Market Overview:
Industrial Thermal Insulation is used to obstruct the flow of heat energy from high temperature to low temperature. It is used across all process industries to decrease energy consumption and to ensure that a desired temperature is maintained in an area without need of additional heating or cooling equipment. It is used to carry out numerous functions such as process control, condensation control, noise reduction, energy conservation, and reduction of environmental pollution.
Moreover, they are used to protect equipment from corrosion and degradation and widely utilized in various end use industries such as automotive, aerospace & defense, power generation, petrochemical & refineries, and others.
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Competitive Analysis:
The major players operating in the Industrial Thermal Insulation Market are ROCKWOOL Technical Insulation (Denmark), 3M (U.S.), Paroc Group (Finland), TechnoNICOL Corporation (Russia), NICHIAS Corporation.(Japan), Pittsburgh Corning Corporation (U.S.), Evonik Industries AG (Germany), Armacell Enterprise GmbH & Co. KG (Germany), BASF SE (Germany), Cabot Corporation (U.S.) among others.
Market Segmentation:
The Global Industrial Thermal Insulation Market is segmented on the basis of material, end use, and region. On the basis of material, the market is segmented into calcium silicate, mineral fiber, foamed plastic, perlite, cellular glass, and others. Other material includes elastomeric foam, refractory fiber, and insulating cement.
Petrochemical & refineries segment is followed by power generation segment, and is expected to grow with the healthy CAGR due to high adoption rate of various industrial thermal insulation material.
Perlite segment is expected to grow with the healthy CAGR owing to its extensive use in many industrial application. On the basis of end use, the market is categorized into petrochemical & refineries, power generation, aerospace & defense, automotive, and others. Among these, petrochemical & refineries is predicted to hold the largest market share due to strong presence of these industries across the globe.
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Regional Analysis:
The Middle East and Africa is predicted to witness a steady growth owing to rising foreign investments and shifting of manufacturing base for end use industries to these region.
European countries such as Germany, U.K, and Spain are predicted to register a strong growth due to significant demand for advanced industrial thermal insulation based material in the automobile sector.
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