Global Industrial Insulation Market was valued US$ 11.58 Bn in 2017 and is expected to reach US$ 19.58 Bn by 2026, at a CAGR of 6.78 % during a forecast period.
Global Industrial Insulation Market
Insulation is a layer or coating of resistant material, which serves as a barrier to the targeted energy. Various industries use various Products of insulation for the purpose of energy conservation and improve the efficiency of machines, systems, equipment and components. The industrial insulations fulfil the purpose of protection and avoid energy loss from the body it is applied on to. The industrial insulation materials are generally non-conducting materials, which act as a barrier to the flow of heat, sound, moisture and others. During such processes industrial material transferring through pipes, and in vessels, boilers, storage tanks and other, these equipments are being insulated with insulation wraps/sheets, coatings and adhesive & sealants material to reduce the energy consumption as well to maintain nature of material.
Insulation increases the efficiency of production processes thereby reducing the energy consumption. Similarly, regulatory presence in various regions to minimize the energy consumption has sets the enhanced consumption of industrial insulation material. The factor further expected to drive the growth of this market due to increasing focus of regional government to reduce energy consumption. The most common application of industrial insulation is to make the system thermal resistant and leak proof. Single or multiple layers of thermal insulator is applied to the fluid conduction pipes or on the boiler surface. Also, different Products of industrial insulators are present in the global market, which can be in the form of flexible sheets and pre-formed shapes, flexible blankets, rigid boards, blocks, sheets and pre-formed shapes, foams, liquids (spray, paints), etc.
Based on product, the wrap/sheets segment is expected to contribute major revenue share to the global market and is expected to maintain its dominance over the forecast period. On the other hand, high cost of industrial insulation in specific applications, such as industrial piping, is expected to limit the industrial insulation demand.
In terms of application, the chemical processes segment accounts for highest share in terms of revenue in the global market. Chemical processes accounted for over 25% share of the global market and is projected to grow at the highest CAGR. The chemical process has been sub-segmented with the emergence of ethylene crackers as the leader, which accounted for USD 256.6 Mn in 2017. Followed by chemical processes, power generation segment is expected to attain promising growth over the assessment period 2017-2026.
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As of 2017, North America was the most promising regional level industrial insulation market across the globe and the U.S. was the major contributor to this growth. Additionally, the U.S. has generated the largest revenue of US$ 789 Mn. China and India are collectively driving the growth of the Asia Pacific market and accounted for over 50% share of the regional market in 2017. As per our analysis, a large number of industries are present in China and it is expected to be the most promising country-level market over the review period, 2018-2026.
The report covers a global and regional level estimation and analysis for the industrial insulation market. The impact of the different market factors, such as drivers, restraints, and opportunities, challenges key issues SWOT analysis, and technology forecasting is also illustrated in the report. The Industrial Insulation market report covers an in-depth study of global and regional market and market attractiveness analysis, wherein the application, Product, and regional segments are benchmarked based on their growth rate, general attractiveness, and market size.
Key players operating in the global industrial insulation market are Asahi Kasei Corporation, Kingspan Group Plc, Johns Manville, Covestro AG, The Dow Chemicals Company, Armacell, Insulcon Group, Isolatek International, BASF SE, Owens Corning, Saint-Gobain S.A., and Saint-Gobain S.A.
Scope of Global Industrial Insulation Market:
Global Industrial Insulation Market, by Product:
Wraps/Sheets
Coatings
Adhesive & Sealants
Global Industrial Insulation Market, by Application:
Chemical Processes
LNG
Power Generation
Heat Exchangers
Storage Tanks
Boilers
Hot & Cold Process Equipment
Others
Global Industrial Insulation Market, by Region:
North America
Europe
Middle East & Africa
Asia Pacific
Latin America
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Report Published by: Maximize Market Research
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