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Industrial Insulation are materials or combination of materials that retard the flow of heat energy by reducing heat loss. They also facilitate variety of functions such as control surface temperatures, prevent vapour flow and water condensation on cold surfaces, increase operating efficiency, equipment protection in the corrosive environment. Industrial insulations are widely used to improve the overall process economics and avoid wastage of energy.
On the basis of type, industrial insulation market is segmented into Fiberglass, Rockwool, Calcium silicate, Plastic foams (polystyrene-closed cell, polyisocyanurate and elastomeric) and Others (expanded vermiculite, perlite, cellulose, diatomaceous earth and expanded polystyrene). On the basis of form, industrial insulation market is segmented into piping insulations (granular, fibers & pre-shaped), board & blanket and others. On the basis of end-use applications, Industrial Insulation Market can be segmented into Power Genaration, Refinery, Chemicals & Petrochemicals, Fire Protection and others.
Key Market Driver -
Rise in demand from Power generation sector with increasing adoption of renewable energy.
Key Market Restraint -
Fluctuating Raw material prices
From a geographical standpoint, the market is categorised into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key market Drivers, the rising demand of industrial insulations from the power generation sector is driving the global industrial insulation market. There has been increase in demand from other industries such as chemicals & petrochemicals as well due to improved process economics offered by efficient insulations.
Key market restraints, the changes in the raw material price directly impact the prices of the industrial insulations. Also, there is huge difference in the prices of different insulation materials that creates opportunities for the alternative insulating materials and system.
The global Industrial Insulation Market is highly fragmented with the presence of number of global giants and regional manufacturers. Some of the prominent players include- Johns Manville, Rolan, American Rockwool Manufacturing, LLC, Saint Gobain, Hollingsworth & Vose Company, Knauf Insulation, Rock Wool Manufacturing Company, Owens Corning, USG Corporation, Armacell, Kingspan Group, Cabot Corporation and others.
On geographical basis, Industrial Insulation Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific continues to dominate the Industrial Insulation Market on the back of China. China holds a major share in the Industrial Insulation Market owing to the presence of number of end users in the region. Moreover, with the implementation of stricter environmental regulations in china, the number of end users is further expected to increase. Other Countries such as India, Thailand have also reported to increase the consumption of industrial insulations owing to the rising awareness and the economic benefits. The European demand for industrial insulations is expected to grow in line with the global GDP with high growth rates in the central and Eastern Europe. North America region is expected to witness slow growth in the industrial insulation market due to fair maturity levels in the local market.
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However, with the increasing adoption of renewable energy in the region, the demand for industrial insulations is expected to increase. Latin America is expected to experience high growth over the forecast period owing to the improving socio-economic conditions in the region. The industrial insulation market in the region is mostly driven on the back of Brazil & Mexico. As per the number reported by the Brazilian Government, renewable energy accounts to more than 75% of the domestically produced electricity and the country is also increasing its dependency on renewable sources to produce electricity. With the increasing awareness and adoption of industrial insulations in the region, the consumption in the region is expected to rise over the foreseeable period.
By End-Use Industry
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