Industrial Thermal Insulation Market North America will Hold Major Market Share by 2023

Market Overview:

Industrial Thermal Insulation is used to obstruct the flow of heat energy from high temperature to low temperature. It is used across all process industries to decrease energy consumption and to ensure that a desired temperature is maintained in an area without need of additional heating or cooling equipment. It is used to carry out numerous functions such as process control, condensation control, noise reduction, energy conservation, and reduction of environmental pollution. Moreover, they are used to protect equipment from corrosion and degradation and widely utilized in various end use industries such as automotive, aerospace & defense, power generation, petrochemical & refineries, and others.

Some of the prominent factors that positively influence the growth of the industrial thermal insulation market are rapid industrialization, increasing popularity of advanced insulation material, and developments in high temperature insulation wools. Moreover, rising automotive production and sales coupled with continuous expansion of automotive sector is predicted to fuel the demand for industrial thermal insulation market.

Additionally, increasing use of spray on thermal insulation coatings in heavy duty vehicles is expected to drive the market growth. Furthermore, recovery in plant constructions and emphasis on energy efficiency benchmarking is estimated to drive the industrial thermal insulation market. Increasing use of advanced insulation material such as vacuum insulation panels and nano insulation panels are predicted to give a new encouragement in the growth of industrial thermal insulation market.

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Major Key Players:

The Major Players perating in the Industrial Thermal Insulation Market are:

• 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.)

Market Segmentation:

The Global Industrial Thermal Insulation Market is categorized on the basis of Material, End Use, and Region:

On The Basis Of Material:
• Calcium Silicate,
• Mineral Fiber,
• Foamed Plastic,
• Perlite,
• Cellular Glass
On The Basis Of End Use:
• Petrochemical & Refineries,
• Power Generation,
• Aerospace & Defense,
• Automotive
On The Basis Of Region:
• Asia Pacific,
• Europe,
• Latin America,
• North America,
• Middle East & Africa.

Regional Analysis:

Geographically, Industrial Thermal Insulation Market is segmented across Five Regions in the world namely:

• Asia Pacific,
• North America,
• Europe,
• Latin America,
• Middle East & Africa.

North America is estimated to be the largest industrial thermal insulation market followed by Europe and Asia Pacific on account of strong existence of many key market players. European countries such as Germany, U.K, and Spain are predicted to register a strong growth due to significant demand for advanced industrial thermal insulation based material in the automobile sector.

In Asia Pacific, countries such as China, Japan, and India are the fastest growing market, and is predicted to grow at the same pace over the forecast period. Improving living standards along with the rapid industrialization is estimated to contribute to the regional market growth. In North America, the U.S and Canada are among the major contributors to the regional market growth due to expansion of aerospace & defense as well as rising innovations.

The Middle East and Africa is predicted to witness a steady growth owing to rising foreign investments and shifting of manufacturing base for end use industries to these region.

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