An industrial insulation is a device that is used to reduce or eliminate the heat transfer out of the equipment system and it make manufacturing processes more efficient by enhancing overall machine performance. It provides a comfortable, safe, and sustainable solution to meet various industrial demands in several industrial applications such as in process pipelines, special equipment, insulating cryogenic tanks, vessels, or high-temperature boilers.
The global industrial insulation market has been seeing ample growth from the past few years. The primary driving factors behind the growth of the market includes a surge in the demand for energy and power in developing as well as developed economies, stringent government rules and regulations regarding the use of insulation for energy conservation, and ever-increasing expenditure on the industrial infrastructural in emerging economies. Likewise, factors such as growing market for global oil and gas, chemical and petrochemical, and power generation industry and surge in the adoption of various types of insulators in these industries is further expected to improve growth of the market during the forecast period.
Nevertheless, continuously varying prices of the raw material owing to the volatility in crude oil prices and lack of technically skilled workforce are major restraining factors that could hamper the growth of the market.
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The study analyses global industrial insulation market based on form, material, end-use industry, and geography.
Based on the form, pipe segment dominated the market in 2021 and is likely to maintain its dominance during the forecast period, 2019 - 2028. Piping is an important component in number of industrial processes in petrochemical or chemical installations such as power plants, as it links core components such as columns, appliances, vessels, turbines, boilers, etc. with one another and enables the flow of materials and energy. It provides several major benefits such as control of surface temperature for personnel protection, prevention of condensation and subsequent corrosion on cold surfaces and improved fire protection, which are ultimately making them more demandable in various industrial applications. This is in turn propelling the market growth.
Based on material, the market is segmented into mineral wool, calcium silicate, plastic foams and others. The mineral wool segment is further bifurcated into glass wool and stone wool. And calcium silicate segment is further segmented into polyurethane (PU), polystyrene (PS) and polypropylene (PP). The mineral wool segment is projected to witness fast growth during the forecast period. Mineral wool industrial insulation products are safe and easy to manufacture and simple to install. This is making them most demandable in the global industrial insulator market.
Based on end-use industry, power segment is anticipated to witness lucrative growth over the forecast period. Industrial insulation is a major component of the power industry. A surge in the adoption of industrial insulation in the power generation industry in applications such as heat storage tanks, furnaces, boilers, chimneys, and many other instruments is accredited to the growth of the market. In addition, factor such as growing demand and need for electricity across the globe is further helping expand the market growth.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific is likely to dominate the market over the estimated time frame. China, India and Japan are projected to witness significant growth during the forecast period. Rapid growth in the power and construction industry across the region is major driving factor behind the growth of the market. Likewise, factors such as growing investment in the renewable energy field, rising industrialization and urbanization, increasing government initiatives and the investment various industries to improve economy, and rising popularity of smart grid technology are anticipated to flourish growth of the market in the APAC region.
The major key players of market includes Aerofoam Usa Llc, Arabian Fiberglass Insulation Company Ltd, Armacell International Sa, Beijing Hocreboard Building Materials Company Limited, Beijing New Building Material (Group) Company Ltd, Cabot Corporation, Dyplast Products, Glassrock Insulation Company S.A.E., Insulcon Bv, Johns Manville, Kingspan Group Plc, Knauf Insulation, L’Isolante K-Flex S.P.A., Nichias Corporation, Nmc International Sa, Owens Corning, Pgf Insulation, Promat (Etex Group), Rockwool Group, Saint Gobain, Tecresa Proteccion Pasiva, S.L, Temati, Unifrax, Union Foam Spa, and Visionary Industrial Insulation among others.
The study analyses global Industrial Insulation market based on form, material, end-use industry, and geography. Industrial Insulation market by form is segmented into blanket, board, pipe, others. The pipe segment is likely to dominate the market over the forecast period. Increased application of piping in various industrial application is attributed to the market growth. By material, the market is segmented into mineral wool, calcium silicate, plastic foams, and others. The market finds application in end use industries such as power, oil & gas, chemical & petrochemical, cement, food & beverage, and others. The power segment is likely to register fastest growth in years to come owing to the growing market for power generation industry across the globe. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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