Industrial Insulation Market Research Report – Forecast to 2030

Industrial Insulation Market: Product (Wraps/Sheets, Coatings, Adhesive & Sealants) Application (Chemical Processes, LNG, Power Generation, Heat Exchangers, Storage Tanks, Boilers, Other Hot & Cold Process Equipment) Region (North America, Europe, APAC, LA, MEA)- Forecast till 2030

ID: MRFR/CnM/4489-CR | May 2018 | Region: Global | 100 pages

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Industrial Insulation Market Overview:


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.


COVID-19 Analysis


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



Key Market Drivers

The key market drivers of the Industrial Insulation Market are driving its demand by accelerating its growth factors. The increase in energy and power requirements in developed countries is one of the major driving factors of the market. The growing population is another major driver of the market.

Market Challenges

The challenges are delaying the growth process of the Industrial Insulation Market. Challenges like high installation cost and lack of skilled workforce are the challenging factors of the market. The cost of installation of insulation materials is quite expensive due to the need for separate clearances and skilled labor. The efficiency of the insulation material and its heat resistance property depends on the method of installation. Both knowledge and experience are necessary for achieving proper insulation in tanks, equipment, pipes, and boilers. Improper insulation of fittings, tanks, boilers, and other types of machinery could result in high energy losses and may cost high charges annually. These are the major challenging factors of the market.

Market Opportunities

An increase in investment and industrial activities are providing wide opportunities for the growth of the Industrial Insulation Market. The demand among the industrial verticals to use insulation materials for less energy consumption drives the market's global value.

Market Restraints

The major restraining factor of the Industrial Insulation Market is less awareness regarding the usage of insulation products. Therefore, the lack of awareness related to the benefits of proper insulation is a major constraint for the market. The increasing use of renewables for electricity generation is another factor that is restraining the market's growth.

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.


Market Segmentation


The Industrial Insulation Market is fragmented into two different segments: product and application.



By Product

The Product types are segmented into other types such as wraps and sheets, coatings, adhesive and sealants. Wraps and sheets are further segmented into metalized polymer, modified butyl rubber, aluminum butyl wrap, polymer-modified bitumen membrane, and others. The coatings are also divided into fire-resistant, cryogenic, vapor barrier, weather barrier, abrasion-resistant, condensation control, etc. Adhesive and sealants are classified into PVC, polystyrene foam, water-based insulation, etc.

By Application

The application segment of the Industrial Insulation Market is classified into chemical processes, LNG, power generation, heat exchangers, storage tanks, boilers, and hot and cold process equipment.

 


Global Industrial Insulation Market, by Application 2016 (%)


 Industrial Insulation Market Source: MRFR Analysis


Regional 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.



  • Owens Corning (U.S)

  • Samhwa Chemicals Co., Ltd (South Korea)

  • Thomas Insulation Corporation (U.S.)

  • Temati (Netherlands), STI Co., Ltd (South Korea)


Recent Market Developments



According to the recent update, Industrial Nanotech announced that the Company partnered with a railroad tank car owner to provide thermal insulation for the tank cars they are operating. They will be the exclusive distributor for the railroad tank car industry globally. Additional details of the new partner will be disclosed in the next joint press release. The main focus will be on 9300 cars and approximately 500,000 tank cars in the US. The revenue of the Company per tank car is approximately $35,000 US.


TopBuild Corp., a leading installer and distributor of insulation and building material products to the North American construction industries, acquired Billings Insulation. This residential insulation installer is serving the Montana and Northern Wyoming markets. It has serviced a wide range of customers for over 17 years and generated $6.5 million in revenue for the twelve months ended December 31, 2021.
 

Report Overview


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


By Product 



  • Wraps/Sheets

  • Coatings

  • Adhesive and Sealants


By Application 



  • Chemical Processes

  • LNG

  • Power Generation

  • Heat Exchangers

  • Storage Tanks

  • Boilers

  • Other Hot and Cold Process Equipment



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 5,017.4 Million
  CAGR   5.30% (2022-2030)
  Base Year   2021
  Forecast Period   2021-2030
  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.


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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.