Industrial Thermal Insulation Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2023

Synopsis of Industrial Thermal Insulation Market:

Insulation is classified as those material or combination of material which hinder the flow of heat energy to the environment. Industrial thermal insulation is used to perform various functions such as conserving heat by 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. Generally, temperature range for Industrial Thermal Insulation vary from -75 deg C to 815 deg C. All industrial applications below -75 deg C are referred as “cryogenic” and those above 815 deg C referred as “refractory”.

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They are further categorized into three segments namely low temperature, intermediate temperature, and high temperature thermal insulation. Low temperature thermal insulation is used for refrigeration, cold or chilled water application. Intermediate temperature used for hot water, steam condensate, and high temperature hot water application, and high temperature thermal insulation used for turbines, exhausts, boilers, incinerators, stacks, and breechings application. They possess excellent thermal resistance, low thermal conductivity, and high temperature durability which make them suitable for numerous end use industries such as power generation, petrochemical & refineries, automotive, aerospace & defense, and others.

As per our analysis, some of the important market factors and trends identified in the Global Industrial Thermal Insulation are, increasing awareness, rising consumption of insulation products, growing population. Additionally, expanding manufacturing activity due to increasing public and private investments in oil & gas, petrochemical, energy, and industrial sector is expected to fuel the demand for industrial thermal insulation. Moreover, increased focus of government on improving industrial output, development of special economic zones, industrial corridors, as well as subsidies and tax cuts for various manufacturing groups and industrial corporations is predicted to give a new momentum for the growth of market in the upcoming years. Furthermore, rising demand in industrial refrigeration to prevent condensation and development in high temperature insulation wools is predicted to propel the growth of the market during the review period, (2016 to 2023).

Regional Analysis:

The Global Industrial Thermal Insulation Market is spanned across five regions, Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific is expected to spearhead global growth with a healthy CAGR during the assessment period on account of rapid industrialization along with the continuous expansion of numerous end use industries such as automotive and power generation among others. The demand for Industrial Thermal Insulation is estimated to surge in various countries of Asia Pacific such as China, Japan, India, South Korea, Vietnam, and Malaysia owing to the increasing consumer base as well as encouraging government regulations. Furthermore, growing urbanization, availability of inexpensive raw material, labor & land, and soberly stringent regulatory framework are some of the important driving factors for the regional growth of Industrial Thermal Insulation Market over the forecast period.

North America emerged as the largest market for Industrial Thermal Insulation followed by Europe and Asia Pacific. North America market is predicted to witness a significant growth due to increased demand from aerospace & defense. The U.S and Canada are among the major contributors in the regional market growth owing to strong growth in defense sector. Europe is estimated to witness a substantial growth in Industrial Thermal Insulation Market due to strong consumer base for numerous end use industries coupled with the huge investments to revitalize chemical process sector over the forecast period. European countries such as the U.K, France, Poland, Germany, Russia, Spain, and Italy have emerged as the major contributors in the regional Industrial Thermal Insulation Market growth and is estimated to continue their dominance during the review period on account of wide utilization of thermal insulation in automotive and petrochemical sector. In Latin America, countries such as Mexico and Brazil are the major regional market contributor due to strong growth in automotive sector. The Middle East & Africa is estimated to witness significant growth over the forecast period 2016-2023. Kuwait, Iran, Qatar, Oman, Saudi Arabia, and the United Arab Emirates (UAE) are among the key contributors in the regional market growth due to the strong presence of oil & gas and petrochemical sector.

Segmentation:

The Global Industrial Thermal Insulation Market is categorized on the basis of material, end use, and region. On the basis of material, the market is segmented into calcium silicate, mineral fiber, foamed plastic, perlite, cellular glass, and others. On the basis of end use, the market is categorized into petrochemical & refineries, power generation, aerospace & defense, automotive, and others. On the basis of region, the market is classified into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Key Players:

Some of the prominent players operating in the Global 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.) among others.

Geographical Analysis:

The report covers brief analysis of geographical regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Intended Audience

Industrial Thermal Insulation Manufacturers
Traders and Distributors of Industrial Thermal Insulation
Production Process Industries
Potential Investors
Raw Material Suppliers
Nationalized Laboratory

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