ID: MRFR/CnM/4489-CR | May 2018 | Region: Global | 100 pages
Insulation of materials is necessary to reduce heat transfer and to deal with high-temperature issues. The higher energy consumption rate plays an essential role in industrial processes as its high demands for insulating products. These factors are further driving the Industrial Insulation Market Growth.
Different industrial material transferring processes are done through pipes, vessels, boilers, storage tanks and others; these types of equipment are being insulated with insulation wraps and sheets, coatings and adhesives and sealants material which further reduces the energy consumption rate to maintain the natural temperature of the material. Energy conservation is a focal point for all industrial verticals, including power, food and beverage, and petrochemical. Insulation materials play a significant role in dealing with various heat transfer operations in industries. Proper usage of insulation materials leads to less heat loss and cost savings.
Additionally, the rise in investment of public and private sectors in industrial manufacturing is developing the scope for insulation. These investments drive the industrial sector and support the Industrial Insulation Market Revenue.
The insulation process increases the production efficacy processes by reducing energy consumption amount. The minimization of energy consumption has enhanced the consumption of industrial insulation material. This factor is driving the market's growth due to the increase in the regional government's focus on reducing the energy-consuming rate and functioning efficiently. The growth of industrialization in developing the economic reforms and technological advancements is expected to help the market gain considerable growth.
TheIndustrial Insulation Market is noticing a stable growth rate in the past years, and it is expected to grow significantly during the evaluation period. The Industrial Insulation Market Value registered a value of USD 3,056.5 million in 2016, and it is expected to reach USD 5,017.4 million by 2023. The global market is estimated to reach a CAGR of 5.30 % during the forecast period.
The pandemic period has shown a negative impact on the Industrial Insulation Industry. The market faced a downfall in the growth graph due to the impact of lockdown, which affected the industrial and manufacturing processes. The supply chain process was disrupted and resulted in a huge loss of sales. But in the future days, the market will recover from the loss due to the efforts of market players.
Chief Factors Existing In The Market
Cumulative Evaluation Of The Market
The evaluated report of the Industrial Insulation Market Analysisgives a view of the overview of the market. The growth factors and increased market demand due to the key player's developments are accelerating the market. The growth factors, such as the drivers and opportunities, are helping the market to reach its value. Other factors such as restraining and challenging factors delay its growth due to their features based on negative factors. The key players highly focus on these to ensure the market reaches its estimated value efficiently. Therefore, the Industrial Insulation Market is estimated to successfully reach its CAGR during the forecast period.
The Industrial Insulation Market is fragmented into two different segments: product and application.
Global Industrial Insulation Market, by Application 2016 (%)
Source: MRFR Analysis
According to the global geographical market, the Industrial Insulation Market covers major regions worldwide such as the North American region, Europe, Asia Pacific, Latin America, and the Middle East and African region.
North America is considered as the dominating region as it holds the largest market share, such as the industrial Insulation Market Share. The U.S. region is the predominately market region contributing to the North American market growth. The increased focus on energy-efficient products and services provides scope for industrial insulation. The construction industries and resulting construction repair and maintenance activities are driving the market in the region.
The European market is led by prominent countries like Russia, Germany, and the UK. The government of the European region has specific norms on carbon emission, which is raising awareness on the benefits of the insulation and energy-saving operations which drive the market of this region. Germany is the dominant region of Europe which holds one-third of regional market shares.
The Asia Pacific is considered the emerging dynamic market due to huge manufacturing sectors in this region. The APAC region acquires the largest market shares of Industrial Insulation Market Size. China is enhancing as the global manufacturing hub due to the presence of cheap labor force, an abundant amount of raw material, and developing industrial economies are the major driving region of the market. China is propelling the Asia Pacific's regional market to occupy the largest market revenue with the highest CAGR value.
Competitive Intensity Within The Industry
The industrial players are driving the Industrial Insulation Market with necessary developments. Their presence in regional areas is accelerating the regional market, further driving the global market. The market players are improving the insulating features to accelerate the demand among the industries.
Recent Market Developments
The Industrial Insulation Market Forecast's studied report states about the market's growth at the global level. The pandemic loss and recovery were stated in the report. The positive dynamic factors and their effects were mentioned. The market segmentation shows the segments and their sub-segments with their relevant growth. The geographical report gives a complete view of the major regions of the Industrial Insulation Market. The vital role of the key players and their developments are driving the market at the global level. The recent and future developments are boosting up the market's demand. Therefore, the market will reach a good CAGR during the review period.
Key Industrial Segments
|Market Size||2030: USD 5,017.4 Million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product type and application|
|Geographies Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.|
|Key Vendors||Owens Corning (U.S), Samhwa Chemicals Co., Ltd (South Korea), Thomas Insulation Corporation (U.S.), Temati (Netherlands), STI Co., Ltd (South Korea)|
|Key Market Opportunities||Growing industrialization as a result of economic reforms and technological advancements expected to offer higher growth gains in this market.|
|Key Market Drivers||Established industrial sector in developed economies and growing industrialization in developing economies considered as major growth driver.|
Frequently Asked Questions (FAQ) :
The industrial insulation market is predicted to grow at a 5.30% CAGR between 2020-2030.
The global industrial insulation market is predicted to touch USD 5,017.4 million by 2030.
North America is predicted to have maximum share in the industrial insulation market during the forecast period.
The major segments of the Industrial Insulation Market are product and application.
The industrial players of the Industrial Insulation Market are Owens Corning (U.S), Samhwa Chemicals Co., Ltd (South Korea), Thomas Insulation Corporation (U.S.) and Temati (Netherlands), STI Co., Ltd (South Korea).
The major constraint of the Industrial Insulation Market is a lack of awareness about the benefits of proper insulation.