The global industrial insulation market was valued at $7.8 billion in 2021, and is projected to reach $12.7 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
Insulation refers to the process of obstructing heat and sound from entering or exiting a physical space. Insulators usually have low thermal conductivity and are available in the form of polyethylene, mineral wool, polystyrene, and others. The booming power and construction industries are one of the critical factors propelling the industrial insulation market growth.
The industrial insulation market is segmented on the basis of material, form, end-use industry, and region. The report outlines the details about industrial insulation materials, such as mineral wool, plastic foam, and others. Further, forms of industrial insulation including pipe, blanket, board, and others are also covered in the report. The use of industrial insulation in various end-use industries, including power, oil and gas, chemical and petrochemical, cement, food and beverage, and others are analyzed in the report. Moreover, it analyzes the current market trends of industrial insulation across different regions, such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. Value chain analysis for this industry, which includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
In addition, the report covers profiles of key industry participants, such as Armacell International SA, BASF SE, Cabot Corporation, Johns Manville, Kingspan Group PLC, Knauf Insulation, Nichias Corporation, NMC Group, Owens Corning, Polyguard Materials Inc., Promat, Rockwool Group, Saint Gobain, Solvay, and Thomas Insulation Corporation.
Insulation refers to the process of obstructing heat and sound from entering or exiting a physical space. Insulators usually have low thermal conductivity and are available in the form of polyethylene, mineral wool, polystyrene, and others. The booming power and construction industries are one of the critical factors propelling the industrial insulation market growth.
The industrial insulation market is segmented on the basis of material, form, end-use industry, and region. The report outlines the details about industrial insulation materials, such as mineral wool, plastic foam, and others. Further, forms of industrial insulation including pipe, blanket, board, and others are also covered in the report. The use of industrial insulation in various end-use industries, including power, oil and gas, chemical and petrochemical, cement, food and beverage, and others are analyzed in the report. Moreover, it analyzes the current market trends of industrial insulation across different regions, such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. Value chain analysis for this industry, which includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
In addition, the report covers profiles of key industry participants, such as Armacell International SA, BASF SE, Cabot Corporation, Johns Manville, Kingspan Group PLC, Knauf Insulation, Nichias Corporation, NMC Group, Owens Corning, Polyguard Materials Inc., Promat, Rockwool Group, Saint Gobain, Solvay, and Thomas Insulation Corporation.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial insulation market analysis from 2021 to 2031 to identify the prevailing industrial insulation market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the industrial insulation market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global industrial insulation market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Material
- Mineral Wool
- Plastic Foam
- Others
By Form
- Pipe
- Blanket
- Board
- Others
By End-use Industry
- Power
- Oil and Gas
- Chemical and Petrochemical
- Cement
- Food and Beverage
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Armacell International SA
- BASF SE
- Cabot Corporation
- Johns Manville
- Kingspan Group PLC
- Knauf Insulation
- Nichias Corporation
- NMC
- Owens Corning
- Polyguard materials
- Promat
- Rockwool group
- Saint Gobain
- Solvay
- Thomas Insulation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INDUSTRIAL INSULATION MARKET, BY MATERIAL
CHAPTER 5: INDUSTRIAL INSULATION MARKET, BY FORM
CHAPTER 6: INDUSTRIAL INSULATION MARKET, BY END-USE INDUSTRY
CHAPTER 7: INDUSTRIAL INSULATION MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Industrial Insulation Market," the industrial insulation market was valued at $7.8 billion in 2021, and is estimated to reach $12.7 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.Industrial insulation is a layer of resistant material, which serves as a barrier to the targeted energy. It is widely used in power generation plants, refineries, and manufacturing facilities. Industrial insulation materials are non-conducting materials, which act as a barrier to the flow of sound, heat, and moisture. It is mainly used to make the system thermal resistant and leak-proof.
