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Industrial Insulation Market

Industrial Insulation Market

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

Industrial Insulation Market
FACT4675MR

Industrial Insulation Industry Snapshot

The industrial insulation landscape is scheduled to experience steady growth, expanding 1.7x from 2021 to 2031 to reach US$ 12.4 Bn. As of 2021, the market is likely to reach a value of US$ 7.4 Bn. In the long-run forecast, power generation is anticipated to be the dominant application area, registering a CAGR of 5% until 2031.

Key Points Covered in Industrial Insulation Industry Survey

  • Market estimates and forecast 2016-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand share and Market Share Analysis
  • Key Product Innovations and Regulatory Conditions
  • COVID-19 Impact on Industrial Insulation Market and How to Navigate
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Industrial Insulation Revenue Analysis 2016-2020 Vs Outlook from 2021-2031

Fact.MR- a market research and competitive intelligence provider- projected that demand for industrial insulation material grew at a CAGR of over 3% from 2016 to 2020, riding on the back of increased demand for cost-effective and ecological insulation materials.

During the COVID-19 pandemic, prospects declined significantly, attributed to massive shortfalls experienced during the height of the pandemic. This was largely an end product of cessation of production activities amid imposition of stringent lockdowns.

Future market demand is expected to be influenced by the ever widening applications across such key industrial verticals as LNG/LPG transportation, commercial residential applications and power generation. From 2021 to 2031, the market for industrial insulation is anticipated to surge at a CAGR of 5.3%.

Burgeoning Industrialization Bolstering Industrial Insulation Growth Prospects?

Globally, industrial output has increased manifold over the past few years. In 2019, manufacturing value added per capita amounted to US$ 5,108 at constant 2015 prices in developed economies, according to the UN Conference on Trade & Development. Furthermore, in Asia & Oceania, this amounted to US$ 1,423.

As per UNCTAD, over the last 20 years, manufacturing value added per capita has risen by 2.5x since 1999 across Asia. Based on these trends, it is prudent to conclude that incorporating advanced production techniques have boded well for the manufacturing sector in general.

However, as environmental sustainability concerns mount, factory owners and industrialists are seeking to leverage eco-friendly production methods, prompting legislations on the approach to manufacturing. This trend has immensely broadened the scope for industrial insulation services.

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How is LNG/LPG Transportation Generating Industrial Insulation Demand?

LNG/LPG is an important raw material for both residential as well as industrial purposes. Being extremely volatile in nature, it needs to be transported safely across destinations, an aspect which has heightened popularity of industrial insulation material.

Several prominent manufacturers have capitalized on this ever broadening trend to introduce robust product lines. For instance, Rochling offers the Lignostone® cryogenic laminated densified wood which is impregnated with synthetic resin, rendering it suitable for thermal insulation of LNG systems.

Its proven applications include as tank insulation for ethylene tankers. The material is used for insulation large storage tanks with dimensions upto 165,000 m3 from the tanker structure. The material is also used as LNG fuel tanks for LNG engines.  

Region-wise Analysis

How will Implementation of Provincial Building Codes Augment Industrial Insulation Demand in North America?

North America holds a prominent share, accounting for more than 1/3rd market value. This is due to an increase in the demand for efficient industrial production. In addition, implementation of new provincial building codes for addressing commercial energy consumption concerns are expected to fuel expansion prospects.

According to the U.S Environmental Protection Agency, U.S greenhouse gas emissions totaled 6.5 million metric tons of carbon dioxide equivalents, with a decline of 1.7% from 2018. Bulk of this was generated from unwanted energy consumption across commercial buildings. Hence, owners have been investing in incorporating advanced industrial insulation material.

How are Sustainability Initiatives Driving Adoption across Asia?

Undoubtedly, Asia is one of the fastest-expanding economic region in the world. However, rapid urbanization, affluent lifestyles and increased demand for resources and services have deteriorated the environmental landscape of the region.

The United Nations Environment Program estimates that air pollution is responsible for over 6.5 million deaths annually, bulk of which (70%) occurs in Asia. Consequently, governments have unraveled various sustainability initiatives to curb these fatalities.

A significant part of these initiatives are aimed at reducing emissions from industrial as well as commercial sectors. On the basis of such trends, demand for industrial insulation products are expanding rapidly, expected to account for over 60% of the global market demand.

How Will Surging Power Requirements Fuel Industrial Insulation in Europe?

Overall, power generation is predicted to increase in the next five years as a result of rising demand from the residential and commercial sectors, as well as increased access to electricity in emerging economies. In Europe, countries like Austria, Belgium, Hungary, the Netherlands, Spain, Turkey, Sweden, and Russia saw demand rise from 2019 to 2021.

During the forecast period, the trend of rising energy demand and generation is likely to continue in both developed and emerging nations, pushing the industrial insulation industry. According to Fact.MR, Europe is projected to account for nearly 40% of global market demand.

