Industrial Insulation Market | Research Insights, Business Outlook, Company Profiles, Trends and Forecast 2018-2023

Industry News:

In August 2018, Germany based Evonik Industries announced its joint venture with the Chinese company Wynca for the production of fumed silica. The product will be used in high-performance insulation materials.

In September 2018, Aegion Corporation, an American multinational company, completed the sale transaction of its Bayou pipe coating and insulation business. The deal is worth USD 46 Mn.

In September 2018, Panacol, a leader in high-tech industrial adhesives and medical grade adhesives, introduced Elecolit 6603 adhesives for high electrical insulation.

Market Synopsis:

Market Research Future (MRFR)’s latest analysis reveals that the Global Industrial Insulation Market is set to expand at a CAGR of 5.64%, in terms of value, during the forecast period. The market is expected grow from USD 3,056.5 Mn in 2016 to USD 5,017.4 Mn by the end of 2023. In terms of volume, the market is poised to register a CAGR of 5.3% over the assessment period. The established industrial sector in the developed economies, as well as the thriving industrial sector in the fast-developing country-level markets, are driving the growth of the Global Industrial Insulation Market.

Insulation optimizes the energy consumption of an industry, which is the major factor responsible for the accelerated adoption of the Insulation Materials across industries from different sectors. Additionally, the regulations enforced by the governments for keeping a check on industrial energy consumption have fueled the demand for Industrial Insulation Materials. The trend is projected to continue in the forthcoming years.

The innovations and advancements introduced by the industry players as a part of their product portfolios are forecasted to propel the expansion of the Industrial Insulation Market. Furthermore, the rising public and private investments in industrial manufacturing are anticipated to have a positive influence on the growth of the Industrial Insulation Market during the projection period.

The rapid industrialization as an outcome of global economic reforms has paved the way for the proliferation of the Industrial Insulation Market. However, high cost associated with silicon carbide ceramics is likely to hold the market growth across the review period.

Market Segmentation:

By Type, the Global Industrial Insulation Market is segmented into wraps /sheets, coatings, and adhesive and sealants. The wraps/sheets segment is held a dominant share of the market in 2016. It is likely to retain a substantial share of the market over the forecast period registering a CAGR of 5.7%.

By Application, the Industrial Insulation Market has been segmented into chemical processes, LNG, power generation, heat exchangers, storage tanks, boilers, other hot & cold process equipment. The chemical processes segment accounted for a major share of the market in 2016. It is expected to exhibit positive growth in the foreseeable future.

Regional Analysis:

By Region, the Global Industrial Insulation Market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America was the largest market for industrial insulation in 2016. It is estimated to register a CAGR of 5.12% during the forecast period. The growth can be ascribed to rising demand for energy efficient products and thriving construction sector.

Europe accounted for the second largest market share in 2016. Led by Germany, the regional market is anticipated to exhibit substantial growth over the next few years. The U.K. and Russia are potential country-level markets in the region.

Asia Pacific has emerged as an important growth pocket of the Industrial Insulation Market over the last couple of years. The emergence of China as a manufacturing hub has catapulted the regional market on an upward trajectory.

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Industrial Insulation Market 2018 | Technology, Applications, Growth and Region Forecast 2023

Segmental Analysis

The Industrial Insulation Market is segmented on the basis of Application and Product Type. By Type, the market is segmented into coatings, Wraps /sheets, and adhesive & sealants. Wraps & sheet are further segmented into polymer modified bitumen membrane, aluminum butyl wrap, modified butyl rubber, metalized polymer, and others. Coatings are also sub-segmented into weather barrier, cryogenic, condensation control, vapour barrier, fire resistant, abrasion resistant, and others. Adhesive & sealants are further segmented into polystyrene foam, PVC, and water-based insulation and others. By application, the market is segmented into LNG, power generation, chemical processes, storage tanks, heat exchangers, boilers, other hot & cold process equipment.

Industrial Insulation Market – Overview

The role of Industrial Insulation is crucial in maintaining the environment required for carrying out the production tasks. Market reports associated with the chemicals and materials sector made accessible by Market Research Future along with published reports on other sectors have been lately put out along with a report on this industry. The market is anticipated to earn revenues worth USD 5,017.4 million by 2023 while growing at a CAGR of 5.64 percent in the forecast period.

The growth of the market is powered by the rising investments from the public and private sectors. The presence of a developed industrial sector globally is driving the development of this market further. The need to reduce energy consumption has also been identified as a key factor contributing to market expansion over the forecast period.

Detailed Regional Analysis

The regional analysis of the market includes regions comprising of Europe, North America, Asia Pacific, Middle East, Latin America, and Africa. The North American region was leading the market and has a major share of 33.08% as of 2016. The U.S. is one of the most promising market globally and has created a major country level revenue of USD 817.2 million. The growing focus towards the energy efficient products and services is expected to widen the scope for Industrial Insulation. Furthermore, established construction industry and resulting construction repair activities are driving the demand in this market. Germany, Russia, and the UK are the most promising national markets in the European region. Germany is responsible for the major part of this region with more than one-third regional market shares increasing at significant CAGR of 5.63%. The rise of China as a global manufacturing hub, propinquity of cheap labor force, copious availability of raw material, and developing industrial economies are some of the factors driving the industrial growth in this market.

Competitive Analysis

The long-term feasibility of the market is extremely dependent on the techniques and the strategic roadmaps that are involved by market players. The active combination of supply chain management is regularly enhancing the development of the market. The critical success factors in the market are effortlessly attained in the market leading to an elevated pace of development in the forecast period. The enhanced level of importance on the variation of products is raising the number of customers in the market considerably. The creation in products and services of the markets will modify the progression of the market noticeably. The market appeal and competitors’ tendencies are noticeably improved by the strategies that are being exploited by market players. The market is significantly elevated by the advances that are happening in the market.

The distinguished contenders functioning in the market for Industrial Insulation are Samhwa Chemicals Co., Ltd (South Korea), Owens Corning (U.S), Temati (Netherlands), Thomas Insulation Corporation (U.S.), STI Co., Ltd (South Korea), others.

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