Industrial Insulation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material (Wool, Foams, and Fibres and Others), Product (Pipe, Board, Blanket, and Others), and End User (Power Generation, Chemical and Petrochemical, Cement, Food

Industrial Insulation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material (Wool, Foams, and Fibres and Others), Product (Pipe, Board, Blanket, and Others), and End User (Power Generation, Chemical and Petrochemical, Cement, Food and Beverage, and Others)

The industrial insulation market is expected to grow from US$ 7,793.91 million in 2022 to US$ 10,189.11 million by 2028; it is expected to grow at a CAGR of 4.6% from 2022 to 2028.

Insulation material is used around processing tanks and vessels as it helps maintain constant temperatures, supporting optimal throughput. Proper insulation improves efficiency by regulating the ambient temperature in a plant or factory. The global industrial insulation market growth is mainly driven by the increasing demand from power generation sector. In various hydroelectric plants, industrial insulation is important as it aids the steam-generating boilers in maintaining temperature levels. Boilers have to withstand high temperatures and pressures in power plants. They have the greatest impact on the efficiency of the entire power station; therefore, two to three-layer insulation is important. Asia Pacific dominates the global industrial insulation market due to the growth of the power generation sector in the region. The global industrial insulation market growth is also driven by the strict regulations mandating the use of insulation materials for energy conservation. Further, increased infrastructural spending in emerging economies is expected to offer lucrative opportunities for the market growth during the forecast period. The demand for industrial insulation is increasing due to the rise in construction activities in different countries across the world. However, expertise and experience are required to achieve proper insulation in pipes, tanks, machinery, and boilers. Improper insulation in industrial fittings, pipes, tanks, boilers and other equipment can lead to energy losses, and can cost hundreds to thousands of dollars each year. The cost of skilled labor for installation of insulation materials is very high. Thus, the high capital cost and lack of skilled labor for installation hinder the market growth

The global industrial insulation market, based on raw material, is segmented into wool, foams, and fibres and others. The foams segment held the largest market share in 2021. Foam insulation includes polystyrene foam, polyurethane foam, polyolefin foam, phenolic foam, and elastomeric foam. It is commonly used for various proofing and insulation applications, including thermal insulation, acoustic insulation, and weatherproofing. Spray foam, such as phenolic, polyisocyanurate, and polyurethane, which repel moisture, is a sealant designed to seal cracks, seams, and smaller gaps.

In 2021, Asia Pacific held the largest revenue share of the global industrial insulation market. The market in the region, based on country, is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Increasing demand for insulation from various end-use industries, including power generation, chemical & petrochemical, and food & beverages, drives the market growth in Asia Pacific. The demand for power is growing in China and India. According to the recently released report by the International Energy Agency, excluding Japan, most countries in Asia Pacific are expected to witness continued electricity demand growth up till 2024. These factors are projected to fuel the demand for industrial insulation products in Asia Pacific in the coming years.

Temperature consistency and personnel protection are essential in the petrochemical plants. Various high-temperature insulation products can meet the requirements of these environments. To prevent thermal energy loss, the plants incorporate hot and cold insulation materials in furnaces, piping, columns, and tanks. In recent years, the petrochemical demand has grown considerably in the region. In Asia, there is a rising crude oil refining capacity aimed at addressing the increasing demand for consumer goods and fuels. Further, the growing chemical industry also bolsters the industrial insulation market growth in Asia Pacific.

Nichias Corporation, Aspen Aerogels Inc., McAllister Mills Inc., ROCKWOOL A/S, SAINT GOBAIN S.A., Knauf Insulation, Kingspan Group, CABOT CORPORATION, Johns Manville, and Thomas Group are among the players operating in the global industrial insulation market. Market players focus on providing high quality products to fulfil the customer demand. They are also constantly adopting various strategies, including research and development investments, new product launches, and capacity expansion.

The overall global industrial insulation market size has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the industrial insulation market.

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