. Increased demand for proper transportation pipe insulation in the LNG and LPG industries is expected to lead to increased product demand & segment growth. Over the projected period, the market for LNG and LPG is expected to rise at a steady pace across the major economies, which is expected to feed demand for industrial insulation.
Industrial Insulation Market Regional Insights:
In the year 2022, Europe accounted for USD 2.5 Bn, with exponential increase projected during the projection period. Strict insulation standards enacted by European governments have raised awareness of rising energy costs & the need for energy efficiency. Rapid expansion of the oil & gas industry is anticipated to fuel product demand in the power generation and oil and gas industries in the region due to technological advancements in the extraction process, availability of feedstock, developed infrastructure, a strong base of supporting services, & its close proximity to major markets.

The implementation of new provincial building rules in numerous provinces addressing energy usage in commercial buildings is expected to drive significant development in North America over the forecast period. The regional market is likely to be driven by an increase in supply for high-quality products in order to reduce carbon emissions. The development is expected to be aided by an increase in the number of recovery construction projects in the U.S, notably in the commercial categories. Because of its capacity to cut energy consumption, rising awareness of environmentally friendly construction practices in the country is likely to drive product demand even higher.

The objective of the report is to present a comprehensive analysis of the Industrial Insulation Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Industrial Insulation Market dynamics, structure by analyzing the Market segments and project the Industrial Insulation Market size. Clear representation of competitive analysis of key players by Product, price, financial position, Product portfolio, growth strategies, and regional presence in the Industrial Insulation Market make the report investor’s guide.
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Global Industrial Insulation Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 2.59 Bn.


Forecast Period 2023 to 2029 CAGR:
4.99%
Market Size in 2029:
US $ 3.64 Bn.


 Segments Covered:
by Product
1. Wraps/Sheets
2. Coatings
3. Adhesive & Sealants


by Application
1. Chemical Processes
2. LNG
3. Power Generation
4. Heat Exchangers
5. Storage Tanks
6. Boilers
7. Hot & Cold Process Equipment
8. Others


by Insulation Material
1. Mineral Wool
2. Fiber Glass
3. Foamed Plastics
4. Calcium Silicate
5. Other Insulation Materials



Industrial Insulation Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Industrial Insulation Market, Key Players are
1. Asahi Kasei Corporation
2. Kingspan Group Plc
3. Johns Manville
4. Covestro AG
5. The Dow Chemicals Company
6. Armacell
7. Insulcon Group
8. Isolatek International
9. Knauf Insulation Sprl (Knauf Group)
10. Pacor, Inc.
11. Refractory Specialties Incorporated
12. Rockwool International A/S
13. BASF SE
14. Owens Corning
15. Saint-Gobain S.A.

Frequently Asked Questions:

1. Which region has the largest share in Global Industrial Insulation Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Global Industrial Insulation Market?
Ans: The Global Industrial Insulation Market is growing at a CAGR of 4.99% during forecasting period 2023-2029.

3. What is scope of the Global Industrial Insulation market report?
Ans: Global Industrial Insulation Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Industrial Insulation market?
Ans: The important key players in the Global Industrial Insulation Market are – Asahi Kasei Corporation, Kingspan Group Plc, Johns Manville, Covestro AG, The Dow Chemicals

5. What is the study period of this market?
Ans: The Global Industrial Insulation Market is studied from 2022 to 2029.