Industrial Insulation Market

Industrial Insulation Market Size and Growth-(2023-2028)

Industrial Insulation Market is assumed to record a compound annual growth rate of more than 7.1% during the outlook period. The market size is predicted to reach USD 11.79 billion by 2028.

Insulation on industrial appliances can protect them from fire-related hazards, prevent the condensation of moisture, and secure the equipment at extremely low or high temperatures. It will help in lowering the manufacturing and energy cost leading to increased adoption. Volatility in the costs of crude oil is leading to uncertainty in raw materials that are obtained from petrochemicals, increasing the overall bargaining power among suppliers. The volatility in raw material prices is foreseen to impede the expansion of the target market in the following years.

Drivers in the Industrial Insulation Market:

• Strict regulations mandating the use of insulation materials for energy conservation necessitate the use of insulation materials in end-use industries such as power, chemical & petrochemical, oil & gas, cement, and food & beverages.

• To improve overall energy efficiency, insulation materials like mineral wool, calcium silicate, and so on are employed on pipes, tanks, equipment, and others.

• Calls from Industries like oil & gas, chemical & petrochemicals, cement, and food & beverages also boost the demand for industrial insulation materials.

Restraints in the Industrial Insulation Market:

• The alterations in the expenses related to the raw material of plastic foams are a significant limitation to the global industrial insulation market.

• Plastic foams like polyurethane foams, polystyrene foams, and others are crude oil-based products and, therefore fluctuations in pricing and availability of crude oil

• The availability of crude oil-based products such as polymers, elastomers, and others

• The laws and regulations to save the environment curb the usage of hydrocarbon-based products in different nations, which vary from country to country.

Opportunities in the Industrial Insulation Market

• Infrastructural development in nations like China, India, Brazil, and South Korea will encourage the adoption of industrial insulation materials.

• According to the World Bank, emerging economies need to spend around 4.5% of GDP to achieve their sustainable development goals.

• The rising call for electricity, clean water, fuel, transportation, and construction sections opens new avenues for development.

• The mounting urbanization, increasing per capita income, and burgeoning population will act as the major factors to promote spending on infrastructures in nations like China, Vietnam, India, Malaysia, and others.

Challenges in the Industrial Insulation Market

• The capital cost involved in the making of these products is very high as they need separate clearances, regulations, and skilled resources.

• Knowledge and experience are both required to achieve proper insulation in pipes, tanks, equipment, and boilers.

• Inadequate insulation can often lead to high energy losses and may cost huge annually.

• The R-value or maximum thermal performance of any insulation is dependent on proper installation. Various guide contractors on proper installation of insulation materials which enable efficient operation and longer lifespan.

INDUSTRIAL INSULATION MARKET REPORT COVERAGE:

Markey Segmentation

Industrial Insulation Market - By Application:

• Power Generation
• Petrochemical & Refineries
• EIP Industries
• LNG/LPG
• Others

The power generation application segment is predicted or assumed in 2020-3027 to expand at a Compound annual growth rate of 5.5% because of the rising call for insulation materials in coal-based power generation.

Strict government regulations to curb the emission of greenhouse gases are foreseen to drive the demand in power generation and petrochemicals. The surge in the call for proper insulation in the LNG and LPG industries is likely to improve overall demand, resulting in this segment's growth across the world.

Industrial Insulation Market - By Product:

• Pipe
• Board
• Blanket
• Others

The pipe insulation product segment recorded USD 3.34 Billion in 2019 and is foreseen to develop at a CAGR of about 6% from 2020 to 2025 because of the increasing applications like soundproofing, heat conservation, fireproofing, and others.

Pipe insulation products help the system to operate at various temperatures, deriving high growth in terms of demand from the application industries. Blanket insulation is predicted or assumed to expand at a compound annual growth rate of 5.3% in the forecast period. The major applications of the product include storage tanks, heat exchangers, cooling towers, and stack installations

Industrial Insulation Market - By Material:

• Stone Wool
• Glass Wool
• CMS Fibers
• Calcium Silicate
• Cellular Glass
• Foamed Plastic
• Elastomeric Foam
• Perlite
• Aerogel
• Cellulose
• Micro Silica
• Others

Stone wool registered a considerable share of about 23% in 2019 as it is increasingly employed in energy efficiency systems and offers fire protection with reasonable acoustics. Calcium silicate is foreseen to develop with a CAGR of about 6% from 2020 to 2025. Moreover, foamed plastic materials exhibit superior dielectric strength, making it an ideal material for industrial applications.

Industrial Insulation Market – By Region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

North America is likely to record considerable growth in the foreseen years due to the adoption of new provincial building codes to address energy consumption in commercial constructions. The surge in the call for high-quality products to curb carbon emissions is likely to promote the local market. Rising awareness across the world for the development of eco-friendly construction practices is determined to accelerate the product demand in North American nations.

The Asia Pacific is presumed to record the most substantial growth over the calculated period due to the increasing implementation of insulation materials in oil and gas and manufacturing sectors. Europe's industrial insulation market accounted for about USD 2.5 billion in 2019 and is foreseen to extend with a CAGR of about 5% from 2020 to 2025, which can be credited to the stringent regulations that support the usage of industrial insulation materials.

Key Players in the Industrial Insulation Market:

• BASF SE

• Refractory Specialties Incorporated

• Berkshire Hathaway Incorporated

• Knauf Insulation Sprl

• Pacor, Inc.

• Temati

• STI Co., Ltd

• Rockwool International A/S

• Owens Corning Corporation