Mar 30, 2020
Inclination towards Energy Efficient Production Set to Drive Industrial Insulation Market Growth to over 5% through 2029, Finds Fact.MR
by Team Fact.MR
A huge impetus in industrial production and power generation across the globe is set to drive the demand for energy efficient industrial insulation. Availability of raw materials coupled with advancements in material sciences are helping manufacturers capture profitable revenue opportunities in the industrial insulation market. The global industrial insulation market is expected to grow more than 1.6X during the forecast period (2019-2029). Favourable developments in oil & gas exploration projects are said to add to the demand for insulated transport and shipment of new energy resources such as shale gas. Manufacturers are hence prioritizing product portfolio enhancement via research and development, strategic partnerships, and mergers & acquisitions.
Key Takeaways of Industrial Insulation Market Study
- On the back of easy availability of raw materials and subsequent relaxation in market price, stone wool insulation products will grow 1.8X through 2029.
- Pipe insulation provides much needed frost protection in low temperature regions as it facilitates transportation of temperature sensitive materials. The pipes product segment accounts for the largest market value share of over 47% with a steady growth rate throughout the projection period.
- EIP industry applications account for over 1/3rd market value share. Increasing emphasis on reducing industrial carbon footprint is boosting demand from the application segment.
- Petrochemicals and refineries will generate gainful prospects with a healthy 6% CAGR during the forecast period. Oil & gas exploration projects in a bid to satisfy the fuel demand of developing and developed economies are a central growth driver for this segment.
- North America and Europe lead global sales with a cumulative market value share of over 59% of the current market. Early adopters of efficient industrial production are set to drive the demand for industrial insulation in these regions.
- South Asia & Oceania present the most remunerative growth prospects with a dexterous 8% CAGR through 2029. Emerging economies such as Indonesia are adopting modern industrial production techniques, of which, industrial insulation is a crucial component.
“The global industrial insulation market will witness rising demand from the petro-chemical & refineries application segment. Global emphasis on efficient utilization of scarce resources is the main proponent of industrial insulation. Surging need for electricity will generate continued revenue prospects from the power generation industry.” -Says Fact.MR Analyst
Product Innovation- Key Market Imperative
Technological advancements in oil & gas and power generation processes will further the demand for enhanced insulation. Market players must invest in developing products that cater to multiplying production capacities of application industries. Increased insulation coupled with industry 4.0 technologies such as artificial intelligence (AI) and machine learning (ML) for predictive maintenance will offer tremendous scope to manufacturers. Stakeholders in the value chain will reap substantial revenue by increasing raw material production capacity.
Find More Valuable Insights on Industrial Insulation Market
Fact.MR, in its new offering, provides an in-depth analysis of the global industrial insulation market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the industrial insulation market on the basis of product type (pipe, board, blanket, and others), material (stone wool, glass wool, CMS Fibers, Calcium Silicate, Cellular Glass, Foamed Plastic, Elastomeric Foam, Perlite, Aerogel, Cellulose, Micro Silica, and others), application (power generation, petrochemicals & refineries, EIP industries, LNG/LPG, and others), and across 5 key regions (North America, Latin America, Europe, Asia Pacfic, and Middle East & Africa).
>>> To Get more insights on industrial insulation market, visit- https://www.factmr.com/report/4675/industrial-insulation-market
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. For more industrial goods domain expertise, visit here.