Industrial Insulation Market Size Worth $10.19 Billion to Grow at 4.6% CAGR During 2022-2028 | Industry Trends, Share, Growth, SWOT Analysis, Forecast by The Insight Partners

NEW YORK, Aug. 26, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Industrial Insulation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material, Product, End User, and Geography", the market is expected to grow from US$ 7.79 Billion in 2022 to US$ 10.19 Billion by 2028; it is expected to grow at a CAGR of 4.6% from 2022 to 2028. The market growth is attributed to the increasing demand from the power generation sector and strict regulations mandating the use of insulation materials for energy conservation. Industrial insulation helps increase safety, reduce heat loss, and make process sustainable in various industries such as power generation, chemical, and others. Increasing demand for insulation in machinery boilers, pipes, and storage tanks drives the market growth. Further, the growing construction activities in Asia Pacific, mainly in China and India, have projected the need for industrial insulation products.

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Industrial Insulation Market - Strategic Insights

Industrial Insulation Market: Competition Landscape and Key Developments

Nichias Corporation, Aspen Aerogels Inc., McAllister Mills Inc., ROCKWOOL A/S, SAINT GOBAIN S.A., Knauf Insulation, Kingspan Group, CABOT CORPORATION, Johns Manville, and Thomas Group are among the players operating in the global industrial insulation market. Market players focus on providing high quality products to fulfil the customer demand. They are also constantly adopting various strategies, including research and development investments, new product launches, and capacity expansion.

Key Developments

• In 2022, Saint-Gobain announced its plan to invest in new glass wool production capacity in France.
• In 2020, Johns Manville announced the launch of a complete portfolio of water-repellent mineral wool products for industrial insulation market.
• In 2022, Knauf Insulation announced the acquisition of glass wool plant in Central Romania. The acquisition was aimed to meet the growing demand for insulation across Eastern European and CIS regions.

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In 2021, Asia Pacific held the largest share of the global industrial insulation market. The market growth in the region is mainly driven by the increasing demand for insulation products from various industries, growing industrial activities, rising infrastructural spending, and strong economic growth of the region. In Asia Pacific, industrial insulation products are highly used in power generation, chemical & petrochemical, and food & beverage industries. According to the recently released report by the International Energy Agency, the demand for electricity in Asia Pacific grew by 8% in 2021, from a low of 2% in 2020.  This factor is fueling the demand for industrial insulation products in the region. The petrochemical demand has also grown considerably in the region.  Further, the growing chemical industry in Asia Pacific bolsters the regional industrial insulation market growth.

Energy saving regulations and the need for insulation materials in end-use industries such as oil and gas, chemical and petrochemical, food and beverage are driving the market growth. 

Standards established by various associations such as the American Society of Mechanical Engineers (ASME), American Boiler Manufacturers Association (ABMA), and American Society for Testing and Materials (ASTM) apply to the design of equipment in the industry. Strict regulations for the mandatory use of insulation materials for energy saving purposes is contributing to the growth of the industrial insulation market.

Based on raw material, the industrial insulation market is segmented into wool, foams, and fibres and others. The foams segment held the largest share in the market in 2021.  Foam insulation is the most commonly used type of insulation. It finds application in various proofing and insulation applications, including thermal insulation, acoustic insulation, and weatherproofing.

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Based on end user, the industrial insulation market is segmented into power generation, chemical and petrochemical, cement, food and beverage, and others. The power generation segment held the largest share in the market in 2021. Stone wool, fiberglass board, ceramic fiber blanket, calcium silicate, and cell glass are among the common materials used in the electric power-generating industry to insulate boilers, wind boxes, flues, and air pollution equipment. The growth of the power industry across various countries is expected to propel the demand for industrial insulation during the forecast period.

Based on end user, the global industrial insulation market is segmented into power generation, chemical and petrochemical, cement, food and beverage, and others. The power generation segment held the largest share of the market in 2021.  Power generation is the main market for industrial insulation products. Industrial insulation is important in nuclear power plants, fossil fuel power plants, hydroelectric power plants, solar power plants, and coal-fired power plants. Proper equipment insulation helps in the maintenance of power plants. Also, it reduces the risk of injury or burns to workers.

Insulation material is used in various industries such as power generation, chemical, petrochemical, cement, and food and beverage. It offers various advantages through energy savings, process efficiencies, and environmental stewardship. Proper insulation helps to improve efficiency by regulating the ambient temperature in a plant or factory.

The industrial insulation market growth is mainly driven by the increasing demand from power generation sector. Industrial insulation is highly important in various hydroelectric plants as it aids the steam-generating boilers in maintaining temperature levels. Industrial insulated covers are an excellent option to save electricity, maintain process temperature, reduce heat loss, and improve workplace safety. The growing urbanization, industrialization, and emerging strict energy conservation regulations in various countries of Asia Pacific, Middle East & Africa, South & Central America, and Europe is boosting the use of industrial insulation products in power generation sector.

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In 2021, Asia Pacific held the largest share of the global industrial insulation market. The industrial insulation market growth in the region is driven by increasing demand from various industries, including power generation, chemical & petrochemical, and food & beverage, the growing industrial activities, and strong economic growth in the region.

The foams segment held the largest share of the global industrial insulation market in 2021. Foam insulations are commonly used for various proofing and insulation applications, including thermal insulation, acoustic insulation, and weatherproofing.

The pipe segment held the largest share of the global industrial insulation market in 2021. Pipe insulation helps to reduces energy losses to a great extent, hence reducing the energy cost. Cellular glass, one of the types of materials used in pipe insulation, is used in ductwork, heat transfer fluid systems, chemical processing systems, commercial pipework, storage tanks, and other application areas.

Asia Pacific is estimated to register the fastest CAGR in the global industrial insulation market over the forecast period. This is mainly attributed to an increasing use of industrial insulation materials in different application fields, increasing infrastructural spending, and strong economic growth.

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Impact of COVID-19 Pandemic on Industrial Insulation Market

The COVID-19 pandemic severely impacted various economies across the world. The governments of various economies took possible steps to restrict the spread of the virus infection by announcing country-wide lockdowns, which directly impacted the growth of the various industries. The pandemic significantly slowed down the growth of the industrial insulation market due to its adverse effects on the growth of multiple industries, such as cement and chemicals. In Asia Pacific, many cement manufacturers were operating their plants with reduced capacities in 2020. Further, a decline in the production of food and beverages and a halt in infrastructure activities hampered the market performance in Asia Pacific. Further, irregularities in the production processes in the food & beverages, chemicals & petrochemicals, and cement industries negatively affected the demand for industrial insulation in South & Central America.

The reopening of industrial activities in various countries across the world has propelled the demand for industrial insulation products. In the Middle East & Africa, high demand for products enhancing the performance of processes and efficiency of industrial equipment is supporting the market growth.

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