CHICAGO, June 25, 2019 /PRNewswire/ -- According to the new market research report "Industrial Insulation Market by Form (Pipe, Blanket, Board), Material (Mineral Wool, Calcium Silicate, Plastic Foams), End-use Industry (Power, Chemical & Petrochemical, Oil & Gas, Cement, Food & Beverage), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Industrial Insulation Market is projected to grow from USD 2.6 billion in 2019 to USD 3.3 billion by 2024, at a CAGR of 5.0%.
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Mineral wool is projected to lead the industrial insulation market during the forecast period.
Based on material, mineral wool is projected to lead the industrial insulation market during the forecast period. Mineral wool is readily available and has properties such as low thermal conductivity, lightweight, and noise reduction, which are responsible for its widespread use in power, chemical & petrochemical, cement, food & beverage, and oil & gas applications.
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Power is projected to register the highest CAGR during the forecast period
Based on end-use industry, the power sector is expected to register the highest CAGR between 2019 and 2024. The use of industrial insulation is increasing in the sector as they provide maximum energy and cost saving. Insulation also helps in prolonging equipment lifespan by reducing temperature fluctuations and maintaining proper operating temperatures. In addition, energy conservation regulations and the need for increasing efficiency of the processes are likely to increase the consumption of industrial insulation materials.
APAC is projected to register the highest CAGR in the industrial insulation market between 2019 and 2024.
The increasing demand for electricity owing to rampant urbanization and industrialization in APAC is expected to fuel the demand for industrial insulation during the forecast period. China, India, Japan, Australia, Indonesia, Vietnam, and South Korea are some of the key industrial insulation markets in the region. The industrial insulation market in APAC has immense growth potential.
Some of the key players in the Industrial Insulation Market are Owens Corning (US), Saint Gobain (France), Kingspan Group PLC (Ireland), Knauf Insulation (Belgium), Rockwool Group (Denmark) and Johns Manville (US). Investment & expansion, new product launches, and merger & acquisition were the major growth strategies adopted by the market players between 2015 and 2018 to enhance their regional footprint and meet the growing demand for industrial insulation in the emerging economies.
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