The following factors are expected to drive the Industrial Insulation Market during the next five years
- the growing demand for electricity due to the increasing population and industrialization in emerging economies
- rapid urbanization
- stringent regulations regarding energy conservation applicable to various industries
Based on the comprehensive research in the Industrial Insulation Market and related markets, Markets and Markets presented a forecast for the period 2019-2024
The Industrial Insulation Market size is estimated to be $ 2.6 billion in 2019 and is expected to reach $ 3.3 billion by 2024, with a CAGP of 5.0% in this period.
By material types, mineral wool is expected to account for the largest market share during the forecast period.
Major drivers for the mineral wool segment include properties such as low conductivity, noise reduction, and easy availability. Additionally, recyclability, low cost, and suitability for a wide range of end-use industries such as power generation, oil & gas, and chemical & petrochemical, among others are expected to boost the demand for industrial insulation during the forecast period.
By the end-use industry, power generation is expected to be the fastest-growing segment, in the industrial insulation market during the forecast period.
The Asia Pacific region (APAC) is projected to be the largest consumer of industrial insulation during the forecast period. This growth is attributed to the rapid urbanization in the region, widespread industrialization and growth of the chemical & petrochemical sectors.
The key market players in the Industry Insulation Market as as follows
- Owens Corning (US)
- Saint Gobain (France)
- Kingspan Group PLC (Ireland)
- Knauf Insulation (Belgium)
- Rockwool Group (Denmark)
- Armacell International S.A. (Luxembourg)
- Johns Manville (US)
Based on form, the industrial insulation products have been segmented into pipes, blankets ,boards, others.