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Industrial Insulation Market

Industrial Insulation Market to Surge 1.7x, on the Back of Rising Applications in Power Generation: Fact.MR

Published : 06 Oct 2021 Industry: Industrial Goods

Newly released data from Fact.MR projects that the market for industrial insulation is slated to register a CAGR of 5.3%, reaching US$ 12.4 Bn in value by the end of the 2021-2031 forecast period. As of 2021, the market is poised to be valued at US$ 7.4 Bn. Increasing demand for robust yet sustainable insulation material will drive future demand.

From 2016-2020, the industry surged at over 3% CAGR. Prospects took a backseat in the first half of 2020, as the novel coronavirus pandemic spread its tentacles across the world. Imposition of strict lockdowns to prevent the infection spread halted industrial activity, affecting production cycles.

Future market demand of industrial insulation is reliant on extensive developments in the power generation and natural gas shipping sectors. According to the International Energy Agency, electricity demand across advanced economies is expected to rise by 0.8% per year until 2030, driven by the electrification of mobility and heat. Hence, powerful insulation solutions to manufacture products will be required.

Key Takeaways from the Market Study

  1. Stone wool industrial insulation products demand to surge 2x until 2031
  2. By product, pipe based industrial insulation to account for 47% market share
  3. Cellular glass likely to capture around half of the global revenue share until 2031
  4. Power generation to experience a growth rate of 5% from 2021 to 2031
  5. Petrochemicals & refineries to generate gainful prospects, surging at a CAGR of 6%
  6. North America to account for 1/3rd of the global market for industrial insulation
  7. Asia to account for 60% of the global demand for industrial insulation
  8. Europe to generate 2/5th of the global market demand for industrial insulation material

“As industrial verticals look to minimize their environmental footprint, they are seeking out robust and sustainable insulation material, prompting a flurry of product launches and innovations,” says the Fact.MR analyst.

Competitive Landscape

Prominent manufacturers are capitalizing on offering new insulation productions imbued with the latest technology. Additionally, players also emphasize on capacity expansion to facilitate adequate production of key end products

  1. 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.
  2. 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

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global industrial insulation market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.

The study indulges essential insights on the market on the basis of material (stone wool, glass wool, CMS fibers, calcium silicate, cellular glass, foamed plastic, elastomeric foam, perlite, aerogel, cellulose, micro silica and others), product (pipes, boards, blankets and others) and application (power generation, petrochemical & refineries, EIP industries, LNG/LPG and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial 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 industrial goods domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shubham Patidar

Fact.MR

Consultant - Industrial Goods and Automotive

E-mail: Shubham@factmr.com

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Industrial Insulation Market To Boost With Rising Demand For Insulating Materials In The Thermal Power Generation Industry During 2021-2031