Industrial Insulation Market Size 2022 | Growth | Top Leading Companies | Share | Drivers | Trends, Revenue| Challenges and Global Forecast 2028

According to our latest study on "Industrial Insulation Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Raw Material (Wool, Foams, and Fibres and Others), Product (Pipe, Board, Blanket, and Others), and End User (Power Generation, Chemical and Petrochemical, Cement, Food and Beverage, and Others)," the market is expected to grow from US$ 7,793.91 million in 2022 to US$ 10,189.11 million by 2028; it is expected to grow at a CAGR of 4.6% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

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Insulation is used in various industries, including power generation, chemical, petrochemical, cement, and food & beverage. Power generation is the major market for industrial insulation. Insulating materials offer various advantages, such as energy savings, process efficiencies, and environmental stewardship. Insulation blocks heat transfer thus helps in saving energy.

In power generation applications, industrial insulation is used in gas and steam turbines, pipelines, exhaust manifolds, diesel turbo covers, slide and flange valves, insulating sleeves, and heat exchangers. The rising urbanization, growing industrialization, and emerging strict energy conservation regulations in various economies across the world propel the demand for industrial insulation in power generation. Further, the rising demand for energy in various economies across the world is driving the industrial insulation market growth.

Nichias Corporation, Aspen Aerogels Inc., McAllister Mills Inc., ROCKWOOL A/S, SAINT GOBAIN S.A., Knauf Insulation, Kingspan Group, CABOT CORPORATION, Johns Manville, and Thomas Group are among the players operating in the global industrial insulation market. Market players focus on providing high quality products to fulfil the customer demand. They are constantly adopting strategies, including research and development investments, new product launches, and capacity expansion.

Impact of COVID-19 Pandemic on Industrial Insulation Market

The unprecedented rise in the number of COVID-19 cases across the world and the subsequent lockdown of numerous manufacturing facilities negatively influenced the industrial insulation market growth. The supply chain disruptions have declined the demand for industrial insulation products from the aerospace & defense, cement, and energy sectors. In North America, the discontinuation of construction activities hampered the demand for industrial insulation products.

However, the industrial insulation market in the region began reviving due to various significant measures taken by the governments for prompting the recovery of businesses and the rapid pace of public vaccination drives. The growth in the demand from end users, such as power generation and cement, supported the industrial insulation market growth in the region.

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