Industrial Insulation Market Size, Share, Opportunities, And Trends By Product Type (Board, Blanket, Pipes And Tank, Others), By Material (Mineral Wool (Rock Wool, Glass Wool), Fiber Glass, Calcium Silicate, Foamed Plastic, Others), By By End User (Chemical And Petroleum, Automotive, Construction, Power Generation, Others), And By Geography - Forecasts From 2023 To 2028

Market Overview:

Industrial insulation consists of a substance or material combination that lessens heat loss while delaying the transfer of heat energy. They also make it easier to control surface temperatures, stop water from condensing on cold surfaces, improve operational efficiency, and protect equipment from corrosive environments. Changes in the US electricity and energy industries suggest that the industrial insulation industry has a promising future. Despite persistently high gas prices in the second half of the year, the global production of electricity from gas-fired sources climbed by about 3% in 2021 (Source: iea.org). New techniques for energy production are boosting demand for insulation to maintain the American energy infrastructure as the country moves away from reliance on coal-powered fuels and toward cleaner energy sources. The industry for industrial insulation has a chance to expand due to the current energy landscape's reorganization.

Growth factors:

• Industrialization will immediately encourage growth.

Construction and industrial activity have increased globally in many locations as a result of growing urbanization and industrialization. National statistics from the World Bank show that the industrial sector's GDP increased by 28.3% in 2021 compared to 26.3% in 2020. Therefore, the need for insulation, which is used in various industries, is anticipated to rise quickly. The advantages of insulation present a market for industrial insulation with significant growth potential. Equipment is protected by insulation from extremely high and low temperatures. Additionally, it lessens the possibility of accidents and avoids moisture condensation. These elements encourage market expansion for industrial insulation.

• With an increase in mineral wool manufacturing, the industrial insulation industry will expand.

Mineral wool is a fibrous, flexible material derived from rock or minerals, such as slag or ceramics, and it can be used in a range of applications to successfully meet the demands for thermal and acoustic insulation. When rock wool and mineral wool insulation are utilized properly on the walls and ceilings of a particular room, the sound insulation is improved and complete. Due to the presence of diverse end-use industries and their investments, the market is expanding quickly accounting for the majority of this growth. For instance, For the benefit of its customers, Knauf Insulation September 2022 has announced several upgrades in its two UK Glass Mineral Wool factories that it claims will increase capacity and enhance the range, accessibility, and sustainability of its products. The Knauf Insulation factory in Tarnaveni will be able to produce 60,000 tons of mineral wool annually once the entire investment plan is complete, to meet both domestic demand and markets in Central and Eastern Europe.

• Industrial insulation is expanding as a result of growth and innovation in the Asia-Pacific.

The Asia Pacific industrial insulation market is being driven by rising urbanization, greater electrification, rising disposable income, and rising population. The market in this sector is expected to increase at a rapid rate due to rising petrochemical demand, rising oil, and petrochemical use, rising gas use for power, and a growing population. For regional growth, the Asia-Pacific area is dependent on public-private partnerships. A lot of Southeast Asian nations have been working to increase their infrastructure spending. For instance, In July 2022, the Indian branch of the ROCKWOOL Group, a Danish global manufacturer of mineral wool goods, opened its doors. By embodying the business and its principles, the experiential centre will improve every connection a customer has with ROCKWOOL as a brand. The 2500 SQFT centre's professionally designed product demos will help clients experience real-life situations. Each of these elements helps the industrial insulation market expand.

Key Developments:

• December 2022: A development of its previous V PLUS Perform polyurethane technology for insulated metal panels, V PLUS Perform Next was introduced by Dow. The product combines V PLUS Perform's high-performance fire safety and energy efficiency features with low-carbon and circular ingredients made to the customer's needs. This will deal with the sustainability transition in the construction insulation business.
• December 2021: Rockwool India Pvt Ltd., a leading producer of stone wool in India with a comprehensive range of insulation products for thermal, acoustic, and fire safety purposes, has entered into a definitive agreement with Alghanim Group to be acquired by Saint-Gobain. The Group presently runs 29 facilities around India and has been making investments for the country's growth as well as creating solutions that combine sustainability and performance in recent years. This acquisition will strengthen the Group's presence and speed up its expansion in Asia, particularly in India, and is fully in line with Saint-"Grow Gobain's & Impact" objective.
• December 2020: Insulfrax 1300 HT Blanket and Insulfrax 1300 HT Anchor-Loc Modules are the newest additions to Unifrax's low bio-persistent product range, which was just launched. The Insulfrax 1300 HT line of products from Unifrax is the company's next evolution in low bio-persistent (LBP) thermal insulation. Unifrax now has the industry's most complete offering of high-temperature insulation goods thanks to the inclusion of Insulfrax 1300 HT fiber products.

COVID-19 Impact

The COVID-19 pandemic, which had a major effect on the manufacturing industry globally, resulted in some form of lockdown in every nation on Earth. Production and supply chain disruptions have had a negative impact on the industrial insulation market. However, the industrial insulation market is started to revive as a result of numerous important steps taken by the governments to encourage business recovery and the quick pace of mass immunization campaigns. The expansion of the industrial insulation market in the region was aided by an increase in demand from end users, including cement production and power generation. Industrial insulation sales will eventually rise as consumer concern for their protection and safety rises.

Industrial Insulation Market Scope:

Segmentation:

• By Product Type
  • Board
  • Blanket
  • Pipes and tank
  • Others
• By Material

• • Mineral Wool

• • • Rock wool
    • Glass wool

• • Fiber Glass
  • Calcium Silicate
  • Foamed Plastic
  • Others
• By End User
  • Chemical and Petroleum
  • Automotive
  • Construction
  • Power Generation
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • UAE
    • Isreal
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others