Industrial Insulation Market with Latest Trends & Applications Of 2023 | Owens Corning, Thomas Insulation Corporation, Temati, Samhwa Chemicals Co., Ltd
Industrial Insulation Market Share, Industrial Insulation Market Size, Industrial Insulation Market Trends, Global Industrial Insu
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Samhwa Chemicals Co., Ltd
Thomas Insulation Corporation
STI Co., Ltd
The industrial insulation market is expecting strong mileage in the coming years as various verticals are lining up to integrate the system into their structure to curb energy consumption. Insulation is necessary to deal with the heat transfer issues. Industrial materials while getting transferred through pipes and also in boilers, storage tanks, vessels, and others get insulated with sealants, wraps, sheets, and adhesives & coatings which ensures lesser energy consumption than usual and prevent any kind of transformation in the nature of the material.
The major factors to contribute to the industrial insulation market growth are increasing investment from both the private and public sectors, initiatives taken by companies to curb energy consumption, and strict government regulations. Industries have realized that integrating such a system would help them reduce their production cost. Governments are also taking stringent measures to lessen the amount of carbon footprint.
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Type-wise segmentation of the industrial insulation market includes wraps /sheets, coatings, and adhesive and sealants. Wraps & sheet segment includes metalized polymer, polymer modified bitumen membrane, modified butyl rubber, aluminum butyl wrap, and others. The segment is also dominating the market, and with a possible 5.7% CAGR, the segment can retain its dominance. Coatings segment includes weather barrier, fire resistant, vapor barrier, cryogenic, condensation control abrasion resistant, and others. Adhesive & sealants can be segmented into polystyrene foam, PVC, and water-based insulation and others.
Application-wise segmentation of the industrial insulation market includes LNG, storage tanks, power generation, heat exchangers, boilers, chemical processes, other hot & cold process equipment’s.
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North America is currently steering the global market with 33.08% of the global share as of 2016. The U.S. is leading the regional market. In 2016, the U.S. fetched USD 817.2 million as revenue for the market. Robust infrastructural presence is reaping the benefits of the product and providing thrust to the regional market in reverse.
In Europe, the market is majorly getting driven by Russia, the U.K., and Germany where stringent government regulations have forced industries to incorporate this technology to counter global warming. The APAC is also showing substantial potential to expand the market during the forecast period. China is expected to influence the regional market the most. In 2017, China fetched in around USD 359.9 million, a remarkable feat in itself.
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