Industrial Insulation Market Is Estimated To Exhibit At USD 12.10 Billion By 2030


 San Francisco, 11 Dec 2023: The Report Industrial Insulation Market Size Report By Material, (Stone Wool, Glass Wool, Foamed Plastic), By Product, By Application (Power Generation, EIP), By Region, And Segment Forecasts, 2023 - 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 21.6% in 2022, owing to its high-temperature tolerance, flame resistance, and its ability to offer thermal and acoustic insulation
  • Pipe insulation led the market and accounted for about 47.76% share of the revenue in 2022. The market is projected to witness notable demand, expanding at a CAGR 5.5% from 2023 to 2030, due to its superior performance and ability to stabilize the process temperatures.
  • Power generation industry is expected to witness a heightened demand for these products, owing to its ability to minimize power losses. Growing concerns regarding the energy management among the power generation industry across the globe is expected to drive the market growth over the forecast period.

Industrial Insulation Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 8.61 billion

Revenue forecast in 2030

USD 12.10 billion

Growth rate

CAGR of 5.0% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players in the 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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