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 register a CAGR of 5.0%, in terms of value, between 2019 and 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%. The increasing demand for electricity owing to rapid urbanization, growing population, and rising requirements of power & energy in emerging economies are the major drivers for the industrial insulation market. Another factor driving the industrial insulation market is the strict regulations mandating the use of industrial insulation to conserve energy and achieve efficiency in operations. However, the fluctuations in the availability and prices of raw material, low awareness about the application of insulation, and increasing use of renewable energy sources such as Solar PV can hinder the growth of the market.
“Mineral wool segment is expected to be the fastest-growing material for industrial insulation, during the forecast period.”
Mineral wool is an inorganic insulation material formed by using molten basalt rock, glass or industrial waste. Reduced temperature fluctuations, energy conservation, and availability in pre-formed shapes are the advantages of the material. Mineral wool is used in heavy industrial applications such as power generation, chemical & petrochemical, oil & gas, and cement owing to its high-temperature sustainability. The presence of the properties mentioned above, along with easy availability, and low cost are the major drivers for the use of mineral wool in industrial insulation.
“Pipe form is expected to be the largest utilized form of industrial insulation during the forecast period.”
Pipe is the major form of insulation used in power, oil & gas and chemical & petrochemical industry, as it facilitates a smooth transfer of fluid from one section to another. Industrial insulation materials such as mineral wool, plastic foam, and calcium silicate can be formed easily into a pipe shape. Pipe form has high dimensional stability and compressive strength. Presence of these properties acts as the major driver for the use of pipe form in industrial insulation.
“Power is estimated to be the largest end-use industry of industrial insulation market during the forecast period.”
Power generation is the largest end-use industry for industrial insulation. Insulation is used to cover a variety of equipment such as steam pipes, heat storage tanks, and boilers, among others in the power generation industry. The power generation market in developed countries such as the US, and the UK, among others, are saturated since the electricity demand in these developed countries is stable. However, the need for electricity in emerging economies such as China, India, Brazil, and South Africa is growing, mainly driven by industrialization, urbanization, population growth, and rapid electrification. These factors drive the demand for industrial insulation in the power generation industry.
“APAC is projected to be the largest industrial insulation market during the forecast period.”
APAC was the most promising market for industrial insulation in 2018, and the trend is expected to continue during the forecast period. The growing population, increasing demand for petrochemical-based products, rapid industrialization, and urbanization are demanding more electricity, hence driving the APAC industrial insulation market. Shifting demographics such as aging population, growing awareness about health & fitness, and improving lifestyle standard are responsible for the high growth of the market in the food & beverages segment. In addition, rapid infrastructural development is driving the construction sector; thus, propelling the industrial insulation market in the region.
The market sizes estimated in this study were validated through primary interviews conducted with various industry experts globally. These primary sources are divided into three categories:
By Company Type: Tier I - 25%, Tier II - 50%, and Tier III - 25%
By Designation: C Level - 20%, Director Level - 30%, and Others - 50%
By Region: North America - 22%, Europe - 33%, APAC - 28%, and RoW - 17%
The report profiles several leading players of the industrial insulation market that include Owens Corning (US), Saint Gobain (France), Kingspan Group PLC (Ireland), Knauf Insulation (Belgium), Rockwool Group (Denmark), and Johns Manville (US). The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the industrial insulation market.
The objective of this study is to define, describe, and forecast the industrial insulation market based on various segmentations and strategically analyze these market segments with respect to individual growth trends, growth prospects, and contribution to the overall industrial insulation market. In this report, the industrial insulation market has been segmented based on material, form, end-use industry, and region.
KEY BENEFITS OF BUYING THE REPORT
The report is expected to help market leaders/new entrants in the industrial insulation market in the following ways:
1. This report comprehensively segments the industrial insulation market and provides the closest approximations for the sizes of different segments and subsegments of the market across different verticals and regions.
2. This report is expected to help stakeholders in obtaining an improved understanding of their competitors and gain insights about their businesses. The competitive landscape section includes detailed information about strategies such as merger & acquisition, agreement, and investment & expansion, which were undertaken by various key players to enhance their position in the industrial insulation market.
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