According to the new market research report “Industrial Insulation Market by Form (Pipe, Blanket, Board), Material (Mineral Wool, Calcium Silicate, Plastic Foams), End-use Industry (Power, Chemical & Petrochemical, Oil & Gas, Cement, Food & Beverage), and Region – Global Forecast to 2024″, The industrial insulation market is projected to grow from USD 2.6 billion in 2019 to USD 3.3 billion by 2024, at a CAGR of 5.0%.
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The industrial insulation market size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.3 billion by 2024, growing at a CAGR of 5.0%. The increasing use of petrochemical products, the rising buying power of customers due to economic growth and rapid infrastructure development, are the major drivers for the industrial insulation market.
Based on material, the mineral wool segment accounts for the largest market share in the industrial insulation market in 2019. High-temperature sustainability, recyclability, and low cost are the major properties driving the demand for mineral wool in power generation and oil & gas sectors. Stringent rules mandating the use of industrial insulation and need to conduct efficient operations in end-use industries are expected to boost the demand for industrial insulation during the forecast period.
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The industrial insulation market is projected to grow from USD 2.6 billion in 2019 to USD 3.3 billion by 2024, at a CAGR of 5.0%. The major drivers for the industrial insulation market include increasing demand for electricity owing to urbanization, industrialization, and economic growth in emerging economies. In addition, stringent mandates on energy conservation are also driving the market for industrial insulation.
Industrial insulation is used in diversified end-user industries such as power generation, chemical & petrochemical, oil & gas, cement, and food & beverages, among others. Companies such as Owens Corning (US), Saint Gobain (France), Kingspan Group PLC (Ireland), Knauf Insulation (Belgium) and Rockwool Group (Denmark) operating in the industrial insulation market have adopted both organic and inorganic growth strategies such as merger & acquisition, investment & expansion, and new product launch to serve their customers efficiently and increase their market shares.
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Owens Corning (US) has gained a strong foothold in the industrial insulation market. The company has a strong product portfolio of industrial insulation, which finds application in the oil & gas, power, chemical processing, and marine among others. The company operates through its multiple production sites and has extensive R&D infrastructure, which helps the company attain economies of scale. It focuses on offering solutions to diversified end-use industries and development of customized customer solutions, and consistent customer service orientation to cater to consumer demand and achieve growth in the market. For example, in February 2018, Owens Corning acquired Paroc Group, a European mineral wool manufacturer. This acquisition provided the twofold benefit of geographical and technical diversification through access to new territory and increased the depth of the product portfolio. In addition, Owens Corning’s acquisition of Guangde SKD Rock Wool Manufacture Company Limited, a China-based mineral wool manufacturer lead to capacity expansion, was in Gebr in February 2019. This led to strengthening the parent company’s presence in the most emerging and promising market of APAC by serving a growing customer base. Extensive use of market consolidation strategy has reinforced its positioning in the competitive market of industrial insulation.
Saint Gobain (France) is another major player operating in the market. The company has a strong global presence and offers a wide range of industrial insulation materials in the form of pipe, boards, sheets, and others to cover a variety of equipment used in end-use industries including refineries, food & beverages, marine and among them. The company is focusing on inorganic growth strategies of merger & acquisition and joint venture for increasing its geographical footprints and strengthen product portfolio and hence, widening its presence in various regions such as Europe and Middle East & Africa and increasing its revenue. In October 2018, Saint Gobain acquired Kaimann, an elastomeric material manufacturer from Europe. This market consolidation activity assisted the company in the solidification of its position in the European industrial insulation market.
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