Press release
Industrial Thermal Insulation Market Research Report Countries, Growth Rate, Latest Trends, Future Technologies Forecast to 2023
Global Industrial Thermal Insulation Market
Thermal Insulation are used to restrict the flow of heat energy from hotter side to colder side. They are predominantly utilized in numerous end use industries such as power generation, automotive, petrochemical & refineries, aerospace & defense, and others. Industrial Thermal Insulation market is expected to witness moderate growth due to their demand for various process control in petrochemical & refineries, power generation, and other end use industries.
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In addition, among the material segment calcium silicate accounted for the largest market share due to their broad service temperature range around 35 deg C to 815 deg C. Furthermore, Perlite segment is estimated to with the tremendous CAGR due to their heavy usage in many industrial applications. Among the end use segment, petrochemical & refineries segment accounted for the largest market share and holds for around 45 % due to their robust presence in across the globe.
Geographically, North America emerged as the largest market for industrial thermal insulation followed by Europe and Asia Pacific. The Asia Pacific industrial thermal insulation market is predicted to witness healthy growth with a moderate CAGR over the forecast year on account of rising industrial base for many end use industries in these regions.
Furthermore, the demand for industrial thermal insulation is estimated to rise in various countries of Asia Pacific such as China, India, Japan, and South Korea due to continuous expansion of automotive sector combined with high adoption rate from numerous end use industries. Apart from this, growing investment by major market players in their innovation and research & development activities and shifting of industrial thermal insulation manufacturing unit in this region is estimated to fuel the industrial thermal insulation regional market growth.
North American market is estimated to witness healthy growth on account rising demand for industrial thermal insulation in petrochemical & refineries.
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North American market is further segmented into U.S. and Canada, among them U.S. is predicted to be the major contributor in the regional market growth due to robust growth of aerospace & defense and petrochemical & refineries. European market is expected to witness above average growth owing to rising awareness regarding the benefits associated with the product as well as increasing purchasing power of consumer. In addition, developing countries of Latin America and the Middle East & Africa are estimated to witness steady growth on account of strong consumer base for automobile and power generation.
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Industry/ Innovation/ Related News:
June 2017- Recticel Insulation, a Belgian Group, one of the leading manufacturer of PIR insulation announced to expand its production facilities located in Finland. The new manufacturing unit will manufacture high performance rigid polyurethane foam (PIR) panels for thermal insulation for the construction sector. With this expansion, the company will able to meet the increasing demand for thermal insulation in North Europe.
May 2017- Hitachi Chemical Co. Ltd announced to acquire Isolite GmbH, German manufacturer of thermal insulations for aircraft, automobiles, and other industrial applications. With this acquisition Company is following its medium term management plan in which the company aim is to strengthen their automotive products business by expanding their overseas development, manufacturing and sales bases.
February 2017- Synavax announced to launch its industrial thermal insulation coating. This product is used to withstand harsh industrial and outdoor environments and offers an economical spray on application with no exterior jacketing required. These are used in various industrial application such as industrial furnaces, heat exchangers, industrial ovens, steam pipes and valves, brewing tanks, and others. With this product launch the company strengthen its position in industrial thermal insulation market.
June 2017- ISD Solutions, one of the subsidiaries of P&M Group announced to acquire PLG Insulations, an industrial insulation company. With this acquisition, the company extend their range of complementary services offered to clients.
Competitive Landscape:
The industrial thermal insulation report has analyzed the level of competition among the key operating players as well as sector growth and market scenario. The global industrial thermal insulation market includes a large number of suppliers operating in the market which includes large scale and medium scale producers. Some of the prominent market players operating in the global industrial thermal insulation industry has shifted their focus towards growth association specifically by Asia Pacific as medium level and small-scale manufacturers are from this region specifically from China, Singapore, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, Australia, and Japan. Apart from this, the key manufacturers are focusing on expanding their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Many operating players are increasing their manufacturing capacity of industrial thermal insulation to meet the growing demand for industrial thermal insulation.
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