Industrial Insulation Market to be Valued at US$ 5.0 billion by 2027- Exclusive Report by MarketsandMarkets™
The global “Industrial Insulation Market by Form (Pipe, Blanket, Board), Material (Mineral wool, Calcium silicate, Plastic foams), End-use (Power, Oil & Petrochemical, Gas, Chemical, Cement, Food & Beverage), and Region – Global Forecast to 2027″, Industrial insulation market size is projected to reach USD 5.0 billion by 2027 from USD 3.9 billion in 2022 growing at a CAGR of 5.4%.
Industrial insulation can be defined as insulating components, machinery, and other equipment with materials that provide thermal and acoustic resistance or insulation. These are generally applied to pipes, tanks, boilers, and other machinery dealing with high-temperature applications. They also serve the purpose of process temperature control, condensation prevention, corrosion resistance, and vibration reduction. The temperature range in which these insulation materials function is between -1700C to 1,2000C (-274˚F to 2,192˚F). These materials are mineral wool, plastic foams, calcium silicate, and others. Industrial insulation is used in many industries, including power, chemical, oil & petrochemical, gas, cement, food & beverage, and others. The demand for industrial insulation in emerging economies, such as Asia Pacific, the Middle East & Africa, and South America, is increasing, owing to the growing infrastructure activities. Also, energy conservation regulations are driving the insulation market in these industries. The volatility in raw material prices and low awareness regarding the usage of insulation products are hindering the growth of the market. The increase in infrastructural spending in emerging economies, such as China, India, Brazil, and Chile, provides a huge market growth opportunity. However, the requirement for skilled labor and the high installation cost are challenges for the market.
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The blanket is estimated to be the second-largest market in the global industrial insulation market, by form, during the forecast period.
Blanket insulations come in the form of batts and rolls with a foil backing. It is one of the most commonly used insulations. Batt insulations can be available in the form of pre-cut panels, whereas roll insulation comes in the form of a continuous roll, which can be trimmed and fitted in the required space. These types of insulation are commonly made of fiberglass or mineral wool. They have high fiber density and low shot content for excellent thermal control performance and fire resistance. These are also available in the metal mesh option, wherein it is applied mechanically to the insulating material.Plastic foams is estimated to register the second-highest CAGR during the forecast period
Plastic foams are innovative, energy-efficient materials used for insulation. They can effectively seal gaps and stop air leaks. Plastic foams used in industrial insulation can be classified as phenolic, elastomeric, and others. Johns Manville and Armacell International SA are some of the major manufacturers of plastic foams.
Oil & petrochemical is estimated to be the second-largest end-use industry by value in 2022
The oil & petrochemical industry requires a variety of equipment, such as pipelines, vessels, and subsea equipment for routine operations. As the operation involves high-temperature conditions, most of the equipment needs to be covered with insulation material. High-temperature insulation materials have a low thermal conductivity to ensure a lower heat transfer rate. They require surface emissivity to emit energy as thermal radiation and they need to have higher specific heat capacity, so that they take more time to absorb heat, before transferring it. There are various high-temperature insulation products, including calcium silicate and ceramic fiber, and microporous insulation. Due to these factors, the demand for industrial insulation in the oil & petrochemical sector is expected to increase in the next five years.
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Middle East & Africa is estimated to register the second-highest CAGR during the forecast period
The region has established oil & gas and chemical & petrochemical industries due to the abundant availability of natural resources. The oil & gas industry in the region is growing at a steady pace due to rising exports and increased exploration of reserves. Government initiatives and foreign investments are driving the industry. The region is also an attractive location for the integration of oil & gas extraction and petrochemical refineries, owing to the abundant availability of oil & gas. The chemical & petrochemical industry is expected to generate higher demand for oil despite the trend of plastic recycling due to growing demand from emerging economies in the Asia Pacific region. Huge investments, a rising population, growing disposable income, and integration of production activities are expected to increase output in the form of fuel and feedstock and, in turn, drive the industrial insulation market.
Major players in the global industrial insulation market include Owens Corning (US), Saint-Gobain ISOVER (Germany), ROCKWOOL (Denmark), Knauf Insulation (US), Armacell (Luxembourg), Insulcon BV (Netherlands), Kingspan Group (Ireland), Johns Manville (US), Nichias Corporation (Japan), and Promat (ETEX) (Belgium).
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