As per the reports published by FMI, the global industrial insulation market is projected to have an average-paced CAGR of 5% during the forecast period. The current valuation of the market is US$ 7.77 Billion in 2022. The market value of the industrial insulation market is anticipated to surpass a valuation of US$ 12.66 Billion by the year 2032. A historical market valuation of US$ 7.4 Billion has been recorded by the experts of Future Market Insights for the concerned market during the base year.
FMI has analyzed that growing industrialization and urbanization have resulted in a surge of construction and industrial activities in many regions across the world. Insulation materials have high usage across these sectors and therefore the demand for industrial insulation is estimated to rise at a rapid pace.
Since these insulators guard the equipment in extremely high and low temperatures, and reduce the risk of accidents, along with preventing moisture condensation. These aspects are estimated to bolster the growth of the market in the forthcoming years. The growing consumer awareness and robust economic growth are anticipated to bring extensive growth opportunities to the industrial insulation market.
To maintain a safe work environment, industries across the globe are highly implementing insulation systems. However, certain aspects are estimated to impede the growth of the market. As per the analysis of FMI, the installation charges involved with industrial insulation systems are very high and a lot of regulatory approvals are required before installations. Environmental sustainability concerns are estimated to act as a major restraint in the progression of the industrial insulation market.
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Key Takeaways from the Industrial Insulation Market
The industrial insulation market is estimated to register an average-paced CAGR of 5% through the forecast period.
The stone wool segment by product type category is estimated to hold considerable shares in the upcoming years. The segment accounted for 23% of revenue shares in 2021.
The CMS Fiber segment is anticipated to progress at a CAGR of 3.9% during the period 2022-2032.
The North American region is expected to dominate the global industrial insulation market with the U.S. as the dominating country, which is expected to surpass a valuation of US$ 2.42 Billion by the end of 2032.
“Rise of the petrochemical, oil & gas industries across the developing economies are estimated to create lucrative growth opportunities for the industrial insulation manufacturers.” – Says an FMI Analyst
Competitive Landscape in the Industrial Insulation Market
This statistical study conducted by Future Market Insights of the concerned insulation market encompasses successful business strategies deployed by the key vendors for biometric-as-a-security. The industrial insulation market is fragmented and the key players are deploying organic and inorganic growth strategies to compete in the market.
The biggies are heavily investing in research and development activities to make technological advances while manufacturing insulation systems for better services to the end-use industries.
Recent Developments
1. In March 2021, Cabot Corporation launched its ENERMAXTM 6 carbon nanotube (CNT) new series. These nanotubes are the company’s latest addition to its portfolio of high-performance CNTs. It has a high aspect ratio, becoming the most conductive multi-walled product
2. Since July 2021, Rockwool Manufacturing has commenced commercial production of stone wool insulation products. The state-of-the-art facility manufactures ROCKWOOL's residential, commercial, and industrial stone wool insulation and is the first post-pandemic expansion in stone wool insulation manufacturing capacity in North America.
3. In June 2019, Knauf Insulation, a manufacturer of industrial insulation in the U.S. and Europe successfully completed its extension of the Rock Mineral production facility in Western Europe. The company has reposted that the new production capacity is of more than 110 kilotons.
4. On October 2018, Saint Gobain, a France-based manufacturer of high-performance construction materials, successfully acquired Kaimann, a European producer of elastomeric insulation materials. The organization thus hopes to fortify its position in the industrial insulation market in Europe.
Some of the key players proliferating in the market are
Rockwool Insulation A/S
Poroc Group Oy
Knauf Insulation
TechnoNICOL Corporation
Anco Products, Inc.
Aspen Aerogels, Inc.
Cabot Corporation
Morgan Advanced Materials plc
Unifrax LLC
RATH Group
IBIDEN Co., Ltd.
Armacell International
Key Segments in the Industrial Insulation Market
By Material:
Stone Wool
Glass Wool
CMS Fibers
Calcium Silicate
Cellular Glass
Foamed Plastic
Others
By Product:
Pipe
Board
Blanket
Others
By Application:
Power Generation
Petrochemical & Refineries
EIP Industries
LNG/LPG
Others
By Region:
North America
Latin America
Asia Pacific
MEA
Europe