New York, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Rock wool and slag wool are the most common wool used to maintain core temperature and conserve energy. Glass fiber materials provide water resistance, heat and fire resistance, and soundproofing to equipment. “The global industrial insulation market size is projected to reach USD 13.20 billion by 2030, growing at a CAGR of 6.20% during the forecast period (2022–2030).”, stated by Research Manager at Straits Research P. Ltd.
Key Drivers
According to the United Nations, the global population is projected to reach 8.5 billion by 2030 and 9.7 billion by 2050, resulting in a rise in demand for electricity, oil, and gas. The demand for electricity from the residential and commercial sectors, industrial areas, and emerging economies with improved access to electricity are expected to rise. This rising energy demand and production trend are anticipated to continue in both developed and developing economies, propelling the industrial insulation market during the forecast period.
The market is expanding due to regulations requiring energy efficiency and insulation materials in end-use industries. The development of the industrial insulation market is also being fuelled by the American Society of Mechanical Engineers (ASME), the American Boiler Manufacturers Association (ABMA), and the American Society for Testing and Materials (ASTM) standards for creating, updating, and implementing equipment in the industries.
Growth Opportunities
Infrastructure development in nations such as China, India, Brazil, and South Korea is anticipated to increase industrial activities and demand for insulation materials. India has also launched many infrastructure projects, such as the smart city initiative, urban transformation schemes, new industrial estates, and business parks, which are expected to contribute to the sector's growth. Consequently, a rise in spending and industrial activity is anticipated to generate substantial growth opportunities for the industrial insulation market.
Regional Analysis
Europe is dominating the global industrial insulation market and is anticipated to dominate during the forecast period. European regulatory authorities' strict codes and laws have increased awareness of rising energy costs and the need for energy efficiency, which is expected to benefit the market.
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Key Highlights
- LPG/LNG dominates the market and accounts for the largest revenue share in the Global Industrial Insulation Market.
- Based on product, the market is segmented into stone wool, glass wool, CMS fibers, calcium silicate, cellular glass, foamed plastic, elastomeric foam, perlite, aerogel, cellulose, and micro silica. Stone wool dominates the market and generates the highest revenue share.
- Based on product, the market is divided into pipe, board, blanket, and others. The pipes segment dominates the global industrial insulation market.
- Europe is dominating the global industrial insulation market and is anticipated to dominate during the forecast period.
The global industrial insulation market’s major key players are
- Rockwool Insulation A/S
- Poroc Group Oy
- Knauf Insulation
- TechnoNICOL Corporation
- Anco Products, Inc.
- Aspen Aerogels, Inc.
- Cabot Corporation
- Morgan Advanced Materials plc
- Unifrax LLC
- RATH Group
- IBIDEN Co., Ltd.
- Armacell International
Market News
- March 2022- Parco launched PAROC Trio, a new revolutionary insulation solution for facade renovations. The PAROC® Trio renovation slab allows you to use one insulation product instead of the previously required two or three different insulation products. It consists of three layers: a layer that smooths the uneven surface to be renovated; a thick, energy-efficient thermal insulation layer; and a layer that provides excellent wind protection.
- March 2022- TECHNONICOL implemented a machine vision system at four stone wool plants. The technical vision was integrated with the production management system in the packaging areas. As a result, when a person appears in the danger zone, the neural network automatically turns off the equipment and does not allow it to be started again until the employee leaves it. This dramatically improves safety at work and prevents accidents.
Global Industrial Insulation Market: Segmentation
By Material
- Stone Wool
- Glass Wool
- CMS Fibers
- Calcium Silicate
- Cellular Glass
- Foamed Plastic
- Elastomeric Foam
- Perlite
- Aerogel
- Cellulose
- Micro Silica
By Product
- Pipe
- Board
- Blanket
By Applications
- Power Generation
- Petrochemical and Refineries
- EIP Industries
- LNG/LPG
By Regions
- North America
- Europe
- Asia-Pacific
- Central and South America
- The Middle East and Africa
About Straits Research Pvt Ltd.
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