Global Industrial Insulation Market Forecast to 2028 - Increased Infrastructural Spending in Emerging Economies Presents Opportunities

Dublin, Dec. 07, 2022 (GLOBE NEWSWIRE) -- The "Industrial Insulation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material, Product, and End User" report has been added to ResearchAndMarkets.com's offering.

The industrial insulation market is expected to grow from US$ 7,793.91 million in 2022 to US$ 10,189.11 million by 2028; it is expected to grow at a CAGR of 4.6% from 2022 to 2028.

Insulation material is used around processing tanks and vessels as it helps maintain constant temperatures, supporting optimal throughput. Proper insulation improves efficiency by regulating the ambient temperature in a plant or factory. The global industrial insulation market growth is mainly driven by the increasing demand from power generation sector. In various hydroelectric plants, industrial insulation is important as it aids the steam-generating boilers in maintaining temperature levels. Boilers have to withstand high temperatures and pressures in power plants.

They have the greatest impact on the efficiency of the entire power station; therefore, two to three-layer insulation is important. Asia Pacific dominates the global industrial insulation market due to the growth of the power generation sector in the region. The global industrial insulation market growth is also driven by the strict regulations mandating the use of insulation materials for energy conservation.

Further, increased infrastructural spending in emerging economies is expected to offer lucrative opportunities for the market growth during the forecast period. The demand for industrial insulation is increasing due to the rise in construction activities in different countries across the world.

However, expertise and experience are required to achieve proper insulation in pipes, tanks, machinery, and boilers. Improper insulation in industrial fittings, pipes, tanks, boilers and other equipment can lead to energy losses, and can cost hundreds to thousands of dollars each year. The cost of skilled labor for installation of insulation materials is very high. Thus, the high capital cost and lack of skilled labor for installation hinder the market growth

The global industrial insulation market, based on raw material, is segmented into wool, foams, and fibres and others. The foams segment held the largest market share in 2021. Foam insulation includes polystyrene foam, polyurethane foam, polyolefin foam, phenolic foam, and elastomeric foam. It is commonly used for various proofing and insulation applications, including thermal insulation, acoustic insulation, and weatherproofing. Spray foam, such as phenolic, polyisocyanurate, and polyurethane, which repel moisture, is a sealant designed to seal cracks, seams, and smaller gaps.

In 2021, Asia Pacific held the largest revenue share of the global industrial insulation market. The market in the region, based on country, is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Increasing demand for insulation from various end-use industries, including power generation, chemical & petrochemical, and food & beverages, drives the market growth in Asia Pacific.

The demand for power is growing in China and India. According to the recently released report by the International Energy Agency, excluding Japan, most countries in Asia Pacific are expected to witness continued electricity demand growth up till 2024. These factors are projected to fuel the demand for industrial insulation products in Asia Pacific in the coming years.

Temperature consistency and personnel protection are essential in the petrochemical plants. Various high-temperature insulation products can meet the requirements of these environments. To prevent thermal energy loss, the plants incorporate hot and cold insulation materials in furnaces, piping, columns, and tanks. In recent years, the petrochemical demand has grown considerably in the region. In Asia, there is a rising crude oil refining capacity aimed at addressing the increasing demand for consumer goods and fuels. Further, the growing chemical industry also bolsters the industrial insulation market growth in Asia Pacific.

Nichias Corporation, Aspen Aerogels Inc., McAllister Mills Inc., ROCKWOOL A/S, SAINT GOBAIN S.A., Knauf Insulation, Kingspan Group, CABOT CORPORATION, Johns Manville, and Thomas Group are among the players operating in the global industrial insulation market. Market players focus on providing high quality products to fulfil the customer demand. They are also constantly adopting various strategies, including research and development investments, new product launches, and capacity expansion.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Industrial Insulation Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 Middle East and Africa
4.2.5 South and Central America
4.3 Expert Opinion

5. Industrial Insulation Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand from Power Generation Sector
5.1.2 Strict Regulation Mandating the Use of Insulation Materials for Energy Conservation
5.2 Market Restraints
5.2.1 High Capital Cost and Lack of Skilled Labor for Installation
5.3 Market Opportunities
5.3.1 Increased Infrastructural Spending in Emerging Economies
5.4 Future Trends
5.4.1 Development of New Products with Latest Technology
5.5 Impact Analysis

6. Industrial Insulation - Global Market Analysis
6.1 Industrial Insulation Market Overview
6.2 Industrial Insulation Market -Revenue and Forecast to 2028 (US$ Million)
6.3 Competitive Positioning - Key Market Players

7. Industrial Insulation Market Analysis - By Raw Material
7.1 Overview
7.2 Industrial Insulation Market, By Raw Material (2021 and 2028)
7.3 Wool
7.3.1 Overview
7.3.2 Wool: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Foams
7.4.1 Overview
7.4.2 Foams: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Fibres and Others
7.5.1 Overview
7.5.2 Fibres and Others: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)

8. Industrial Insulation Market Analysis - By Product
8.1 Overview
8.2 Industrial Insulation Market, By Product (2021 and 2028)
8.3 Pipe
8.3.1 Overview
8.3.2 Pipe: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Board
8.4.1 Overview
8.4.2 Board: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Blanket
8.5.1 Overview
8.5.2 Blanket: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)

9. Industrial Insulation Market Analysis - By End User
9.1 Overview
9.2 Industrial Insulation Market, By End User (2021 and 2028)
9.3 Power Generation
9.3.1 Overview
9.3.2 Power Generation: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Chemical and Petrochemical
9.4.1 Overview
9.4.2 Chemical and Petrochemical: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
9.5 Cement
9.5.1 Overview
9.5.2 Cement: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
9.6 Food and Beverage
9.6.1 Overview
9.6.2 Food and Beverage: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: Industrial Insulation Market - Revenue and Forecast to 2028 (US$ Million)

10. Industrial Insulation Market - Geographic Analysis

11. Impact of COVID-19 Pandemic on Industrial Insulation Market
11.1 Overview
11.2 Impact of COVID-19 on Industrial Insulation Market
11.3 North America: Impact Assessment of COVID-19 Pandemic
11.4 Europe: Impact Assessment of COVID-19 Pandemic
11.5 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11.6 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
11.7 South and Central America: Impact Assessment of COVID-19 Pandemic

12. Industry Landscape
12.1 Overview
12.2 Strategy and Business Planning
12.3 New Product Development
12.4 Expansion
12.5 Mergers and Acquisitions

13. COMPANY PROFILES
13.1 SAINT GOBAIN S.A.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Knauf Insulation
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Kingspan Group
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 CABOT CORPORATION
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Johns Manville
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Thomas Group
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Nichias Corporation
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Aspen Aerogels Inc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 McAllister Mills Inc.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 ROCKWOOL A/S
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments

14. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/mdpc5g

Attachment

• Industrial Insulation Market