Press release
Technical Insulation MarketSize, Opportunities, Share, Key Development Analysis, Top Suppliers, Growth, Regional Trends, Key Segments, Graph and Forecast to 2028
Browse 485 market data Tables and 52 Figures spread through 385 Pages and in-depth TOC on "Technical Insulation Market"
The technical insulation market is projected to grow from USD 10.3 billion in 2023 to USD 13.4 billion by 2028, at a CAGR of 5.3% during the forecast period. The technical insulation market is primarily propelled by stringent regulations mandating the insulation of equipment and pipes, along with an increasing demand within the oil & gas sector. The technical insulation market is thriving due to strict regulations mandating equipment and pipe insulation. Governments worldwide are emphasizing energy efficiency and safety, compelling industries to invest in advanced insulation solutions. A significant driver of this growth is the oil and gas sector, where increased energy demand and exploration activities necessitate robust insulation for pipelines and equipment. Technical insulation plays a vital role in maintaining optimal temperatures and ensuring safety in harsh operational environments. Additionally, growing awareness of the environmental impact and the benefits of energy conservation is prompting industries to adopt advanced insulation materials. As companies align with regulations and embrace sustainable practices, the technical insulation market is experiencing sustained growth, fueled by the intersection of regulatory compliance and increasing demand in critical sectors like oil and gas.
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Technical Insulation Manufacturers [https://www.marketsandmarkets.com/Market-Reports/technical-insulation-market-80630490.html]:
The key market players are Rockwool SA (Denmark), Saint-Gobain Isover (France), Owens Corning (US), Knauf Insulation (Germany), Kingspan Group (Ireland), Armacell International (Luxembourg), L'ISOLANTE K-FLEX (Italy), Morgan Advanced (UK), ETEX (Belgium), Recticel (Belgium), Aspen Aerogels (US) among others. These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and contract & agreement between 2018 and 2023, to enhance their market shares and expand their global presence.
Rockwool A/S, commonly known as Rockwool, is a company specializing in the production and sale of stone wool insulation products. Their product range includes insulation solutions for various applications in both residential and non-residential buildings. Rockwool also offers a range of other construction-related products such as ceilings, facade panels, engineered reinforcement fibers, and solutions for outdoor noise and vibration control. In addition to their building-related products, Rockwool is involved in developing eco-friendly solutions for the horticultural industry, providing effective insulation for the process industry and marine & offshore applications. They also produce specialized fibers for industrial purposes and offer noise and vibration control systems for modern infrastructure projects. Rockwool operates under two main business segments, namely, insulation and systems. They have an extensive global presence with 51 manufacturing facilities spread across 23 countries in Asia, Europe, and North America
Saint-Gobain Isover manufactures and markets thermal, acoustic, and fire insulation mineral wool solutions that deliver sustainability and performance. The company has organized its operations through regional segments: Americas, Northern Europe, Southern Europe & Middle East & Africa, Asia Pacific, and High-Performance Solutions (Global). Saint-Gobain offers industrial insulation products under its subsidiary, Isover & KAIMANN. It offers products and insulation solutions for various applications in buildings, transportation, and industries. Saint-Gobain and Alghanim Industries joint venture acquired Izocams from the KOC group. Izocams is a Turkish glass wool and rock wool manufacturer. Saint-Gobain Isover serves customers with 10,000 employees and has 63 industrial sites. As of December 2022, the company had operations in 75 countries.
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Owens Corning is one of the global leaders in the manufacturing and distribution of building and industrial materials. The company has organized its operation through three segments: composite, insulation, and roofing. Owens Corning offers technical insulation products under its insulation segment. It delivers a broad range of high-quality insulation products. These insulation products conserve energy and improve acoustics, fire resistance, and air quality at their operational location. The company's insulation segment includes a diverse product portfolio of high, mid, and low temperature products, with a wide application in residential, commercial, industrial, and other segments. The insulation segment has geographic presence in the US, Canada, and countries in Europe, Asia Pacific, and Latin America. Owens Corning is one of North America's largest producers of residential, commercial, and industrial insulation. The company's insulation segment has 42 manufacturing facilities and operations in 33 countries with about 20,000 employees globally. Owens Corning recorded a net sales of USD 9.76 billion in 2022.
* On September 2023, Saint-Gobain has received approval from the Competition Bureau of Canada for its acquisition of Building Products of Canada, a private manufacturer of residential roofing shingles and wood fiber insulation panels. This strategic move by Saint-Gobain strengthens its position in the Canadian market for sustainable construction.
* On February 2023, Saint-Gobain acquired U.P. Twiga Fiberglass Ltd., the top player in India's glass wool insulation market. UP Twiga, which has been using Saint-Gobain technology since 2005, operates two manufacturing facilities near Delhi and Mumbai, offering diverse applications. This acquisition, along with the recent purchase of Rockwool India Pvt Ltd. for stone wool, strengthens Saint-Gobain's presence in interior and facade solutions in India. This move aligns with the growing demand for better building performance, acoustic and thermal comfort, and energy-efficient solutions.
* On December 2022, Owens Corning completed the sale of its Russian operations to Umatex on December 5, 2022. The sale included two manufacturing operations: a composites manufacturing plant in Gus-Khrustalny and an insulation manufacturing plant in Tver/Izoplit. Umatex is a Russia-based producer of carbon fiber and fiber-based items. The company is part of the Rosatom State Corporation, Russia's state nuclear energy corporation. The sale of Owens Corning's Russian operations is part of a broader trend of Western companies divesting from Russia in response to the invasion of Ukraine.
* On February 2020, Rockwool A/S acquired Paroc's acoustic ceilings business, which operates under the sub-brand of Parafon Group. Parafon Group is a leading manufacturer of stone wool-based acoustic solutions for walls and ceilings in Sweden and Finland. The acquisition was seen as a strategic move by Rockwool A/S to expand its acoustic ceilings business and strengthen its position in the Nordic market. Parafon Group has a strong brand and a loyal customer base, and its products are complementary to Rockwool A/S' existing acoustic ceilings portfolio.
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