The upward trend in energy demand and production continues to drive the adoption of industrial insulation. The oil and refinery industry sector is the main driver of the industrial insulation market.
DUBAI, United Arab Emirates, 04 Dec. 2022 (GLOBE NEWSWIRE) — According to reports published by IMF, the global industrial insulation market is expected to have an average CAGR of 5% during the forecast period. The current market valuation is US$7.77 billion in 2022. The market value of the industrial insulation market is expected to surpass a US$12.66 billion valuation by 2032. A historic market valuation of US$7.4 billion was recorded. by Future Market Insights experts for the relevant market during the reference year.
The IMF has analyzed that increasing industrialization and urbanization has led to an increase in construction and industrial activities in many parts of the world. Insulation materials are widely used in these sectors and hence the demand for industrial insulation is expected to increase at a rapid rate.
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Since these insulators protect equipment at extremely high and low temperatures and reduce the risk of accidents, while preventing moisture condensation. These aspects are expected to support the growth of the market in the coming years. Rising consumer awareness and robust economic growth are expected to bring vast growth opportunities to the industrial insulation market.
To maintain a safe working environment, industries around the world are heavily implementing isolation systems. However, some aspects are believed to hinder the growth of the market. According to IMF analysis, installation costs for industrial insulation systems are very high and numerous regulatory approvals are required prior to installations. Environmental sustainability concerns are believed to act as a major drag on the progress of the industrial insulation market.
Key takeaways from the industrial insulation market
The industrial insulation market is estimated to register an average CAGR of 5% during the forecast period.
Stone wool segment by product type category is expected to hold considerable shares in the coming years. The segment accounted for 23% of revenue share in 2021.
The CMS Fiber segment is expected to grow at a CAGR of 3.9% during the period 2022-2032.
The North American region is expected to dominate the global industrial insulation market with the United States as the dominant country, which is expected to surpass a valuation of US$2.42 billion by the end of 2032.
“It is estimated that the rise of the petrochemical, oil and gas industries in developing economies will create lucrative growth opportunities for industrial insulation manufacturers.” – Says an IMF analyst
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Competitive landscape in the industrial insulation market
This statistical study conducted by Future Market Insights on the relevant Insulation Market encompasses the successful business strategies deployed by leading Biometrics as Security vendors. The industrial insulation market is fragmented and the major players deploy organic and inorganic growth strategies to compete in the market.
Large companies invest heavily in research and development activities to make technological advancements while manufacturing insulation systems for better services to end-use industries.
Rockwool A/S insulation, Porocco Group Oy, Knauf Insulation, TechnoNICOL Company, and Still Products, Inc. are some of the leading companies in the market.
In March 2021, Cabot Corporation launched its new ENERMAXTM 6 series of carbon nanotubes (CNTs). These nanotubes are the company’s latest additions to its portfolio of high-performance CNTs. It has a high aspect ratio, becoming the most conductive multi-walled product
Since July 2021, Rockwool Manufacturing began commercial production of rock 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 of stone wool insulation manufacturing capacity in North America.
In June 2019, Knauf Insulation, a manufacturer of industrial insulation in the United States and Europe, has successfully completed the expansion of Rock Mineral’s production plant in Western Europe. The company reposted that the new production capacity is over 110 kilotons.
On October 2018, Holy gobain, a French manufacturer of high performance building materials, has successfully acquired Kaimann, a European producer of elastomeric insulation materials. The organization thus hopes to consolidate its position on the industrial insulation market in Europe.
Some of the key players proliferating in the market are
Rockwool A/S Insulation
Poroc Group Oy
Anco Products, Inc.
Key segments of the industrial insulation market
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market Context
3.1. Market dynamics
3.2. Scenario forecast
3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in the conservative scenario
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