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.
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.
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Attributes
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Details
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Report Title
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Industrial Insulation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022–2030
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Segmentation
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Materials (Fiber Glass, Mineral Wool, Calcium Silicate, Foamed Plastics, and Others), Products (Pipe, Blanket, Board, and Others), and End-user Industries (Power Generation, Automotive, Oil & Gas, Construction, Chemical & Petrochemical, Electrical & Electronics, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ROCKWOOL A/S; Owens Corning; Grindwell Norton Ltd.; Knauf Insulation; Solvay S.A.; BASF SE; Compagnie de Saint-Gobain S.A.; Kingspan Group PLC; Armacell; NICHIAS Corporation; Insulcon BV; Thomas Insulation Corporation; Samhwa Chemical Co., Ltd.; STI Co., Ltd.; Etex Group; and Others
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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.
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.
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.
Segments
The global industrial insulation market has been segmented on the basis of
Materials
- Fiber Glass
- Mineral Wool
- Calcium Silicate
- Foamed Plastics
- Others
Products
- Pipe
- Blanket
- Board
- Others
End-user Industries
- Power Generation
- Automotive
- Oil & Gas
- Construction
- Chemical & Petrochemical
- Electrical & Electronics
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- ROCKWOOL A/S
- Owens Corning
- Grindwell Norton Ltd.
- Knauf Insulation
- Solvay S.A.
- BASF SE
- Compagnie de Saint-Gobain S.A.
- Kingspan Group PLC
- Armacell
- NICHIAS Corporation
- Insulcon BV
- Thomas Insulation Corporation
- Samhwa Chemical Co., Ltd.
- STI Co., Ltd.
- Etex Group
- Others
Competitive Landscape
The global industrial insulation market is consolidated with the presence of key players such as ROCKWOOL A/S; Owens Corning; Grindwell Norton Ltd.; Knauf Insulation; Solvay S.A.; BASF SE; Compagnie de Saint-Gobain S.A.; Kingspan Group PLC; Armacell; NICHIAS Corporation; Insulcon BV; Thomas Insulation Corporation; Samhwa Chemical Co., Ltd.; STI Co., Ltd.; Etex Group; and others. These key players use business strategies such as mergers, collaborations, acquisitions, partnerships, and product launches to dominate the market.
For example, in August 2020, Owens Corning, a US-based manufacturer of insulation, fiberglass, and roofing, announced a new product line, FOAMULAR NGX (Next Generation Extruded), which is produced with an exclusive blowing agent that meets stringent regulatory standards without sacrificing the quality of products. In June 2022, Grindwell Norton Ltd., an India-based manufacturer of industrial abrasives, acquired PRS Permacel Pvt., Ltd., a manufacturer of industrial insulation, which facilitates the integration of the Composite Systems business unit of Grindwell Norton.
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