DUBLIN--(BUSINESS WIRE)--The "Global Industrial Insulation Market by Form (Pipe, Blanket, Board), Material (Mineral Wool, Calcium Silicate, Plastic Foams), End-use Industry (Power, Oil & Gas, Chemical & Petrochemical, Cement, Food & Beverage), and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global industrial insulation market is projected to reach USD 3 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 5% during the forecast period.
The demand for industrial insulation in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in industrial activities and growing electricity demand as a result of infrastructural development.
Low awareness and fluctuation in crude oil prices & availability are major restraining factors for the market. The high cost of installation and requirement of skilled workforce is a major challenge for the industrial insulation market. The demand for industrial insulation is rising, owing to the growing demand for cost-effective and sustainable insulation materials. Increased infrastructural spending in emerging economies is also providing scope for growth in the market.
The pipe segment is estimated to be the fastest growing in the overall industrial insulation market during the forecast period
The most widely used form of insulation is pipe being used in end-use industries, such as power, oil & gas, petrochemical, food & beverage, cement, and metal processing. They are covered around the pipes used in these industries to control the flow of heat energy. Pipe insulation decreases energy loss to a great extent, thereby controlling the energy prices. Thus, providing proper insulation to pipes is a necessary function in most of heavy industries, such as power, petrochemical, and oil & gas.
Mineral Wool is estimated to be the fastest growing material in the overall industrial insulation market during the forecast period
Mineral wool is an inorganic insulating material. The mineral wool used in various end-use industries contains around 75% post-industrial recycled materials and does not require additional chemicals to be fire-resistant. Mineral wool is naturally moisture-resistant and retains its insulating qualities even after getting wet during operations. Mineral wool is also effective in blocking sound, so the interior of a building has minimal sound interference.
In end-use industry segment, power segment is estimated to lead the market in 2020
In power industry, industrial insulation is used to cover boilers, furnaces, chimneys, heat storage tanks, and other equipment. It is an important part of power plant installation and operations. It helps the steam-generating boilers keep their temperatures at certain levels. Power generation facilities contain miles and miles of mechanical piping, which move materials from one place to another. These pipes require insulation to maintain temperatures along the electricity generating process. Rapid industrialization has led to economic growth, which resulted in improved quality of life, and in turn, propelled the demand for electricity in emerging economies thereby driving the market for industrial insulation.
APAC is projected to be the fastest growing industrial insulation market during the forecast period
The industrial insulation market in APAC is projected to register the highest CAGR during the forecast period. The demand in APAC is driven by the growing industrial activities, increased consumer and infrastructural spending, and strong economic growth. APAC was the most promising market in 2019, which is expected to continue during the forecast period. Rising population, increasing electrification, growth in disposable income, rapid industrialization, and increased urbanization are driving the APAC industrial insulation market. Increasing the use of oil & gas for power, growing population, and rising demand for petrochemicals are responsible for the high growth of the market in this segment.
- Increasing Power and Energy Requirements in Emerging as Well as Developed Economies
- Regulations Mandating the Use of Insulation for Energy Conservation
- Fluctuating Raw Material Prices due to Volatility in Crude Oil Prices
- Low Awareness Regarding the Usage of Insulation Products
- Increased Infrastructural Spending in Emerging Economies
- High Cost of Installation and Requirement of Skilled Workforce
- Aerofoam USA LLC
- Arabian Fiberglass Insulation Company Ltd.
- Armacell International S.A.
- Aspen Aerogels Inc.
- Beijing Hocreboard Building Materials Company Limited
- Beijing New Building Material (Group) Company Ltd.
- Cabot Corporation
- Dyplast Products
- Glassrock Insulation Company S.A.E.
- Insulcon B.V.
- Johns Manville
- Kingspan Group plc
- Knauf Insulation
- L'Isolante K-Flex S.p.A.
- Nichias Corporation
- NMC International S.A.
- Novelis Inc.
- Omya International AG
- Owens Corning
- PGF Insulation
- Promat (Etex Group)
- Rockwool Group
- Saint Gobain
- Tecresa Proteccion Pasiva, S.L.
- Union Foam S.p.A.
- Visionary Industrial Insulation
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