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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 6.5 Billion
- Forecast CAGR (2022-2027): 3%
The global market for industrial insulation is being driven by the growing demand for insulation products in the construction sector. Insulation products such as blankets, pipes, and boards are incredibly beneficial for residential and commercial structures, as they can save energy costs and control the internal temperatures, augmenting the comfort of the occupants. The growing investments in the building and construction sector, owing to the growing population, increasing home development projects, and rising disposable incomes are some factors likely to favour the market growth of industrial insulation. In terms of region, the Asia Pacific accounts for a considerable share in the market. This can be attributed to the advancements in government policies in favour of lowering carbon emissions and preventing environmental degradation. The regional market is further expected to be aided by the rising investments in science and technology for increasing the thermal efficiency of the industries.
Industry Definition and Major Segments
Industrial insulation is defined as the process of reducing unwanted loss or gain of heat and energy in order to bolster the efficiency of the industrial operations. Industrial insulation involves the temperature maintenance and noise control.
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Based on insulation material, the market can be segmented into:
- Mineral Wool
- Fibre Glass
- Foamed Plastics
- Calcium Silicate
On the basis of product, the market can be classified into:
The significant end-uses of industrial insulation include:
- Chemical and Petrochemical
- Electrical and Electronics
- Oil and Gas
- Power Generation
The regional markets for industrial insulation include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The major trend in the global industrial insulation market includes the growing investments in the R&D activities in the insulation products to bolster their recyclability. The growing expansion of industries with high energy consumption, such as steel, non-ferrous metals, coal, electricity, petroleum and petrochemicals, and chemical engineering, among others is likely to be another major trend in the market. The market growth is further projected to be aided by the significant increase in expenditure of the power plants, aimed towards augmenting their thermal efficiency.
Key Market Players
The major players in the market are BASF SE, BNZ Materials, Inc., Cabot Corporation, Imerys S.A, and Knauf Insulation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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