Global Industrial Insulation Market Grows Steadily at a CAGR of 6.20%

Introduction

Rock wool and slag wool are the most common wool used to maintain core temperature and conserve energy. Glass fiber materials provide water resistance, heat and fire resistance, and soundproofing to equipment. Industrial insulation is specifically designed for the equipment and uses a variety of materials, layers, and thicknesses depending on the needs of the process. Using appropriate insulation solutions can also reduce corrosion caused by moisture penetration significantly.

Market Dynamics

Increasing Demands for Power and Energy and Rules and Regulations by Governments Drives the Global Market

According to the United Nations, the global population is projected to reach 8.5 billion by 2030 and 9.7 billion by 2050, resulting in a rise in demand for electricity, oil, and gas. The demand for electricity from the residential and commercial sectors, industrial areas, and emerging economies with improved access to electricity are expected to rise. This rising energy demand and production trend are anticipated to continue in both developed and developing economies, propelling the industrial insulation market during the forecast period.

The market is expanding due to regulations requiring energy efficiency and insulation materials in end-use industries. The development of the industrial insulation market is also being fueled by the American Society of Mechanical Engineers (ASME), the American Boiler Manufacturers Association (ABMA), and the American Society for Testing and Materials (ASTM) standards for creating, updating, and implementing equipment in the industries.

Increased Infrastructural Spending in Emerging Economies Creates Tremendous Opportunities

Infrastructure development in nations such as China, India, Brazil, and South Korea is anticipated to increase industrial activities and demand for insulation materials. India has also launched many infrastructure projects, such as the smart city initiative, urban transformation schemes, new industrial estates, and business parks, which are expected to contribute to the sector's growth. Consequently, a rise in spending and industrial activity is anticipated to generate substantial growth opportunities for the industrial insulation market.

Regional Analysis

Europe is dominating the global industrial insulation market and is anticipated to dominate during the forecast period. European regulatory authorities' strict codes and laws have increased awareness of rising energy costs and the need for energy efficiency, which is expected to benefit the market.

Key Highlights

• The global industrial insulation market was valued at USD 7.68 billion in 2021. It is projected to reach USD 13.20 billion by 2030, growing at a CAGR of 6.20% during the forecast period (2022–2030).
• Based on product, the market is segmented into stone wool, glass wool, CMS fibers, calcium silicate, cellular glass, foamed plastic, elastomeric foam, perlite, aerogel, cellulose, and micro silica. Stone wool dominates the market and generates the highest revenue share.
• Based on product, the market is divided into pipe, board, blanket, and others. The pipes segment dominates the global industrial insulation market.
• The application segment is categorized into power generation, petrochemical and refineries, EIP industries, LNG/LPG, and others. LPG/LNG dominates the market and accounts for the largest revenue share.
• Europe is dominating the global industrial insulation market and is anticipated to dominate during the forecast period.

Competitive Players

1. Rockwool Insulation A/S
2. Poroc Group Oy
3. Knauf Insulation
4. TechnoNICOL Corporation
5. Anco Products, Inc.
6. Aspen Aerogels, Inc.
7. Cabot Corporation
8. Morgan Advanced Materials plc
9. Unifrax LLC
10. RATH Group
11. IBIDEN Co., Ltd.
12. Armacell International

Recent Developments

Recent Developments

• October 2023- Knauf Insulation completed a Multi-Million Dollar plant update. The new equipment will allow Knauf Insulation to manufacture glass mineral wool slabs alongside the plant’s current roll.
• August 2023- Norbec, a Quebec company that makes insulated metal panels used in refrigerated warehouses and other structures, is building a USD 45-million plant, shown in a rendering, in Strathroy.

Segmentation

1. By Material
   1. Glass Wool
   2. Stone Wool
   3. CMS Fibers
   4. Calcium Silicate
   5. Cellular Glass
   6. Foamed Plastic
   7. Elastomeric Foam
   8. Perlite
   9. Aerogel
   10. Cellulose
   11. Micro Silica
2. By Product
   1. Pipe
   2. Board
   3. Blanket
3. By Applications
   1. Power Generation
   2. Petrochemical and Refineries
   3. EIP Industries
   4. LNG/LPG Transportation and Storage