Industrial Insulation Market 2019-2023 Industry Demand, Share, Size, Business Opportunities with Top Market Players - Owens Corning, Thomas Insulation Corporation, Temati, Samhwa Chemicals Co., Ltd, STI Co., Ltd
Industrial Insulation Market, Global Industrial Insulation Market, Industrial Insulation Industry, Industrial Insulation Market Si
Global Industrial Insulation market is projected to reach USD 3,418.4 million by 2023 at a CAGR of 5.65%.
North America emerged as the global leader in this market and has acquired 33% of the global share, expanding at dynamic CAGR of 5.12%.
As per the analysis, the U.S. was the most promising country level market and has generated largest revenue of USD 817.2 million growing at 5.14% of CAGR
On the basis of the product type, wraps and Sheets dominated the global market in 2016, with significant market shares of 82% expanding at highest CAGR of 5.70. Similarly, application segment has been dominated by chemical processes with largest shares 27%.
Some of the key players profiled in MRFR’s report are Owens Corning (U.S), Thomas Insulation Corporation (U.S.), Temati (Netherlands), Samhwa Chemicals Co., Ltd (South Korea), and STI Co., Ltd (South Korea).
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By type, the global industrial insulation market is segmented into wraps /sheets, coatings, and adhesive and sealants. The wraps/sheets segment is held a dominant share of the market in 2016. It is likely to retain a substantial share of the market over the forecast period registering a CAGR of 5.7%.
By application, the industrial insulation market has been segmented into chemical processes, LNG, power generation, heat exchangers, storage tanks, boilers, other hot & cold process equipment. The chemical processes segment accounted for a major share of the market in 2016. It is expected to exhibit positive growth in the foreseeable future.
In August 2018, Germany based Evonik Industries announced its joint venture with the Chinese company Wynca for the production of fumed silica. The product will be used in high-performance insulation materials.
In September 2018, Aegion Corporation, an American multinational company, completed the sale transaction of its Bayou pipe coating and insulation business. The deal is worth USD 46 Mn.
In September 2018, Panacol, a leader in high-tech industrial adhesives and medical grade adhesives, introduced Elecolit 6603 adhesives for high electrical insulation
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Insulation is done for the purpose of dealing with heat transfer issues or to reduce the transfer of heat. In industrial manufacturing processes energy consumption is massive and plays an essential role. During such processes industrial material transferring through pipes, and in vessels, boilers, storage tanks and other, these equipment’s are being insulated with insulation wraps/sheets, coatings and adhesive & sealants material to reduce the energy consumption as well to maintain nature of material.
According to the MRFR analysis, the market for industrial insulation is growing at stable growth rate over the years and it is expected to grow significantly during the assessment period. As the market itself defines the application scope in industrial sector, therefore established industrial sector in developed economies and growing industrialization in developing economies considered as major growth driver.
Furthermore, rising investment from public as well as private sectors industrial manufacturing took momentum and has created scope for insulation. As per the chemical industrial journal, China’s domestic investment was USD13.91 billion and FDI was 62.30 billion in chemical manufacturing. Such investment have driving the industrial manufacturing sector and supporting the growth for insulation. Insulation increases the efficacy of production processes thereby reducing the energy consumption.
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The report covers brief analysis of geographical region such as:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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