Industrial insulation market forecast analysis by Fact.MR

An Adaptive Approach to Modern-day Research Needs

Category-wise Insights

Power Generation Industrial Insulation to Witness Major Growth?

The power generation application segment is expected to rise due to the rising demand for insulating materials in the thermal power generation industry. Strict regulatory measures to reduce greenhouse gas emissions are expected to raise demand in applications like power generation.

The growing power production and EIP industries are expected to stimulate global demand growth for Industrial Insulation over the upcoming years. As per projections by Fact.MR, the sector is anticipated to surge at a CAGR of 5% until 2031.

Why is Cellular Glass Industrial Insulation Highly Preferred?

According to Fact.MR, cellular glass industrial insulation is likely to be most preferred capturing a market share worth over 50%, amid extensive applications in cryogenic metal treatments. Cellular glass's corrosion resistance, pest and compression resistance, and incombustibility make it excellent for use as an insulating material for non-high load carrying applications.

Because of its compressive strength, cellular glass is preferred for insulating LPG, LNG, LOX, ethylene, ammonia, and liquid nitrogen tanks. Furthermore, an increase in the demand for industrial fire safety is another important determinant of increasing worldwide cellular glass industrial insulation material demand.

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

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Report Scope

Attribute

Details

Market size value in 2021

USD 7.4 Billion

Market forecast value in 2031

USD 12.4 Billion

Growth Rate

CAGR of 5.3% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & Kilo Tons for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • Italy
  • France
  • U.K
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Australia
  • New Zealand
  • GCC
  • Turkey
  • South Africa
  • Egypt

Key Market Segments Covered

  • Material
  • Product
  • Application
  • Region

Key Companies Profiled

  • Rockwool Insulation A/S
  • Paroc Group Oyj
  • Knauf Insulation
  • TechnoNICOL Corporation
  • NICHIAS Corporation
  • Anco Materials Inc.
  • Aspen Aerogels Inc.
  • Cabot Corporation
  • Morgan Advanced Materials Plc.
  • Unifrax LLC
  • RATH Group
  • Ibiden Co. Ltd
  • Armacell International Holdings GmbH
  • L'Isolante K-Flex S.p.A.
  • NMC Group
  • Kaimann GmbH International
  • Pittsburgh Corning Europe N.V
  • GLAPOR Werk Mitterteich
  • Duna-Corradini S.p.A
  • Polyguard Materials Inc.
  • Owens Corning
  • Johns Manville
  • Saint Gobain S.A
  • American Rockwool Manufacturing LLC

Pricing

Available upon Request

Key Segments Covered

  • Material

    • Stone Wool Industrial Insulation
    • Glass Wool Industrial Insulation
    • CMS Fiber Industrial Insulation
    • Calcium Silicate Industrial Insulation
    • Cellular Glass Industrial Insulation
    • Foamed Plastic Industrial Insulation
    • Elastomeric Foam Industrial Insulation
    • Perlite Industrial Insulation
    • Aerogel Industrial Insulation
    • Cellulose Industrial Insulation
    • Micro Silica Industrial Insulation
    • Other Industrial Insulation Material
  • Product

    • Industrial Insulation Pipes
    • Industrial Insulation Boards
    • Industrial Insulation  Blankets
    • Other Industrial Insulation Products
  • Application

    • Industrial Insulation for Power Generation
    • Industrial Insulation for Petrochemicals & Refineries
    • Industrial Insulation for EIP Industries
    • Industrial Insulation for LNG/LPG
    • Industrial Insulation for Other Applications

Industrial insulation Market- Scope of Report

A recent study by Fact.MR on the industrial insulation market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering industrial insulation.

The study also provides the dynamics responsible for influencing the future status of the industrial insulation market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the Industrial insulation market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of industrial insulation products across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of Industrial insulation during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative industrial insulation markets?
  • Which factors will impact the growth of Industrial insulation?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the industrial insulation industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (Kilo Tons) and value (US$ Mn).

Estimates at global and regional levels for Industrial insulation are available in terms of “US$ Mn” for value and in “Kilo Tons” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global Industrial insulation market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the Industrial insulation during the forecast.

Country-specific valuation on demand for Industrial insulation has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of Industrial insulation, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering industrial insulation has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all sthe prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the industrial insulation domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the industrial insulation industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

As of 2021, demand for industrial insulation products is expected to reach US$ 7.4 Bn

From 2016-2020, industrial insulation market demand expanded at a CAGR of 3%

According to Fact.MR, industrial insulation demand is expected to surge at 5.3% CAGR from 2021 to 2031

By 2031, industrial insulation demand will likely reach US$ 12.4 Bn as per Fact.MR

North America is expected to account for 1/3rd of global industrial insulation demand

60% of global industrial insulation demand is expected to be spurred by Asia

Europe is expected to capture a revenue share worth 40% in the global industrial insulation market

Industrial insulation for power generation will be dominant, growing at a CAGR of 5% until 2031

Cellular glass industrial insulation will account for around 50% of the global market

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.