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Global Industrial Insulation Market Report: Size, Share, Trend, Segmentation And Forecast To 2033
Global Industrial Insulation Market Report
As per the report, the industrial insulation market size has grown strongly in recent years. It will grow from $4.72 billion in 2023 to $5.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The industrial insulation market size is expected to see strong growth in the next few years. It will grow to $6.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
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Rising Energy Needs Boosting Global Industrial Insulation Market Growth
The increase in power and energy requirements is expected to propel the growth of the industrial insulation market going forward. Energy refers to the power integrated over time. Industrial insulation helps with energy and power by acting as a barrier to the transmission of any form of energy through the insulated surfaces. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, annual additions to global renewable electricity capacity are expected to average around 305 GW per year between 2021 and 2026. This suggests an acceleration of nearly 60% compared to renewables' expansion over the last five years. Annual renewable capacity additions in the accelerated case are a quarter higher than in our main case, reaching over 380 GW on average over 2021-2026. Therefore, an increase in power and energy requirements is driving the industrial insulation market.
Innovative Product Solutions In The Industrial Insulation Market For Driving Efficiency, Safety, And Sustainability
Product innovation is becoming a prominent trend in the industrial insulation sector. Major companies operating in the industrial insulation market are coming up with new products to address water ingress challenges, enhance fire safety in industrial settings, and reduce energy reduce harmful impacts on the environment. For instance, in September 2023, ROCKWOOL, a Denmark-based manufacturer of mineral wool products launched ProRox insulation, enhancing industrial safety and efficiency. The product combats water ingress, mitigating corrosion under insulation (CUI) risks. Additionally, it provides superior fire resistance, particularly in hydrocarbon-rich environments. ProRox's stone wool composition offers both thermal and acoustic benefits. The insulation also promotes sustainability, with easy installation and reusability.
The industrial insulation market covered in this report is segmented -
1) By Form: Pipe, Blanket, Board, Other Forms
2) By Material: Mineral Wool, Calcium Silicate, Plastic foams, Other Materials
3) By End-Use Industry: Power, Oil and Gas, Chemical, Petrochemical, Cement, Food and Beverage, Other End-Use Industries
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Major companies operating in the industrial insulation market include Safran S.A., Honeywell Aerospace, Thales Group, L-3 Avionics System, United Technologies Corporation, GE Aviation, BAE Systems, Meggitt plc, Raytheon Technologies, Rockwell Collins Inc., Panasonic Avionics Corporation, Garmin Ltd., Universal Avionics System Corporation, Airbus SE, The Boeing Company, Cobham Limited, Curtiss-Wright Corporation, Teledyne Technologies Incorporated, Knauf Insulation, Rockwool, Aspen Aerogels, Morgan Advanced Materials, Luyang Energy-Saving Materials, 3M, Kingspan Group, Thermaflex, Unifrax, Paroc Group, Pittsburgh Corning, Nichias Corporation
Contents of the report:
1. Executive Summary
2. Industrial Insulation Market Report Structure
3. Industrial Insulation Market Trends And Strategies
4. Industrial Insulation Market - Macro Economic Scenario
5. Industrial Insulation Market Size And Growth
…..
27. Industrial Insulation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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