Industrial Insulation Market Observe Significant Growth Of USD 12.10 Billion By 2030


 San Francisco, 2 Nov 2022: The Report Industrial Insulation Market Size, Share & Trends Analysis Report By Material (Stone Wool, Glass Wool, Foamed Plastic), By Product, By Application (Power Generation, EIP), By Region, And Segment Forecasts, 2022 - 2030

The global industrial insulation market size is expected to reach USD 12.10 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.0%, according to a new report by Grand View Research, Inc. The increasing demand for adequate thermal insulation for industrial equipment for energy-efficient operations, and economical design, is expected to drive the market during the forecast period.

The raw materials used for the production of various industrial insulation products are available in abundance, which benefits the industry. However, some of the feedstock used for insulation production is derived from petrochemicals, so fluctuations in the price of crude oil result in changes in the procurement cost of the feedstock, limiting the bargaining power of insulation manufacturers.

The industry is under high scrutiny from government environmental agencies, including EPA, REACH, and NGT. These agencies have imposed stringent regulations on the production, storage, and transportation of insulation materials. Government support to develop sustainable manufacturing practices is expected to hamper the market growth.

Major players, such as Rockwool Technical Insulation, Paroc Group, and Knauf Gips KG, hold most market share due to their vast product portfolio and wider geographical reach. These companies develop a powerful business model to adapt to the market volatility and any technological & geographical change.

Access Research Report of Industrial Insulation Market @ https://www.grandviewresearch.com/industry-analysis/industrial-insulation-market

Industrial Insulation Market Highlights

  • Stone wool accounted for the largest market share of 23% in 2021, owing to its high-temperature tolerance, flame resistance, and its ability to offer thermal and acoustic insulation
  • Pipe insulation accounted for the largest share in 2021 and is estimated to reach USD 5.93 billion by 2030, owing to increasing demand from process plants for controlling & stabilizing the process temperatures, and preventing of formation of condensation to limit pipe corrosion
  • Power generation is estimated to exhibit the fastest demand for industrial insulation in terms of revenue, growing at a CAGR of 5.4% from 2021 to 2030, owing to increasing product usage to minimize thermal losses
  • The Asia Pacific stood at 1,485.5 kilotons in 2021 and is expected to exhibit the fastest growth during the forecast period, which can be attributed to the rapid economic development coupled with the rising adoption of insulation materials in industrial applications

List of Key Players of Industrial Insulation Market

  • Rockwool Insulation A/S
  • Poroc Group Oy
  • Knauf Insulation
  • TechnoNICOL Corporation
  • Anco Products, Inc.
  • Aspen Aerogels, Inc.
  • Cabot Corporation
  • Morgan Advanced Materials plc
  • Unifrax LLC
  • RATH Group
  • IBIDEN Co., Ltd.
  • Armacell International

Access Press Release of Industrial Insulation Market @ https://www.grandviewresearch.com/press-release/global-industrial-insulation-market

 

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