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Industrial Insulation Market Worth $10.79 Billion By 2027 | CAGR: 5.1%

The global industrial insulation market size is expected to reach USD 10.79 billion by 2027, expanding at a CAGR of 5.1% over the forecast period, according to a new report published by Grand View Research, Inc. Benefits of insulation systems, such as equipment protection and increased system efficiency are anticipated to drive the demand.
Insulation protects industrial appliances from fire hazards, prevents the condensation of moisture on the equipment, and protects the equipment at extremely low or high temperatures leading to reduced accidental risks. In addition, it also helps in lowering the manufacturing and energy cost leading to an increased adoption of industrial insulation.
Fluctuations in the crude oil prices are anticipated to result in uncertainty in the prices of the raw materials derived from petrochemicals, which increases the bargaining power of the suppliers. The volatile raw material prices are anticipated to restrict the market growth in the forthcoming years.
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The market exhibits a degree of integration, where raw material suppliers such as Knauf Insulation and Armacell LLC are trying to integrate for manufacturing insulation materials. In addition, market players such as Rockwool Technical insulation, Paroc Group, and Knauf Gips KG have created a wide range of product portfolio to gain higher market share.
Further key findings from the report suggest:
• Stone wool accounted for the highest market share of 22.8% in 2019 as it is increasingly used in maintaining energy efficiency and provides fire protection with good acoustics
• The pipe insulation product segment accounted for USD 3.34 Billion in 2019 and is estimated to expand at a CAGR of 5.7% from 2020 to 2027 on account of its growing use for applications such as heat conservation, fireproofing, and soundproofing
• Power generation application segment is projected to expand at a CAGR of 5.5% from 2020 to 2027 owing to the increasing demand for insulation materials in the thermal power generation industry to minimize the energy losses
• Asia Pacific is expected to witness the highest growth over the forecast period and reach USD 3.02 billion in 2027 on account of the rising adoption of insulation materials in oil and gas and manufacturing industry
• Europe industrial insulation market accounted for USD 2.51 billion in 2019 and is estimated to expand at a CAGR of 4.7% from 2020 to 2027 owing to the presence of stringent regulatory norms pertaining to the use of industrial insulation materials
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Grand View Research has segmented the global industrial insulation market on the basis of raw material, product, application, and region:
Industrial Insulation Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Stone Wool
• Glass Wool
• CMS Fibers
• Calcium Silicate
• Cellular Glass
• Foamed Plastic
• Elastomeric Foam
• Perlite
• Aerogel
• Cellulose
• Micro Silica
• Others
Industrial Insulation Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Pipe
• Board
• Blanket
• Others
Industrial Insulation Application Outlook (Volume, Kilotons; Revenue, USD Million; 2016 - 2027)
• Power Generation
• Petrochemical & Refineries
• EIP Industries
• Others
Industrial Insulation Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Poland
o Spain
o Italy
o Benelux
o Nordic
• Asia Pacific
o China
o India
o Japan
o South Korea
o Indonesia
o Malaysia
o Thailand
o Vietnam
• Central & South America
o Brazil
o Argentina
o Colombia
• Middle East & Africa
o Turkey
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News Release: Industrial Insulation Market Worth $10.79 Billion By 2027 | CAGR: 5.1%
Submitted on: July 30, 2020 10:22:24 AM
Submitted by: sitakant
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