As per MRFR Analysis, the Global Industrial Thermal Insulation Market was valued at USD 2.58 Billion in 2022 and is projected to reach USD 3.74 Billion by 2030, growing at a CAGR of 4.77% from 2023 to 2030. The market is driven by the need for energy conservation and efficiency across various industries, including petrochemicals, power generation, and manufacturing. The Asia Pacific region leads in demand and revenue, supported by significant industrial growth and government initiatives promoting sustainable operations. Key materials include Calcium Silicate, which is favored for high-temperature applications, while the Petrochemical & Refineries sector holds the largest market share among end-users.
The Industrial Thermal Insulation Market is witnessing several key trends driving its growth.
Key companies include Rockwool Insulation, Poroc Group, Knauf Insulation, TechnoNICOL Corporation, and Anco Products Inc.
an increase in demand for enhancing equipment efficiency is expected to drive the growth of the market. Industrial thermal insulation is an important aspect of energy conservation and efficiency in many industries, including oil and gas, power generation, chemical, and manufacturing. By reducing heat transfer from hot surfaces, insulation helps to conserve energy and improve efficiency in industrial processes. Moreover, the growing emphasis on sustainable and energy-efficient operations in various industries is driving the demand for industrial thermal insulation. Governments and regulatory bodies around the world are implementing stringent regulations to reduce energy consumption and greenhouse gas emissions in industries. This is further expected to increase the adoption of industrial thermal insulation as a means of achieving these goals. Additionally, the increasing demand for industrial thermal insulation in emerging economies, such as China, India, and Brazil, due to the growing industrialization and infrastructure development activities is also expected to drive market growth. Overall, the need for enhanced equipment efficiency and energy conservation, coupled with the market.
In 2023, PENOPLEX, a plant for the production of ecologically friendly thermal insulation materials, opened in the Hajigabul industrial sector in the village of Atbulak, Republic of Azerbaijan. The production line will produce around 300,000 cubic meters of extruded polystyrene foam per year.
ALP Aeroflex (I) Pvt Ltd, a subsidiary of the Rs 2000 Cr ALP Group, today announced the launch of 'Aerocell Rail', a brand of superior, fire rating approved thermal insulation ideal for modern rail and metro train coaches. Currently, high-end insulating materials are imported. This novel insulation material is rubber-based, has outstanding thermal qualities, and emits no hazardous smoke.
The market segmentation, based on Material, includes Calcium Silicate, Mineral Fiber, Foamed Plastic, Perlite, and Cellular Glass. The Calcium Silicate segment may dominate the market. As it is preferred as a replacement for asbestos for high-temperature insulation due to its superior infrared radiation barrier. Common uses for calcium silicate include industrial-grade machinery and pipes for high temperatures.
Based on End-user, the market segmentation includes Petrochemicals & Refineries, Power Generation, Aerospace & Defense, Automotive, and Others. The Petrochemical & Refineries application is holding the largest market share. The petrochemical and refineries industry involves the production of chemicals, fuels, and other materials from crude oil and natural gas. This industry is characterized by high-temperature operations and requires insulation solutions that can withstand extreme temperatures, prevent heat loss, and enhance energy efficiency.
Figure 2: Industrial Thermal Insulation Market, by Material, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. the Asia Pacific region dominates the Market in terms of both demand and revenue. The Asia Pacific region comprises countries such as China, Japan, India, South Korea, and Australia, among others. The region is witnessing significant industrial growth, driven by increasing investments in the manufacturing sector, rising infrastructure development, and favorable government initiatives. Moreover, the region has a large industrial base, including the petrochemical and refineries, power generation, and chemical industries, which are the primary end-users of industrial thermal insulation. The increasing demand for energy-efficient and sustainable operations in these industries is driving the growth of the market in the region.
Figure 3: INDUSTRIAL THERMAL INSULATION MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Industrial Thermal Insulation industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Industrial Thermal Insulation industry to benefit customers and expand the market sector. Major market players, including Rockwool Insulation, Poroc Group, Knauf Insulation, TechnoNICOL Corporation, Anco Products Inc, and others are attempting to increase market demand by funding R&D initiatives.
Rockwool International A/S is a Danish manufacturer of mineral wool insulation products. Rockwool has production facilities in over 25 countries, including the United States, Canada, and several European countries. Rockwool's product line includes a range of insulation solutions for various applications, including building insulation, industrial insulation, marine insulation, and acoustic insulation. The company's products are made from natural and recycled materials, including volcanic rock, slag, and basalt.
Poroc Group is a Finnish manufacturer of high-performance insulation materials. Poroc Group's product line includes a range of insulation solutions for various applications, including building insulation, industrial insulation, and marine insulation. Poroc Group's insulation materials are made from recycled glass, a sustainable and environmentally friendly material. The company's products are designed to provide superior thermal insulation performance, reduce energy consumption, and improve energy efficiency in buildings and industrial processes. In addition to its focus on sustainability and energy efficiency, Poroc Group is dedicated to innovation and research, and development. The company has its research and development center and collaborates with universities and research institutions to develop new and improved insulation solutions.
Poroc Group
Knauf Insulation
TechnoNICOL Corporation
Anco Products Inc
Cabot Corporation
Morgan Advanced Materials
Unifrax
RATH Group
October 2022: The Knauf Group has announced intentions to spend around €135 million at Knauf Insulation's factory in Târnăveni, Romania, to enhance Mineral Wool manufacturing capacity throughout Central and Eastern Europe.
Industrial Thermal Insulation Material Outlook
Calcium Silicate
Mineral Fiber
Foamed Plastic
Perlite
Cellular Glass
Industrial Thermal Insulation End-user Outlook
Petrochemical & Refineries
Power Generation
Aerospace & Defense
Automotive
Others
Industrial Thermal Insulation Regional Outlook
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Attribute/Metric | Details |
| Market Size 2022 | USD 2.58 Billion |
| Market Size 2023 | USD 2.72 Billion |
| Market Size 2030 | USD 3.74 Billion |
| Compound Annual Growth Rate (CAGR) | 4.77% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, End-user, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Rockwool Insulation, Poroc Group, Knauf Insulation, TechnoNICOL Corporation, Anco Products Inc, Aspen Aerogels Inc, Cabot Corporation, Morgan Advanced Materials, Unifrax, RATH Group |
| Key Market Opportunities | Reducing heat loss or gain, facilitating temperature control of the process, and improving the operating efficiency of steam, power systems, and heating equipment found in industrial installations. |
| Key Market Dynamics | Increasing awareness, rising consumption of insulation products, growing population. |
Industrial Thermal Insulation Market Highlights:
Frequently Asked Questions (FAQ) :
The Industrial Thermal Insulation market size was valued at USD 2.58 Billion in 2022.
The market is projected to grow at a CAGR of 4.77% during the forecast period, 2023-2030
Asia Pacific had the largest share of the Industrial Thermal Insulation market
The key players in the market are Rockwool Insulation, Poroc Group, Knauf Insulation, TechnoNICOL Corporation, Anco Products Inc, Aspen Aerogels Inc, Cabot Corporation, Morgan Advanced Materials, Unifrax, and RATH Group
The Calcium Silicate category dominated the market in 2022
Petrochemicals & Refineries had the largest share in the market for Industrial Thermal Insulation
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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