Industrial Insulation Forecast to Grow Over 3% Annually Through 2023

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Feb 11, 2020, 09:37 ET

CLEVELAND, Feb. 11, 2020 /PRNewswire/ -- Through 2023, demand for industrial and OEM insulation is expected to grow 3.1% per annum to 5.6 million metric tons. More information regarding the Global Industrial & OEM Insulation study is here: https://www.freedoniagroup.com/industry-study/global-industrial-oem-insulation-3783.htm

Foamed plastic is expected to be the fastest growing major insulation material through 2023, supported by:

continued growth in refrigerator and freezer production
consumer preferences for quieter vehicles and appliances
increasing commercial HVAC equipment production

Mineral wool will retain its second leading position in the industrial and OEM insulation market through 2023, supported by:

growth in industrial machinery and pipe production
increasingly stringent worker safety and noise pollution regulations in developed countries
growth in power generation, chemical manufacturing, and petroleum refining activity

Demand for both thermal and acoustic insulation is projected to rise through 2023, driven by:

growth in appliance shipments, supporting thermal insulation demand in refrigerators and freezers
consumer demand for quieter appliances and automobiles
increasingly stringent noise pollution and worker safety laws

Rising oil and gas and petroleum refining activity will support demand for thermal insulation going forward.

Contact Corinne Gangloff for an interview with the analyst.

Additional Construction & Building Product studies can be viewed here:
https://www.freedoniagroup.com/industry-category/build/construction-building-products.htm

About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.

Press Contact:
Corinne Gangloff
+1 440.842.2400
[email protected]

SOURCE The Freedonia Group