Industrial Insulation Market Share, Growth & Forecast [2030]

Report Description

The global industrial insulation market size was valued at around USD 7.82 billion in 2021 and is projected to reach USD 12.10 billion by 2030, expanding at a CAGR of around 5% during the forecast period, 2022 – 2030. The growth of the market is attributed to the increasing demand for power generation and rising construction industries.

Industrial insulation refers to materials employed between two surfaces, which block the transmission of heat, moisture, electricity, sound, or shock between the two insulated surfaces. Insulations facilitate process control those aid in stabilizing temperatures and allow any chemical reactions to proceed safely. Industrial insulations conserve energy by controlling thermal energy. Insulations are used for freeze protection in cold and freezing climates. These insulations are used to control and manage industrial carbon emissions. Industrial insulations are used to protect industry workforces from burn hazards.

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The COVID-19 pandemic affected several industrial sectors negatively. For example, the global outbreak of the COVID-19 pandemic and the lockdown across the globe resulted in a massive decline in demand for oil and gas. It forced several major oil refiners to shut down their operations. It led to a drop in global production of natural gas by 3.6% in 2020. The decline in demand for the oil & gas industry affected negatively to the demand for industrial insulation

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for power and energy is expected to drive the market during the forecast period.
• Abundance of raw materials used in industrial insulation products boosts the market.
• Increasing awareness regarding the negative effects of pollution is estimated to spur the market.
• Rising awareness regarding the benefits of industrial insulation such as noise reduction, process efficiency, condensation control, and others fuel the market.
• Health and environmental hazards regarding insulation wool are anticipated to hamper the growth of the market in the coming years.
• Lack of skilled workforce and high installation cost hinders the growth of the market.
• Increasing investment in industrial infrastructure and activities offer growth opportunities to the market players.

Scope of Industrial Insulation Market Report

The report on the global industrial insulation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Industrial Insulation Market Segment Insights

Mineral wool segment holds a significant market share

On the basis of materials, the market is divided into fiber glass, mineral wool, calcium silicate, foamed plastics, and others. The mineral wool segment is estimated to account for a large market share during the forecast period, as mineral wool is moisture-resistant, heat-resistant, and made from recycled materials. These factors aid in the expansion of the segment. The calcium silicate segment is estimated to register a high demand, due to the increasing use of calcium sulfate in high-temperature piping and industrial-grade equipment.

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Pipe segment expands rapidly

In terms of products, the market is segregated into pipe, blanket, board, and others. The pipe segment is anticipated to hold a key market share during the forecast period, as pipes are widely used in several industries such as petrochemical, food & beverages, metal processing, oil & gas, power, and others. Insulated pipes aid in reducing energy loss and managing energy costs, which facilitate in the expansion of the pipe segment.

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Power generation segment holds a key market share

Based on end-user industries, the market is divided into power generation, automotive, oil & gas, construction, chemical & petrochemical, electrical & electronics, and others. The power generation segment is estimated to expand during the forecast period, as stringent regulations in countries such as India, China, Brazil, and others regarding the use of industrial insulation to conserve energy. Growing urbanization and industrialization are boosting the power generation segment.

Asia Pacific dominates the market

In terms of regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to register a high CAGR during the forecast period, owing to the growing power generation and construction industries in the region. Strong economic growth, rising infrastructural spending, increasing awareness regarding energy conservation, and growing investment in the renewable energy sector in countries such as India, Japan, China, and Indonesia are some of the key factors driving the market in Asia Pacific. The market in North America is anticipated to expand at a rapid pace in the coming years, due to rapid urbanization and industrialization in the region.

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