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Industrial Insulation Market

Industrial Insulation Market Analysis by Material (Stone Wool, Glass Wool, CMS Fiber, Calcium Silicate), by Product (Pipes, Boards, Blankets), by Application (Power Generation, Petrochemicals & Refineries, EIP Industries, LNG/LPG), by Region - Global Insights 2021-2031

Analysis of Industrial Insulation market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Industrial Insulation Market Outlook

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.

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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%.

Industrial Insulation Market

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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

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

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

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Industrial Insulation Market

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- 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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