Pune, India, July 05, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Industrial Insulation Market Size Report, Share, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by Raw Material, Product, End User, and Geography,” The industrial insulation market was valued at US$ 7.79 billion in 2022 to US$ 10.18 billion by 2028; it is estimated to grow at a CAGR of 4.6% from 2022 to 2028.
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Industrial Insulation Market: Competition Landscape
The key players operating in the global Industrial Insulation market include Nichias Corporation, Aspen Aerogels Inc, McAllister Mills Inc, Rockwool A/S, Saint Gobain SA, Knauf Insulation, Kingspan Group, Cabot Corporation, Johns Manville, and Thomas Group. are operating in the global Industrial Insulation market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
Industrial Insulation Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 7.79 Billion in 2022 |
| Market Size Value by | USD 10.89 Billion by 2028 |
| Growth rate | CAGR of 4.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 161 |
| No. of Tables | 85 |
| No. of Charts & Figures | 83 |
| Historical data available | Yes |
| Segments covered | Raw Material, Product, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Nichias Corporation, Aspen Aerogels Inc, McAllister Mills Inc, Rockwool A/S, Saint Gobain SA, Knauf Insulation, Kingspan Group, Cabot Corporation, Johns Manville, and Thomas Group |
Insulation plays an important role in various industries such as power generation, chemical, petrochemical, cement, and food and beverage. In chemical processing, thermoforming, and pharmaceuticals, there is a need of stable temperature to keep production quality consistent and reliable. Proper insulation also helps to improve efficiency by regulating the ambient temperature in a plant or factory. Insulation materials provide resistance to heat flow and it also helps in lowering heating and cooling costs. Strict regulations for the mandatory use of insulation materials for energy saving purposes are the major factor contributing to the growth of the industrial insulation market.
Industrial Insulation Market: Segmental Overview
Based on raw material, the industrial insulation market is segmented into wool, foams, and fibers and others. In 2022, the foams segment dominated the market. Furthermore, the wool segment is expected to grow at the highest CAGR during the forecast period. In industrial insulation, wool is one of the most commonly used conventional insulation products. Mineral wool insulation, available as rock wool insulation and stone or slag wool insulation, is made from a mixture of stone and slag. Rock wool is an artificial product made using natural minerals such as diabase or basalt, while slag wool is produced from blast furnace slag. Mineral wool is widely used in many end users as it is less shrinkable at high temperatures and prevents gap formation at joints, thereby controlling thermal leaks.
The industrial insulation market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2022, Asia Pacific dominated the global industrial insulation market, and is expected to register the highest CAGR during the forecast period. Industrial insulation market in Asia Pacific driven by increasing demand for industrial insulation products from various end-use industries, including power generation, chemical & petrochemical, and food & beverage. In addition, the growing industrial activities, increasing infrastructural expenditure, and strong economic growth positively influence the market growth in the region. In Asia Pacific, the demand for energy is rising due to the rapid urbanization and industrialization. According to the recently released report by the International Energy Agency, the demand for electricity in Asia Pacific grew by 8% in 2021, from 2% in 2020. This growth in demand for electricity is led mainly by China and India, both registering a significant increase of 10% each. The aforementioned factors are expected to fuel the demand for industrial insulation products during the forecast period.
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Impact of COVID-19 Pandemic on Industrial Insulation Market
The onset of the COVID-19 pandemic resulted in the imposition of a domestic lockdown by governments of several countries globally, which led to an immediate decline in the economy, a slowdown in the global demand for trade, expansion strategies, and disruption in the supply chain. Subsequently, these factors hampered the manufacturing, delivery schedules, and sales of various goods. The shortage of manpower and a temporary drop in sales, caused due to lockdowns and government restrictions, adversely impacted the industrial insulation market. All these factors hampered the progress of the chemicals & materials industry. However, a resurgence in the demand for power generation, and cement for residential and commercial construction supported the growth of industrial insulation.
In 2022, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand-supply gap. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress. Furthermore, as travel bans were lifted in many countries in 2021, the demand for aircraft fleets surged with the increase in passenger traffic. The presence of established food and beverages manufacturers in the emerging regions is expected to boost the demand for industrial insulation in the country in the coming years.
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