Industrial Insulation Market Size to Expand at a Notable CAGR of 5.64%, exceed valuation of USD5,017.4 Million in 2023: MRFR
Market Research Future (MRFR)’s latest analysis reveals that the global industrial insulation market is set to expand at a CAGR of 5.64%, in terms of value, during the forecast period. The market is expected grow from USD 3,056.5 Mn in 2016 to USD 5,017.4 Mn by the end of 2023. In terms of volume, the market is poised to register a CAGR of 5.3% over the assessment period. The established industrial sector in the developed economies, as well as the thriving industrial sector in the fast-developing country-level markets, are driving the growth of the global industrial insulation market.
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Insulation optimizes the energy consumption of an industry, which is the major factor responsible for the accelerated adoption of the insulation materials across industries from different sectors. Additionally, the regulations enforced by the governments for keeping a check on industrial energy consumption have fueled the demand for industrial insulation materials. The trend is projected to continue in the forthcoming years.
The innovations and advancements introduced by the industry players as a part of their product portfolios are forecasted to propel the expansion of the industrial insulation market. Furthermore, the rising public and private investments in industrial manufacturing are anticipated to have a positive influence on the growth of the industrial insulation market during the projection period.
The rapid industrialization as an outcome of global economic reforms has paved the way for the proliferation of the industrial insulation market. However, high cost associated with silicon carbide ceramics is likely to hold the market growth across the review period.
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.
By region, the global industrial insulation market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America was the largest market for industrial insulation in 2016. It is estimated to register a CAGR of 5.12% during the forecast period. The growth can be ascribed to rising demand for energy efficient products and thriving construction sector.
Europe accounted for the second largest market share in 2016. Led by Germany, the regional market is anticipated to exhibit substantial growth over the next few years. The U.K. and Russia are potential country-level markets in the region.
Asia Pacific has emerged as an important growth pocket of the industrial insulation market over the last couple of years. The emergence of China as a manufacturing hub has catapulted the regional market on an upward trajectory.
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).
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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Table of Content:
TABLE 1 GLOBAL INDUSTRIAL INSULATION MARKET, BY PRODUCT TYPE, 2016-2023 (USD MILLION) 41
TABLE 2 GLOBAL INDUSTRIAL INSULATION MARKET, BY PRODUCT TYPE, 2016-2023 (KILOTONS) 42
TABLE 3 GLOBAL INDUSTRIAL INSULATION MARKET FOR WRAPS/SHEETS, 2016-2023 (USD MILLION) 42
TABLE 4 GLOBAL INDUSTRIAL INSULATION MARKET FOR WRAPS/SHEETS, 2016-2023 (KILOTONS) 43
TABLE 5 GLOBAL INDUSTRIAL INSULATION MARKET FOR COATINGS, 2016-2023 (USD MILLION) 44
TABLE 6 GLOBAL INDUSTRIAL INSULATION MARKET FOR COATINGS, 2016-2023 (KILOTONS) 44
TABLE 7 GLOBAL INDUSTRIAL INSULATION MARKET FOR ADHESIVES & SEALANTS, 2016-2023 (USD MILLION) 45
TABLE 8 GLOBAL INDUSTRIAL INSULATION MARKET FOR ADHESIVES & SEALANTS, 2016-2023 (KILOTONS) 45
TABLE 9 GLOBAL INDUSTRIAL INSULATION MARKET, BY APPLICATION, 2016-2023 (USD MILLION) 47
TABLE 10 GLOBAL INDUSTRIAL INSULATION MARKET, BY APPLICATION, 2016-2023 (KILOTONS) 48
TABLE 11 GLOBAL INDUSTRIAL INSULATION MARKET FOR CHEMICAL PROCESSES, 2016-2023 (USD MILLION) 49
TABLE 12 GLOBAL INDUSTRIAL INSULATION MARKET FOR CHEMICAL PROCESSES, 2016-2023 (KILOTONS) 49
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