Press release
Technical Insulation Market to Develop New Growth Story 2024 - 2031 | Zotefoams Plc, Owens Corning, Kingspan Group Plc
Technical Insulation Market
The technical insulation market is estimated to be valued at USD 10.9 Bn in 2024 and is expected to reach USD 16.17 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.
Market Dynamics:
The increasing demand for technical insulation from HVAC and refrigeration sectors is expected to drive the market growth during the forecast period. With stringent regulations regarding energy efficiency and carbon footprint management, industrial installations are increasingly using technical insulation to improve energy efficiency of equipment and machinery. Moreover, growing construction activities have also fuelled the demand for insulated ducts and pipes. Rapid industrialization in developing regions has augmented the uptake of technically insulated machinery and equipment used in various industries such as chemicals, oil & gas, power generation etc. The significant cost saving achieved through reduction in energy losses will further propel the technical insulation market expansion through 2031.
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Codes and Standards mandating the usage of insulation is restricting the growth of technical insulation market
Various countries and regions have implemented codes and standards mandating the usage of insulation for industrial equipment and applications handling high or low temperatures. For instance, the European Union's Energy Performance of Buildings Directive makes insulation mandatory for new buildings and major renovations. In the US, standards like ASHRAE 90.1 and IECC require minimum R-values for piping, ductwork, and equipment insulation. While such regulations aim to improve energy efficiency, they also make insulation obligatory instead of a choice. This affects the purchase decisions of end-users and deprives technical insulation material producers of opportunities to introduce new and innovative products without sufficient performance ratings or certifications. Strict compliance requirements of codes and standards restrain the scope of technical insulation manufacturers to some extent.
Rise of product customization as per application requirements presents an opportunity for market players
No two industrial facilities have the same operational parameters and insulation needs. End-users demand customized solutions based on the type of equipment, surface characteristics, temperature range, and environmental conditions. Standard "off-the-shelf" insulation products many a times fail to meet unique application requirements. This provides an opportunity for technical insulation providers to offer tailored solutions developed through extensive research and testing. With advancements in material science and design, manufacturers can customize insulation formulations, shapes, thicknesses and installation procedures. A focus on customization allows insulating material producers to solve application-specific challenges, gain new customers and premiums, and stay ahead of competition. It also strengthens buyer-supplier relationships in the long run.
Adoption of new eco-friendly insulation materials is emerging as a key trend in the market
Growing environmental awareness is driving the adoption of green insulation materials in the technical insulation industry. Manufacturers are investing in R&D to replace petroleum-based insulation products with bio-based and recycled alternatives. Some of the emerging eco-friendly material types include nanotechnology-based aerogels, microcellular polyurethane foams, agar-based composites, and precipitated calcium carbonate coatings. Fiberglass free of formaldehyde binders is another trend. The demand is also rising for insulation materials made from wool, wood fibers, natural rubbers, and other renewably sourced constituents. Additionally, manufacturers focus on minimizing material wastage during production and optimizing packaging to reduce carbon footprint. The shift towards sustainable solutions is expected to accelerate over the coming years due to rising environmental regulations as well as brand reputations built on "green" credentials.
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Top Companies Featured in This Report:
★ Zotefoams Plc
★ Owens Corning
★ Kingspan Group Plc
★ Rockwool International A/S
★ Recticel NV/SA
★ Morgan Advanced Materials plc
★ Armacell International S.A.
★ Aspen Aerogels Inc.
★ Knauf Insulation
★ Saint-Gobain
★ Palziv Inc.
★ Neo Thermal Insulation (India) Pvt. Ltd.
★ NMC Insulation
★ Armacell
★ Mayplas
★ Proteus Waterproofing Limited
Market Segmentation:
By Product Type:
★ By End-Use: Industrial & OEM, Energy, and Others (Commercial Buildings, etc.)
By Applications:
★ By Application: Hot Insulation, Cold-Flexible Insulation, and Cold-Rigid Insulation
★ By Application: Heating & Plumbing, HVAC, Acoustic, and Others (Refrigeration, etc.)
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
What was the size of the Technical Insulation Market in 2024, and what is the projected value by 2031?
What is the present global market landscape for the Technical Insulation Market?
What strategies offer optimal opportunities for growth maximization in the business?
What recent trends are shaping the Technical Insulation Market?
How does the market share of Technical Insulation Market revenue, sales, and size vary across specific geographical regions?
Who are the prominent industry players in the Technical Insulation Market?
Which segment of the Technical Insulation Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Technical Insulation sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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