The global Industrial Insulation Market is assumed to record a compound annual growth rate of more than 5.1% during the outlook period. The market size is predicted to reach USD 9.79 billion by 2025. Insulation on industrial appliances can protect them from fire related hazards, prevents the condensation of moisture, and secures 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.
Call from Industries like oil & gas, chemical & petrochemical, 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 based n the imports and production.
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 from 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 the 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.
In November 2018, Knauf opened an innovation center under the name, Knauf Insulation Experience Centre in Slovenia. This investment aims to offer to provide customized and novel solutions to its users.
Saint Gobain confirmed the purchase of Kaimann in October 2018, which reinforced its position in the European industrial insulation business.
Rockwool invested about USD 150 million for a stone wool manufacturing facility in June 2018 at Ranson, West Virginia. This is touted to improve the manufacturing ability of Rockwool to meet the rising demand.
In April 2018, Owens Corning completed the acquisition of Guangde SKD Rock Wool Manufacture Company Limited, a China-based mineral wool manufacturer to meet the augmenting need for industrial insulation in China.
Kingspan during March 2018 funded in a production unit, namely Kooltherm, in Sweden. The strategic location of the plant is beneficial for the future growth of the firm.
Industrial Insulation Market is segmented into the following categories as per the research report until 2025.
Industrial Insulation Market - By Application
The power generation application segment is predicted or assuming in 2020-3027 to expand at a Compound annual growth rate of 5.5% because of the rising call for insulation materials in the 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
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 predicated or assuming 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 exchanger, cooling towers, and stack installations
Industrial Insulation Market - By Material
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
Central & South 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 the 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
Refractory Specialties Incorporated
Berkshire Hathaway Incorporated
Knauf Insulation Sprl
STI Co., Ltd
Rockwool International A/S
Owens Corning Corporation
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Industrial Insulation Market, By Material
6.1.1 Stone Wool
6.1.2 Glass Wool
6.1.3 CMS Fibers
6.1.4 Calcium Silicate
6.1.5 Calcium Silicate
6.1.6 Foamed Plastic
6.1.7 Elastomeric Foam
6.1.10 Micro Silica
6.1.11 Market Size Estimations & Forecasts (2019-2024)
6.1.12 Y-o-Y Growth Rate Analysis
6.1.13 Market Attractiveness Index
6.2 Industrial Insulation Market, By Application
6.2.1 Power Generation
6.2.2 Petrochemical & Refineries
6.2.3 EIP Industries
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Industrial Insulation Market, By Product
6.3.4 Market Size Estimations & Forecasts (2019-2024)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Material
7.2.3 By Application
7.2.4 By Product
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Material
7.3.3 By Application
7.3.4 By Product
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Material
7.4.3 By Application
7.4.4 By Product
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Material
7.5.3 By Application
7.5.4 By Product
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Material
7.6.3 By Application
7.6.4 By Product
8. Key Player Analysis
8.1 BASF SE
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Refractory Specialties Incorporated
8.3 Berkshire Hathaway Incorporated
8.4 Knauf Insulation Sprl
8.5 Pacor, Inc.
8.7 STI Co., Ltd
8.8 Rockwool International A/S
8.9 Owens Corning Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global, regional, and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
The segment-level analysis in terms of Product, type, application and region along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Industrial Insulation Market By Region, From 2020-2025 ( USD Billion )
Global Industrial Insulation Market By Material, From 2020-2025 ( USD Billion )
Global Stone Wool Market By Region, From 2020-2025 ( USD Billion )
Global Glass Wool Market By Region, From 2020-2025 ( USD Billion )
Global CMS Fibers Market By Region, From 2020-2025 ( USD Billion )
Global Calcium Silicate Market By Region, From 2020-2025 ( USD Billion )
Global Calcium Silicate Market By Region, From 2020-2025 ( USD Billion )
Global Foamed Plastic Market By Region, From 2020-2025 ( USD Billion )
Global Elastomeric Foam Market By Region, From 2020-2025 ( USD Billion )
Global Aerogel Market By Region, From 2020-2025 ( USD Billion )
Global Cellulose Market By Region, From 2020-2025 ( USD Billion )
Global Micro Silica Market By Region, From 2020-2025 ( USD Billion )
Global Industrial Insulation Market By Application, From 2020-2025 ( USD Billion )
Global Power Generation Market By Region, From 2020-2025 ( USD Billion )
Global Petrochemical & Refineries Market By Region, From 2020-2025 ( USD Billion )
Global EIP Industries Market By Region, From 2020-2025 ( USD Billion )
Global LNG/LPG Market By Region, From 2020-2025 ( USD Billion )
Global Industrial Insulation Market By Product, From 2020-2025 ( USD Billion )
Global Pipe Market By Region, From 2020-2025 ( USD Billion )
Global Board Market By Region, From 2020-2025 ( USD Billion )
Global Blankets Market By Region, From 2020-2025 ( USD Billion )