The growth of the global industrial insulation industry is majorly attributable to its wide applications in various industries owing to superior handling characteristics, dimensional stability, and thermal performance properties. Industrial insulation is extensively used in applications such as power, oil and gas, chemical and petrochemical, cement, food and beverage, and others. Industrial insulation is used to improve process quality and efficiency. It enhances administrative center safety, promotes system longevity, and reduces environmental footprint. Insulation in house resists heat flow and reduces heating and cooling bills. Fiberglass pipe insulation is most suitable for high-temperature pipes, whilst foam and rubber are better suited for cold water pipe lines and may also be utilized in hot pipes. Insulation blankets, on the other hand, are designed to help petrochemical, oil and gas, and industrial facilities deal with heat-related issues. The insulation blanket spray foam is a sealant used to plug cracks, seams, and small gaps, and to reduce draughts, repel insects, and repel moisture. These are also used to fill, insulate, and seal corner joints, exterior fissures, utility panels, pipes, and duct penetrations. Cement insulation materials, on the other hand, can be employed to give optimum protection for the steel shell, eliminating costly repairs and damage from acid assaults. Industrial insulation is also used in the food and beverage industry as pumps, heat exchangers, containers, and extensive refrigerant pipework. Thus, the wide application of industrial insulation is anticipated to drive the market growth during the forecast period.
However, the environmental and health hazards associated with insulation wool is projected to hinder the expansion of the market. On the contrary, upsurge in spending and industrial activities are expected to offer ample growth opportunities for the industrial insulation market. Infrastructural development in economies, such as India, China, Brazil, and South Korea, are anticipated to augment industrial activities and grow the consumption of insulation materials during the forecast period. For instance, as per China Banking News, China had scheduled $1.07 trillion as infrastructure spending in 2020. Further, India also launched diverse infrastructure projects, including the smart city initiative, new industrial estates, urban transformation schemes, and business parks, which are predicted to stimulate industrial insulation market growth during the forecast period.
Further, growing urbanization and modernization have increased building and industrial activities in many parts of the globe. As insulation is utilized in many industries, demand for it is expected to rise rapidly. Loose-fill insulation, such as cellulose, fibreglass, and mineral (rock or slag) wool, is the most prevalent form of insulation used in buildings. Building insulation has grown in popularity, owing mostly to increase in green activities and renovation activities. Plastics is one of most prominent category of petrochemical products that have surpassed all other bulk commodities in terms of demand, including steel and aluminum. The popularity of insulated packaging, which offers fresh food at the convenience of hot or cold meals, is increasing due to the COVID-19 situation. Consequently, growth in the building & construction industry is anticipated to create ample growth opportunities for the industrial insulation market in coming years.
The industrial insulation market is segmented into material, form, end-use industry, and region. Based on material, the market is segmented into mineral wool, plastic foam, and others. On the basis of form, the market is segmented into pipe, blanket, board, and others. On the basis of end-use industry, the market is categorized into power, oil and gas, chemical and petrochemical, cement, food and beverage, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The industrial insulation market share is analyzed across all significant regions and countries.
The major players operating in the global industrial insulation market include, Armacell International SA, BASF SE, Cabot Corporation, Johns Manville, Kingspan Group PLC, Knauf Insulation, Nichias Corporation, NMC Group, Owens Corning, Polyguard Materials Inc., Promat, Rockwool Group, Saint Gobain, Solvay, and Thomas Insulation Corporation.
COVID-19 Analysis
The COVID-19 pandemic negatively impacted the demand for industrial insulation from a wide range of end-use sectors, including power, oil and gas, chemical, food & beverage, and cement. Owing to the needs for energy conservation, energy efficiency, and the reinforcement of pipelines, machinery, tanks, boilers, and other equipment, power is the greatest market for industrial insulation, favorably impacting the global industrial insulation market growth.Key Findings of the Study
- The report outlines the current industrial insulation market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
- The industrial insulation market size is provided in terms of revenue.
- The industrial insulation market analysis includes top players and regions operating in the market.
- By material, the mineral wool segment was the highest revenue contributor to the market in 2021 .
- On the basis of form, the pipe segment was the highest revenue contributor to the market in 2021.
- By end-use industry, the others and power segments are expected to witness considerable CAGRs of 6.4% and 5.8%, respectively, during the forecast period.
- Region-wise, Asia-Pacific is predicted to dominate the industrial insulation market during the forecast period. China was the highest revenue contributor in 2021 in Asia-Pacific, and is estimated to grow with a CAGR of 7.3%.
Companies Mentioned
- Armacell International Sa
- Basf Se
- Cabot Corporation
- Johns Manville
- Kingspan Group plc
- Knauf Insulation
- Nichias Corporation
- Nmc
- Owens Corning
- Polyguard Materials
- Promat
- Rockwool Group
- Saint Gobain
- Solvay
- Thomas Insulation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 346 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 7.8 billion |
| Forecasted Market Value ( USD | $ 12.7 billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
