Industrial Insulation Market, Revenue Share Analysis, Region & Country Forecast, 2017–2027
The Industrial
Insulation market is projected to reach USD 4.74 Billion by 2027,
according to a new report by Reports and Data. Critical factors such as
increased demand for the product drive the industry to improve equipment
efficiency and process efficiency across industry sectors. Insulation prevents
heat transfer from the equipment system and increases the machine’s performance
by making manufacturing processes more efficient. It provides protection for
pipelines against low-temperature frost, which makes it ideal for transport
equipment. Increasing demand, combined with the availability of the product at
reasonable prices, would likely lead to growth in the market.
In the forecasting period, factors such as growing global
warming initiatives and other government policies coupled with increasing
demand for maintenance and servicing of outgoing insulation systems are
expected to stimulate growth.
The growing demand for electricity is anticipated to propel
the market as a result of the increasing population and industrialization in
developing countries. In addition, rapid urbanization and strict regulations on
energy conservation applicable to different industries, such as chemical &
petrochemical and cement, are likely to drive demand in the industrial insulation
market.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly
changing their practice and purchasing priorities to meet the required demand
of a pandemic. Over a couple of months, this crisis has had a direct impact on
the industrial insulation development rates as the manufacturing units have
been disrupted. Also, the disturbances in the regular supply chain have caused
the companies to create new supply chains that are more expensive and takes a
lot more time to satisfy the need for catalysts in different areas of the
chemical industry.
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Key participants include Kingspan
Industrial Insulation Ltd., Pacor, Inc., BASF SE, Knauf Insulation Sprl,
Refractory Specialties Incorporated, Rockwool International A/S, ACH Foam
Technologies LLC, Owens Corning Corporation, Berkshire Hathaway Incorporated,
and Saint Gobain, among others.
Further key findings from the report suggest
- Government
initiatives to endorse manufacturing sectors in the country are projected
to augment the demand for industrial insulation in construction and
industrial applications, thereby creating growth opportunities for market
players.
- Due to
the rising demand for insulation materials in the thermal power generation
industry, the power generation application segment is projected to grow to
mitigate energy losses
- Calcium
silicate is one of the most commonly used materials, primarily for heat
preservation, used for industrial protection. The physical properties
allow it to develop into various shapes and can be reinforced with
different materials with the ultimate purpose of obtaining enhanced
protective property.
- In
recent years, all of the significant market players have invested heavily
in R&D initiatives, leading to the invention of several innovative
products. Major players aim to enhance their product portfolio by
strategic mergers and acquisitions of small and medium-scale companies. In
the coming years, therefore, an intense rivalry among players is expected.
- In
April 2018, Owens Corning obtained Guangde SKD Rock Wool Manufacture
Company Limited, a producer of Chinese mineral wool. This acquisition enhanced
Owens Corning’s production capability to meet China's rising demand for
industrial insulation.
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For this report, Reports and Data segmented the global
Industrial Insulation industry report based on product type, material type,
application, and by Region for this study:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Blanket
- Pipe
- Board
- Others
Material Type Outlook (Revenue, USD Billion; 2017-2027)
- Glass
wool
- Stone
wool
- Calcium
Silicate
- Foamed
Plastic
- Aerogel
& Cellulose
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Petrochemical
- LPG
& LNG
- Power
generation
- Others
Industrial Insulation Market
Segmentation by Region:
North
America, Latin America, Europe, Asia Pacific, and Middle East and Africa.
Scope of the Industrial Insulation Market
Report:
The
report offers an extensive assessment of the growth rate and the market size
based on the dynamics of the industry and the factors influencing the growth of
the market. The report is formulated through authentic sources and verified and
validated by industry experts. The report has been formulated through extensive
primary and secondary research. It also covers the evaluation of market and
competitive landscape along with SWOT analysis and Porter’s Five Forces
analysis of the leading companies.
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Moreover,
the report offers an accurate forecast estimation through a thorough analysis
of the historical data (2017-2018) while considering 2019 as the base year. The
data offers a panoramic view of the market, assisting the readers to gain
valuable insights into the Industrial Insulation market. To impart better
understanding of the market, the key statistical data is organized into
pictorial representations such as charts, graphs, tables, diagrams, and
figures.
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