Industrial Insulation Market worth $3.0 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 2, 2021 /PRNewswire/ -- According to the new market research report "Industrial Insulation Market by Form (Pipe, Blanket, Board), Material (Mineral Wool, Calcium Silicate, Plastic Foams), End-use Industry (Power, Oil & Gas, Chemical & Petrochemical, Cement, Food & Beverage), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Industrial Insulation Market size is projected to reach USD 3.0 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 5.0% during the forecast period.
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The demand for industrial insulation in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in industrial activities such as establishment and expansion of power plants, oil refineries, and so on. The capital cost for the installation of insulation materials is quite high, owing to the requirement of separate clearances, regulation citing, and skilled labor which is a major challenge for the Industrial Insulation Market. The demand for industrial insulation is rising, owing to the growing demand from increased infrastructural activities in emerging economies. This increase in demand for environment-friendly industrial insulation and the construction of green buildings provide growth opportunities to the market. On the other hand, the lack of awareness about the benefits of proper insulation is a major restraint for the market.
Based on form, the pipe segment is estimated to lead the overall Industrial Insulation Market in 2020.
Pipe is the most widely used form of insulation materials in end-use industries, such as power, oil & gas, petrochemical, food & beverage, cement, and metal processing. They are wrapped around the pipes used in these industries to control the flow of heat energy. Pipe insulations reduce energy loss to a great extent, thereby controlling the energy prices. Thus, providing proper insulation to pipes is a necessary function in most of heavy industries, such as power, petrochemical, and oil & gas.
Based on material, mineral wool is estimated to be the largest market in the overall Industrial Insulation Market in 2020.
Mineral wool is an inorganic insulating material containing an average of about 75% post-industrial recycled materials and also does not require additional chemicals to be fire-resistant. Mineral wool is naturally moisture-resistant and retains its insulating qualities even when wet. Mineral wool is also effective in blocking sound more efficiently, so the interior of a building suffers less acoustic invasion.
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Based on end-use industry, power is expected to be the largest industrial insulation consuming sector in 2020.
Power is the largest end-use industry in the Industrial Insulation Market. Industrial insulation is used to cover boilers, furnaces, chimneys, heat storage tanks, and other equipment in the power industry. It is an important part of power plant installation and operations. It helps the steam-generating boilers keep their temperatures at certain levels. Power generation facilities contain miles and miles of mechanical piping, which move materials from one place to another. These pipes require insulation to maintain temperatures along the electricity generating process. Rapid industrialization has led to economic growth, which resulted in improved quality of life, and in turn, propelled the demand for electricity in emerging economies thereby driving the market for industrial insulation.Pow
Based on region, APAC is projected to grow the fastest in the Industrial Insulation Market during the forecast period.
APAC is projected to be the fastest-growing market for industrial insulation. The rising population, increased demand for construction activities, rapid industrialization, and increased urbanization are driving the APAC Industrial Insulation Market. China is the largest market for industrial insulation in the region. China is also a major producer and consumer of industrial insulation in the region as it has a huge manufacturing base. Apart from China, India, Japan, and South Korea are projected to grow at a decent rate during the forecast period. In addition, increasing use of oil & gas for power, growing population, and rising demand for petrochemicals are responsible for the high growth of the market in this segment.
The key players in the industrial insulation market include Owens Corning (US), Saint Gobain (France), Knauf Insulation (US), Kingspan Group PLC (Ireland), Rockwool Group (Denmark), Armacell International SA (Germany), Johns Manville (US), Nichias Corporation (Japan), Insulcon BV (US), and Promat (ETEX Group) (Belgium). These players have established a strong foothold in the market by adopting strategies, such as expansions, acquisitions, mergers, partnerships & agreements, and new product launches.
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