Industrial Thermal Insulation Market Research Report- Forecast to 2030

Industrial Thermal Insulation Market Research Report- by Material (Calcium Silicate, Mineral Fiber, Foamed Plastic, Perlite, Cellular Glass), End Use (Petrochemical & Refineries, Power Generation, Aerospace & Defense, Automotive) and Region- Forecast Till 2030

ID: MRFR/CnM/3447-HCR | February 2023 | Region: Global | 136 Pages         

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Industrial Thermal Insulation Market

Industrial Thermal Insulation Market Estimated To Be Rigged With a Significant Growth By 2023.

Segmentation
By Material Calcium Silicate Mineral Fiber Foamed Plastic Perlite Cellular Glass
By End-use Industry Petrochemical & Refineries Power Generation Aerospace & Defense Automotive
Key Players
Companies Profiled   ROCKWOOL Technical Insulation (Denmark)   3M (U.S.)   Paroc Group (Finland)   TechnoNICOL Corporation (Russia)   NICHIAS Corporation.(Japan)   Pittsburgh Corning Corporation (U.S.)   Evonik Industries AG (Germany)   Armacell Enterprise GmbH & Co. KG (Germany)   BASF SE (Germany)   Cabot Corporation (U.S.) among others.
Drivers
Market Driving Forces   Increasing awareness    rising consumption of insulation products    growing population.
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Industrial Thermal Insulation Market Overview


 


Insulation is termed to be those materials or amalgam of materials that deflect the flow of heat energy to the environment. Industrial thermal insulation has many functionalities, such as conserving heat by lessening the heat gain or loss and controlling the temperature. It is also helpful in operating the efficiency of steam, power systems, and heating equipment used in industrial installations. Nowadays, consumers are encouraging awareness regarding energy conservation, which is why the Industrial Thermal Insulation Market is flourishing its growth in an impactful manner. Mainly temperature arrangements for industrial applications vary, and they are applied to certain degrees according to the need. They are further defined as three categories: low temperature, intermediate temperature, and high-temperature thermal insulation. Low-temperature thermal insulation is generally processed for the cold water application, intermediate temperature for hot water, and high-temperature thermal insulation is used for boilers, exhausts, stacks, etc. Industrial Thermal Insulation Market Size is subjected to grow significantly as they conquer excellent thermal resistance, durability, and conductivity, making them appropriate for various industries such as Petrochemical and refineries, power generation, automotive, Aerospace & defense, etc.


Industrial Thermal Insulation Market specifically has some major market factors and trends such as rising consumption of insulation products, growing population, and increasing awareness. Expansion of the manufacturing activity due to the growing population and private investments in oil and gas, energy, Petrochemical, and industrial sectors, the Industrial Thermal Insulation Market is likely to fuel its demand.


Currently, the government is also focusing on improving the industrial output, improvement of the special economic zones and industrial sectors, and cuts in tax and subsidies for different manufacturing groups and industries is another reason which can give enormous growth to the Industrial Thermal Insulation Market. The market growth is going to adhere to a rapid momentum of success.


Looking at the efficiency and the rising demand of the customers, the Industrial Thermal Insulation Market is valuated to escalate at a CAGR of 5.0% and will reach a value of USD 12.10 billion during the forecast period of 2030.


 


Covid-19 Analysis


The globe has almost stopped functioning due to the baleful impact of Covid-19. The pandemic stopped the working progress of every industry, and effectively the Industrial Thermal Insulation Market Growth was also affected. As the automobile industry stopped working in a full-fledged manner, the market’s growth somehow diminished. New construction activities also stopped. Thus, the insulation material was of no use. The construction procedure stopped, which is why the activities have declined tremendously related to the insulation market. The automotive industry has also not seen any significant sales during the pandemic, which just decreased the value of the Industrial Thermal Insulation Market. But as the world progresses after the post-pandemic era, the market is subjected to rapid growth. The demand for the market is again starting to broaden due to its significance in giving a beneficial strategy to the market. The sector is getting influenced by the investment of many industrialists and acing its place again in the market.


 


Chief Factors Existing In The Market


 


Key Market Drivers


Industrial Thermal Insulation Market has already acquired importance around the globe. The products can be recognized as the layer or coating of resistant material that works as a barrier to the targeted energy. The usage has been developed in the refineries, manufacturing facilities, power generation plants, and other industrial operations. The developing exploration and production facilities in many countries give the market ample opportunities to grow rapidly. Awareness among the people about the industrial procedure will give a great usage facility to the market.


 


Market Challenges


There is no doubt that the Industrial Thermal Insulation Market is growing efficiently. Still, the pace can be destructed as the environmental and health hazards caused by the insulation wool are subjected to challenge the market's growth. Other than that, the challenging factors of new inventions can also lower the process of the market’s growth.


 


Market Opportunities


Industrial Thermal Insulation Market Share can be regulated with several opportunities. Like, nowadays the power generation industries are a dominating segment in the society, and due to the stringent rules, the usage of industrial insulation is mandatory to save energy and make the operations more efficient, which is making the Industrial Thermal Insulation Market ace their growth globally. Calcium silicate is one of the major insulation materials used in the power generation industry for a better purpose.


 


Market Restraints


The usage of the insulation wool can hamper the environment and the health perspective. This can be a challenging aspect for the growth of the Industrial Thermal Insulation Market Trend.


