Industrial Insulation Market Growth Analysis | 2022-2028

Market Insights

The industrial insulation market was estimated at USD 7.7 billion in 2021 and is likely to grow at a CAGR of 5.01% during 2022-2028 to reach USD 10.88 billion in 2028.

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Market Dynamics

Introduction

Insulation is a method of reducing the rate of heat transfer by controlling surface temperature for personnel protection. It controls and stabilizes the industrial temperature through various tools such as pipes, vessels, storage tanks, boilers, and many others. It also helps to control noise and variation to encase the piping mechanism.  

Industrial insulation materials are of different types, such as mineral wool, calcium silicate, plastic foams, and others, that are used in various end-use industries, such as power, chemical & pharmaceutical, oil & gas, cement, food & beverages, and others.

Market Drivers

Key factors driving the demand of the industrial insulation market in the coming year are:

• Improvement in equipment efficiency: The insulation of equipment improves the overall equipment efficiency and controls heating and cooling of the equipment due to its temperature-controlling properties. Also, insulation slows heat transfer from coming into the equipment system and improves machine performance by accelerating the production process.
• Rise in energy and power requirement: The growing population worldwide will lead to the steady rise in energy and power consumption. According to the IEA, global power demand is expected to rise over the next 3 years, growing by an average of 3.4% annually by 2026, fostering the growth of the number of power plants and enabling the market expansion of industrial insulation.
• Regulations for energy conservation: Insulation systems can reduce energy losses from a given source by 78% to 88%, depending on the process temperature. According to the IEA, in 2024, countries representing at least 30% of global energy use—including Brazil, Canada, the European Union, Mexico, the United Kingdom, and the United States—will have policies for enhanced energy efficiency.

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Challenges

• High production cost: The raw materials required for the production of insulation are plastic foam, fiberglass, and mineral wool; any fluctuations in the price or any obstruction in the supply chain of these raw materials may hinder the growth of this market. Additionally, manufacturing and processing of the insulation boards requires a significant amount of energy and fuel costs.
• Lack of skilled workforce: Requirement of skilled workforce for the production and installation of the insulation. Effective installation demands trained and certified professionals, and shortfalls in skilled labour can result in errors in installation, delays in project completion, and compromised quality.
• Moisture Control: Most industrial environments struggle with moisture-related problems due to humidity, temperature variation, or water penetration, resulting in corrosion of equipment.

Key Players

The following are the key players in the industrial insulation market:

• Armacell International S. A.
• Cabot Corporation
• Johns Manville,
• Knauf Insulation
• Kingspan Group PLC
• Insulcon B.V.
• Owens Corning
• Rockwool Group
• Saint Gobain SA
• Promat (Etex Group)

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Material Type

"Mineral wool segment held the largest share of the market in 2021"

The market is segmented as mineral wool, calcium silicate, plastic foams, and others. The mineral wool segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. The unique properties of mineral wool such as low conductivity, noise reduction, and easy availability drive the growth of the segment. Also, its recyclability, low cost, and suitability for various end-use industries are expected to boost the demand for industrial insulation during the forecast period.

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By End-User Industry Type

"Power industry segment is expected to remain the fastest-growing segment."

The market is segmented as power, chemical & pharmaceutical, oil & gas, cement, food & beverages, and others. The power industry segment is expected to remain the fastest-growing segment, owing to the increasing demand for electricity from growing population, urbanization, and industrialization in emerging economies such as China, India, and others.

Regional Insights

"Asia-Pacific is estimated to be the largest as well as fastest-growing industrial insulation market during the forecast period."

Asia-Pacific is estimated to be the largest as well as fastest-growing industrial insulation market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the widespread trend of industrial and urbanization in the region, along with the growth of the chemical & petrochemical sector in the region, owing to the increasing demand for petrochemical-based products.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s industrial insulation market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our industrial insulation market report from the industry stakeholders, we have tried to further accentuate our research scope to the industrial insulation market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The industrial insulation market is segmented into the following categories:

By Material Type

• Mineral Wool 
• Calcium Silicate 
• Plastic Foams 
• Others

By Form Type

• Pipe 
• Blanket 
• Board 
• Others 

By End-User Industry Type

• Power 
• Chemical & Pharmaceutical 
• Oil & Gas 
• Cement 
• Food & Beverages 
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the form types by end-user industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.