Industrial Insulation Market to Significantly Increase Coming Decade 2029 by Fact.MR Study

Tailwinds from energy conservation laws that necessitate energy-efficient insulation is a significant factor fuelling the steady growth of the global industrial insulation market. Booming digital economies of the Asia Pacific such as India are a prime source of future growth prospects. As digitization picks up pace in developing countries, power generation applications of industrial insulation products are touted to be a lucrative segment for market players.

“Market players will witness a cascading effect in demand for industrial insulation products on the back of multiplying consumption of electricity, fuel, and petro-chemicals in developing economies,” Opines Fact.MR Analyst

Global Industrial Insulation Market- Key Takeaways

• Stone Wool based insulation products will generate 1.8X revenue during the forecast period (2019 – 2029).
• Pipe products hold a majority share among product types, accounting for over 47% of the total market revenue.
• EIP (Eco-Industrial Park) applications constitute a significant segment for market players holding over one-third of aggregate market demand.
• Petrol-chemicals and refinery applications exhibit an impressive 6% CAGR during the projection period.
• Industrial insulation market in South Asia & Oceania is a lucrative region for manufacturers, growing at a robust 8% CAGR through 2029.

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Global Industrial Insulation Market- Key Drivers

• Enhanced product output by insulating temperature-sensitive processes is a significant factor driving the demand for industrial insulation from manufacturing units.
• Industrial insulation reduces carbon emissions from heating, ventilation, and air-conditioning (HVAC) systems which furthers the need for industrial insulation as an energy-efficient alternative.
• Record low and high temperatures across the world is another factor that warrants the use of industrial insulation by companies in extreme temperature countries.
• Growing awareness about innovative insulation materials such as glass wool and calcium silicate will continue to attract decision-makers from various application industries.

Global Industrial Insulation Market- Key Restraints

• Lack of a uniform standard of installation hampers the performance of products and restraints market growth in financially rewarding regions.

COVID-19 Impacts Revenue Pipelines in the Near-future

COVID-19 pandemic is affecting every industry. From food & beverage, oil & gas to the manufacturing of consumer products, supply chains are disrupted beyond repair. Market players must plan innovative strategies that adhere to the new ways of doing business in the post-pandemic world. Governments across the globe are issuing strict social distancing rules to curb the social transmission of COVID-19. Manufacturers cannot work in full-capacity and are restricted to a minimum workforce. Logistical operations face new challenges with continuously changing trade regulations between countries and within the national boundaries. However, there are a few industries which are witnessing an unprecedented growth during the pandemic.

For instance, power generation and data-centres are witnessing an unparalleled increase in demand for their products. The ubiquitous shift to a work-from-home culture produces a heightened demand for SaaS (Software as a Service) products which furthers the insulation requirement of new data-centres to accommodate new customers. As data-centres run on electricity, power generation applications will require more insulation products to increase their production capacity. Industrial insulation market is currently facing headwinds, but the reopening of economies will present remunerative opportunities as cost-effective, and the energy-efficient product is going to be a top priority in recovering economies of the world.

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Competitive Landscape of the Industrial Insulation Market

Innovating insulation technology by leveraging the advancements in material science is a prominent product differentiating strategy. The global industrial insulation market is moderately consolidated with tier-1 players roping majority revenues. Reducing production costs while expanding global footprint remains a popular strategy adopted by major players. Key companies covered in the report are, but not limited to, Rockwool Insulation A/S, Paroc Group Oy, Knauf Insulation, TechnoNICOL Corporation, NICHIAS Corporation, Anco Products, Inc., Aspen aerogels, Inc., Cabot Corporation, Morgan Advanced Materials plc, Unifrax LLC, RATH Group, IBIDEN CO., LTD., Armacell International Holding GmbH, L’ISOLANTE K-FLEX S.p.A., NMC Group, Kaimann, Pittsburgh Corning Europe N.V., GLAPOR Werk Mitterteich, and Duna-Corradini S.p.A.

About the Report

In its 170-page report, Fact.MR simplifies the detailed study on the basis of material (stone wool, glass wool, CMS fibres, calcium silicate, cellular glass, foamed plastic, elastomeric foam, perlite, aerogel, cellulose, micro silica, and others), product (pipes, board, blanket, and others), application (power generation, petro-chemicals & refineries, EIP industries, LNG/PNG, and others), across six major regions (North America, Latin America, Europe, East Asia, South Asia, and the Middle East & Africa)

Media Release: https://www.factmr.com/media-release/1430/global-industrial-insulation-market