 


Cumulative Evaluation Of The Market


As per the Industrial Thermal Insulation Market Research, the sector has noticed prioritizing growth in the past years. The opportunities and the key drivers of the Industrial Thermal Insulation Market play a major role in establishing the market’s growth in a full-fledged manner. The increasing range of investment in smart electricity grid networks offers various opportunities to the market. The market is expected to set all the trends and achieve all the succeeding demands of the customers. This is why the demand for this market will grow significantly. The market will show valuable growth at a CAGR of 5.0% during the forecast period and is estimated to grab a value of USD 12.10 billion during the forecast period of 2030.


 


Market Segmentation


The Industrial Thermal Insulation Market is broadly segmented into some categories according to their properties. Their categories have been evaluated on the basis of material, on the basis of end-use, and on the basis of region.


By Material


According to the material, the Industrial Thermal Insulation Market has been further classified into calcium silicate, mineral fiber, foamed plastic, cellular glass, perlite, and others. The materials are considered to be used according to their properties and needs.


By end-use


If we talk about the end-users, the market has been classified under Petrochemical and refineries, Aerospace and defense, and the automotive sector. The market gets driven by the usage and the value given to the respective users.


By Region


As per the region, the market has been partitioned into Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa. The market recognizes its demand and facilities in these above countries and how the value of the market is increasing in the respective regions and in other countries as well.


 


Regional Analysis 


According to the Industrial Thermal Insulation Market Analysis, the market has been scattered across many regions such as Asia Pacific, Europe, Latin America, North America, Middle East & Africa, etc. The need for the Industrial Thermal Insulation Market has been developing in many countries of the Asia Pacific, such as India, Japan, Korea, China, etc. The increasing number of consumers and the government regulations are becoming very beneficial for the market. Cheap raw materials, rapid urbanization, and labor & land are the major driving factors for the regional expansion.


North America is leading the Industrial Thermal Insulation Market, followed by the Asia Pacific and Europe. The significant growth in the North American region is valued due to the rapid increase in the demand for Aerospace & Defense. The U.S. and Canada are playing a major role in flourishing the Industrial Thermal Insulation Market Revenue as they contribute to the regional growth of the market. Europe is showing significant growth in developing the standards of the market. This market is establishing its potential due to the growing consumers, and many industries are coupled together to facilitate huge investments to reshape the chemical processing sector over the forecast period.


 


Competitive Intensity within THE Industry


The competitive factor of the Industrial Thermal Insulation Market is recognized as the rapid developments and the acing up-gradation it is approaching too. There are many valuable industrial players who drive the market with their valuable investments. The chief drivers stay active and indulge in certain productive activities to manage the market in its developing period. As per the Industrial Thermal Insulation Market Research, there are many collaborations, innovations, and the usage of modern technologies initiated to keep the flow of the respective market. Regions of the globe have been influencing many chief players to increase the value of the market and develop it to a great extent.


-ROCKWOOL Technical Insulation (Denmark)


-Paroc Group (Finland)


-Pittsburgh Corning Corporation (U.S.)


-Cabot Corporation (U.S.)


-NICHIAS Corporation (Japan)


-BASF


 


Recent Market Developments


-In November 2019, an announcement was done by Owens Corning about a new product line, FOAMULAR NGX. The blowing agent in this new line of extruded polystyrene foam products gives a reduction of 90% in global warming potential without damaging the effectiveness of the product performance.


-In November 2019, Johns Manville signed an agreement to maintain ITW Insulation System, which is a business owned by Illinois Tool Works Inc.


 


Report Overview


The overall report of the Industrial Thermal Insulation Market shows the major properties that are driving the growth of the market. The factors and the measures of the market have been briefly described in the report. The growth of the market has also been influenced by the recent developments and the chief drivers of the market from all the regions of the globe. This market is said to be put an influential mark on the developing period of its growth.


 


Key Industrial Segments


By Material


-Calcium silicate


-Mineral fiber


-Foamed plastic


-Cellular glass


-Perlite


 


By End-use


 -Petrochemical and refineries


-Aerospace and defense


-Automotive sector


 


By Region


-Asia Pacific,


- Latin America,


- Europe,


- North America


-Middle East & Africa.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030 : USD 12.10 Billion
  CAGR   5.0% (2022-2030)
  Base Year   2021
  Forecast Period   2022¬†to¬†2030
  Historical Data   2019¬†&¬†2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Material, End-Use Industry and Region
  Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   ROCKWOOL Technical Insulation (Denmark), 3M (U.S.), Paroc Group (Finland), TechnoNICOL Corporation (Russia), NICHIAS Corporation.(Japan), Pittsburgh Corning Corporation (U.S.), Evonik Industries AG (Germany), Armacell Enterprise GmbH & Co. KG (Germany), BASF SE (Germany), Cabot Corporation (U.S.) among others.
  Key Market Opportunities   Reducing heat loss or gain, facilitate temperature control of process, and improve operating efficiency of steam, power systems, and heating equipment found in industrial installations.
  Key Market Drivers   Increasing awareness, rising consumption of insulation products, growing population.


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Frequently Asked Questions (FAQ) :

The major end use segments of the industrial thermal insulation market are petrochemical and refineries and power generation.

The growing awareness about the importance of thermal insulation for safety purposes is the major driver for the global industrial thermal insulation market.

North America is the major regional market for industrial thermal insulation due to the growing petrochemical industry in countries such as the U.S.

Asia Pacific is likely to exhibit the highest CAGR in the global industrial thermal insulation market over the forecast period.

Leading players in the industrial thermal insulation market include Cabot Corporation, BASF, Pittsburgh Corning Corporation, NICHIAS Corporation, Evonik Industries AG, 3M, and Paroc Group.