Industrial Insulation Market Likely To Touch At $10.79 Billion By 2027: Grand View Research Inc.

 

The global industrial insulation market size is expected to reach USD 10.79 billion by 2027, expanding at a CAGR of 5.1% over the forecast period, according to a new report published by Grand View Research, Inc. Benefits of insulation systems, such as equipment protection and increased system efficiency are anticipated to drive the demand.

Insulation protects industrial appliances from fire hazards, prevents the condensation of moisture on the equipment, and protects the equipment at extremely low or high temperatures leading to reduced accidental risks. In addition, it also helps in lowering the manufacturing and energy cost leading to an increased adoption of industrial insulation.

Fluctuations in the crude oil prices are anticipated to result in uncertainty in the prices of the raw materials derived from petrochemicals, which increases the bargaining power of the suppliers. The volatile raw material prices are anticipated to restrict the market growth in the forthcoming years. The market exhibits a degree of integration, where raw material suppliers such as Knauf Insulation and Armacell LLC are trying to integrate for manufacturing insulation materials. In addition, market players such as Rockwool Technical insulation, Paroc Group, and Knauf Gips KG have created a wide range of product portfolio to gain higher market share.

Insulation eliminates the heat transfer out of the equipment system and improves machine performance by making manufacturing processes more efficient. It offers frost protection to pipelines at low temperatures which makes it suitable for transportation equipment. Growing demand coupled with availability of the product at affordable prices is likely to boost market growth.

The U.S. market for industrial insulation is anticipated to expand at a CAGR of 3.7% from 2020 to 2027. Factors, such as the ongoing global warming initiatives and other related programs in the country coupled with the growing demand for repair and replacement of the exiting insulation systems is projected to fuel the growth in the forthcoming years.

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The market is characterized by the presence of large number of major players. Major players, such as Rockwool Technical Insulation, Paroc Group, and Knauf Gips KG hold the majority of market share, due to their vast product portfolio and wider geographical reach. Large players, such as Armacell expand their customer base by implementing acquisitions and other such business strategies. The company acquired an international firm, Polipex Industria e Comercio Ltda, which is a manufacturer of extruded polyethylene insulation products. This is projected to intensify the competition for gaining higher market share.

Further key findings from the report suggest:

• Stone wool accounted for the highest market share of 22.8% in 2020 as it is increasingly used in maintaining energy efficiency and provides fire protection with good acoustics
• The pipe insulation product segment accounted for USD 3.34 Billion in 2020 and is estimated to expand at a CAGR of 5.7% from 2020 to 2027 on account of its growing use for applications such as heat conservation, fireproofing, and soundproofing
• Power generation application segment is projected to expand at a CAGR of 5.5% from 2020 to 2027 owing to the increasing demand for insulation materials in the thermal power generation industry to minimize the energy losses
• Asia Pacific is expected to witness the highest growth over the forecast period and reach USD 3.02 billion in 2027 on account of the rising adoption of insulation materials in oil and gas and manufacturing industry
• Europe industrial insulation market accounted for USD 2.51 billion in 2020 and is estimated to expand at a CAGR of 4.7% from 2020 to 2027 owing to the presence of stringent regulatory norms pertaining to the use of industrial insulation materials

Insulation products including pipe, board, blanket, and others are used in industrial applications in order to increase the reliability and efficiency of process system. The raw materials used in product manufacturing exhibit corrosion inhibition properties, which helps to prevent corrosion of pipes and other equipment due to condensation.

Industrial insulation is available in diverse forms, among which pipe insulation is the most commonly used product. This product segment accounted for 46.16% of the market share in terms of revenue in 2020 and is anticipated to continue its dominance over the forecast period. Growing use of the product in heat conservation, fireproofing, and soundproofing is likely to further propel the growth.

Grand View Research has segmented the global industrial insulation market on the basis of raw material, product:

Industrial Insulation Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Stone Wool
• Glass Wool
• CMS Fibers
• Calcium Silicate
• Cellular Glass
• Foamed Plastic
• Elastomeric Foam
• Perlite
• Aerogel
• Cellulose
• Micro Silica
• Others

Industrial Insulation Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Pipe
• Board
• Blanket
• Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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