Rockville, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The study presents an in-depth research of various factors, including drivers, opportunities, constraints, and trends, driving the industrial insulation market. It also delves further into key observations on growth parameters common in segments such as products, applications and materials across seven regions.
The industrial insulation landscape is expected to grow steadily, surpassing US$ 12.4 Billion by the end of 2031. Sales in the market topped a valuation of US$ 7.4 Billion by 2021, as per the study. Demand in the market is anticipated to rise at a CAGR of 5.3% on the back of rising application of ecological insulation products in power generation industry.
Growing demand for industrial insulation like machinery, boilers, and storage tanks such as cooling towers, heat exchangers, and air conditioning systems is predicted to bolster the sales. To better serve clients with customized goods and increase profit margins, manufacturers are turning to independent distribution. They are also developing strategic relationships with distributors to deliver solutions to end users either directly or through third-party sales.
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As per the study, industrial insulation buyers are primarily medium to large enterprises, who are less sensitive to product price and place greater value on product quality and insulating properties of materials. In addition, application of industrial insulation products such as perlite and airgel in consumer goods industries is likely to propel the growth in the market.
Key Takeaways:
- North America is expected to dominate the market, accounting for more than 33.3% of revenue during the forecast period (2022-2032).
- Asia is expected to emerge as the most remunerative region for industrial insulation, contributing 3/5th of sales.
- Europe industrial insulation market is expected to account for 40% of the overall sales by 2031.
- China and India are expected to collectively spearhead the growth in Asia Pacific industrial insulation market over the upcoming decade.
- In terms of material, cellular glass segment is predicted to account for around 50% of revenue.
- Based on application, the power generation sector is anticipated to remain the leading segment over the assessment period.
Growth Drivers:
- Rising application of industrial insulation in power generation and EIP industries are anticipated to drive the demand.
- Sales in the market are projected to bolster due to increased thermal energy generation, resulting in widespread need for insulation to exploit efficiency.
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Competitive Landscape:
Key manufacturers are likely to profit from offering new insulation products incorporating the latest technology. These players are also focusing on expanding their production capacity to enable sufficient production of critical end products. Further, acquisitions, mergers, joint ventures, and partnerships are likely to be the key strategies for companies to gain competitive edge.
For instance,
- In 2022, Installed Building Products, Inc., a leading installer of insulation & building aid products, announced the acquisition of Orr Industries, LLC. Orr primarily installs spray foam insulation on residential and commercial projects, and also provides fire protection and waterproofing services for the commercial buildings.
- In December 2022, Dow announced the launch of V PLUS Perform, a legacy V Plus Perform polyurethane technology of insulated metal panels to reduce carbon emission. This technology offers high-performance energy efficiency and fire safety features and is also designed as per consumer specifications.
Key Companies Profiled by Fact.MR
- Rockwool Insulation A/S
- Paroc Group Oyj
- Knauf Insulation
- TechnoNICOL Corporation
- NICHIAS Corporation
- Anco Materials Inc.
- Aspen Aerogels Inc.
- Cabot Corporation
- Morgan Advanced Materials Plc.
- Unifrax LLC
- RATH Group
- Ibiden Co. Ltd
- Armacell International Holdings GmbH
- L'Isolante K-Flex S.p.A.
- NMC Group
- Kaimann GmbH International
- Pittsburgh Corning Europe N.V
- GLAPOR Werk Mitterteich
- Duna-Corradini S.p.A
- Polyguard Materials Inc.
- Owens Corning
- Johns Manville
- Saint Gobain S.A
- American Rockwool Manufacturing LLC
More Valuable Insights on Industrial Insulation Market
In its newest research, Fact.MR reveals the factors expected to boost the industrial insulation market over the estimated period (2022-2032). This study offers an in-depth study of the growth drivers and the challenges expected to increase sales in the industrial insulation market through segmentation as follows:
Material
- Stone Wool
- Glass Wool
- CMS Fiber
- Calcium Silicate
- Cellular Glass
- Foamed Plastic
- Elastomeric Foam
- Perlite
- Aerogel
- Cellulose
- Micro Silica
- Others
Product
- Pipes
- Boards
- Blankets
- Other Industrial Insulation Products
Application
- Power Generation
- Petrochemicals & Refineries
- EIP Industries
- LNG/LPG
- Other Applications
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Key Questions Covered in the Industrial Insulation Market Report
- What will be the demand outlook for the industrial insulation market during the forecast period?
- Which are the factors limiting the demand in the industrial insulation market?
- Which region will lead the growth in the industrial insulation market during 2021-2031?
- What is the projected market valuation of the industrial insulation Market in 2031?
- Which are the factors driving the industrial insulation Market during 2021-2031?
- Which product will generate maximum revenue in the industrial insulation Market?
Subsequently, key players are capitalizing on growing sustainability concerns across the globe and are leveraging eco-friendly industrial insulation services and production methods. Hence, rising demand for these products in LNG/LPG transportation and power generation sector will boost the market.
Key industries are developing new manufacturing processes to improve product properties and make them suitable for various applications. Continued investment in research and development processes by companies for developing new products and improving transparent insulation technology is anticipated to benefit the market.
For instance, Knauf insulation technical solutions announced their mission to develop ecological insulation products with natural components to reduce the carbon footprints and adhere to the stringent regulations. The company introduced formaldehyde-free binding agent ECOSE technology to reduce the energy consumption during the process and save the energy.
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