NEWARK, Del, Aug. 07, 2024 (GLOBE NEWSWIRE) -- 
According to Future Market Insights (FMI), the worldwide industrial insulation market is projected to reach USD 8420.2 million in 2024 and USD 13731.1 million by 2034. The market is anticipated to rise at a CAGR of 5% by 2034.
The construction industry is set to fuel the industrial induction market due to rising demand for process efficiency, noise reduction, freeze protection, and environmental pollution reduction. Demand for industrial insulation is set to grow significantly through 2034, driven by the need to enhance equipment efficiency and process performance and meet stringent safety and emission standards.
Growing emphasis on energy conservation across sectors like food and beverage, petrochemicals, and power is projected to fuel growth. Furthermore, technological investment is set to propel the market further.
Insulation materials are gaining traction in heat transfer operations, and the use of cryogenic insulation equipment is increasing in various industries. The market is also influenced by investments, manufacturing expansion, consumer goods packaging, and rapid industrialization. Emerging economies are experiencing increased infrastructural spending and are set to provide profitable opportunities for leading companies from 2024 to 2034.
This growth is supported by:
• The wide array of a variety of functions provided by induction insulators like prevention of vapor flow and water condensation on cold surfaces is fueling the market growth.
• Control of surface temperatures, increase in operational efficiency, and protection of equipment in corrosive environments are some of the key factors bolstering the growth of the market.
• The growth of the building and construction industry across the globe is estimated to generate lucrative opportunities for the industrial induction market.
• The surge in product demand for boosting the efficiency of the processes, noise reduction, freeze protection, and reduction of environmental pollution is expected to drive market growth further through 2034.
• There is a growing need across application industries for improvement of equipment efficiency and process performance, stirring up the market dynamics for industrial insulation.
• A plethora of stringent safety and emission standards are expected to stimulate the demand for industrial insulation across diverse industry verticals.
Although the market is projected to have healthy growth, FMI analysts have analyzed that certain elements prevailing in the market are likely to hinder the pace of advancement for the industrial insulation market in the forthcoming years. The restraining factors identified in the market are as follows:
• The cost associated with the installation of insulating materials is relatively high as there is a need for different regulation citations, approvals, and professional personnel.
• There are certain environmental sustainability concerns associated with the industrial insulation industry, which is making industrialists and factory owners seek towards leveraging eco-friendly production methods.
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Key Takeaways from the Industrial Insulation Market Report:
- The industrial insulation market is set to reach a valuation of USD 13731.1 million by 2034.
- The market is projected to surge at a CAGR of 5% by 2034.
- China's industrial insulation market is set to rise at a CAGR of 5.6% by 2034.
- The United States is projected to surge at 2.8% CAGR in 2034.
- Based on material type, the foamed plastic segment is expected to hold a market share of 29.5% in 2024.
"New industrial insulation market entrants are leveraging technology developments to launch new products and gain a competitive advantage. They are investing in research and development to keep up with changing consumer preferences and industry demands, aiming to strengthen their presence and aid in market progression," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Rise in Power Generation Sector - A blessing to Boon?
FMI has analyzed that the industrial induction market is having great scope for expansion in the upcoming years. This growth is owing to the rise in demand from the power generation sector, where there is a surge in the need for distributing heat energy that leads to a reduction in the loss of heat.
Additionally, there is a demand for renewable energy across the globe. Industrial insulators are also estimated to offer frost protection to pipelines that are situated in low-temperature regions. Therefore, it is estimated that the industrial insulation market is likely to have significant growth through the forecast period.
Competition Outlook
Rockwool Insulation A/S, Poroc Group Oy, Knauf Insulation, TechnoNICOL Corporation, Anco Products, Inc., and Aspen Aerogels, Inc. are key industrial insulation manufacturers listed in the report. Leading manufacturers of industrial insulation are continuously improving their products to meet consumer demands.
Key companies use strategies like partnerships, product launches, and endorsements to strengthen their market position. These tactics aim to increase brand visibility, establish credibility, and gain a competitive advantage in the dynamic industrial insulation market.
Industry Updates-
- In 2024, TopBuild Corp., a prominent insulation and building material distributor in the United States and Canada, terminated its acquisition agreement with Specialty Products and Insulation.
- In 2024, Saint-Gobain acquired the business assets of International Cellulose Corporation, a privately owned manufacturer of commercial specialty insulation products.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global industrial insulation market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the industrial insulation market based on material type (stone wool, glass wool, CMS fibers, calcium silicate, cellular glass, foamed plastic, and others), product (pipe, board, blanket, and others), application (power generation, petrochemical and refineries, EIP industries, LNG/LPG, and others), and region.
Full Report Now: https://www.futuremarketinsights.com/reports/industrial-insulation-market
Key Segments of Market Report
By Material Type:
As per material type, the sector has been categorized into stone wool, glass wool, CMS fibers, calcium silicate, cellular glass, foamed plastic, and others.
By Product:
The industry has been segmented into pipe, board, blanket, and others.
By Application:
In terms of applications, the industry is divided into power generation, petrochemical and refineries, EIP industries, LNG/LPG, and others.
By Region:
Business analysis has been carried out in key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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