Industrial Insulation Industry Overview
The global industrial insulation market size was estimated at USD 7.82 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.0%.
Increasing product demand for boosting process efficiency, condensation control, noise reduction, freeze protection, and reducing environmental pollution is expected to drive market growth during the forecast period. However, the industry witnessed a severe downfall in the investments in the industrial sector, owing to the pandemic, thereby impacting the market. In addition, a dramatic fall in crude oil prices led to a drop in fiscal resources for oil-producing countries, which affected the product demand from the oil & gas sector.
Gather more insights about the market drivers, restrains and growth of the Global Industrial Insulation Market
The market in the U.S. is expected to witness increased demand for insulation for industrial applications, such as machinery, boilers, pipes, and storage tanks, and in linings of heat exchangers, cooling towers, and ventilation & air conditioning systems, among others. To better serve their customers with customized products and increase their profit margins, most manufacturers turn to independent distribution. Manufacturers also establish a strategic relationship with distributors and provide solutions to the end-users through direct or third-party distribution.
The buyers in the market are essentially medium to large-scale businesses that exhibit limited sensitivity to the price of the product and lay higher emphasis on the product quality and the degree of insulation provided by the materials. In addition, key consumer industries have also exhibited a trend of adoption of advanced products, which, in turn, is expected to drive the demand for a niche products such as aerogel and perlite.
The market exhibits high entry barriers, owing to the presence of a large number of players. In addition, the capital-intensive nature of the market ensures the requirement of a substantial amount of time, planning, and resources for entry and sustenance. Achieving economies of scale remains the top priority in the market, which may discourage new market entrants.
Major industry participants are developing novel manufacturing processes for products to enhance their properties and make them suitable for several applications. Continuous investments in the R&D process by the companies for new product development and improvement in transparent technology for thermal insulation are expected to benefit the market.
Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.
- Aerogel Market – The global aerogel market size was valued at USD 818.9 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 15.1% from 2020 to 2028. The rapid development of the aerogel for high-temperature insulation primarily in the oil & gas industry, due to low thermal conductivity is expected to drive the market over the forecast period. The market witnessed a notable impact due to the global pandemic in 2020.
- Aerospace Insulation Market – The global aerospace insulation market size was valued at USD 8.85 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2020 to 2027. High product adoption in order to follow the stringent safety regulations placed by the Federal Aviation Administration for aircraft insulation is expected to drive the market over the forecast period.
Industrial Insulation Market Segmentation
Grand View Research has segmented the global industrial insulation market report on the basis of raw material, product, application, and region:
- Industrial Insulation Material Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2027)
- Stone Wool
- Glass Wool
- CMS Fibers
- Calcium Silicate
- Cellular Glass
- Foamed Plastic
- Elastomeric Foam
- Micro Silica
- Industrial Insulation Product Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2027)
- Industrial Insulation Application Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2027)
- Power Generation
- Petrochemical & Refineries
- EIP Industries
- Industrial Insulation Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- August 2020: Owens Corning declared another product offering, FOAMULAR NGX (Next Generation Extruded). The restrictive blowing specialist in this new line of extruded polystyrene (XPS) foam products deliver a 90% decrease in global warming potential (GWP) without forfeiting item execution.
- November 2019: Johns Manville consented to an arrangement to get ITW Insulation Systems, a business claimed by Illinois Tool Works Inc.
Key Companies profiled:
Some prominent players in the global industrial insulation market include
- Rockwool Insulation A/S
- Paroc Group Oy
- Knauf Insulation
- TechnoNICOL Corporation
- NICHIAS Corporation
- Anco Products, Inc.
- Aspen aerogels, Inc.
- Cabot Corporation
- Morgan Advanced Materials plc
- Unifrax LLC
- RATH Group
- IBIDEN CO., LTD.
- Armacell International Holding GmbH
- L’ISOLANTE K-FLEX S.p.A.
- NMC Group
- Pittsburgh Corning Europe N.V.
- GLAPOR Werk Mitterteich
- Duna-Corradini S.p.A.
- Polyguard Products, Inc.
- Owens Corning
- Johns Manville
- Rockwool Manufacturing Company
- Saint Gobain S.A.
- American Rockwool Manufacturing LLC
Order a free sample PDF of the Industrial Insulation Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]