According to the latest report by IMARC Group, titled "Industrial Insulation Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global industrial insulation market reached a value of US$ 7.4 Billion in 2022. Industrial insulation refers to the materials or combination of materials that hinder the flow of heat energy by minimizing heat loss. It facilitates various functions, such as controlling surface temperatures, preventing vapor flow and water condensation on cold surfaces, improving operating efficiency, and equipment protection in a corrosive environment. It is widely used to improve the overall process and avoid the wastage of energy. Industrial insulation provides frost protection to pipelines at low temperatures, thus making it ideal for transportation equipment.
Global Industrial Insulation Market Trends:
The global market is primarily driven by the increasing demand for improving equipment efficiency and process performance among application industries. In line with this, the rising product demand for condensation control, noise reduction, freeze protection, and reducing environmental pollution is significantly contributing to the market. Furthermore, heavy investments in research and development process by various companies for new product development and improvement in transparent technology for thermal insulation are creating a positive outlook for the market. Apart from this, the growing demand for fire safety regulations to ensure the safety of workers across the globe is positively influencing the market. Besides this, significant spending by the public and private sectors in industrial manufacturing is offering lucrative growth opportunities in the market. Additionally, the augmenting constructions of energy-efficient buildings due to the rising environmental concerns among the masses and the widespread awareness about the efficient usage of resources are strengthening the market growth worldwide. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.9 Billion by 2028, exhibiting a CAGR of 4.7% during 2023-2028.
- On the basis of the product, the market has been segmented into blanket, board, pipe, and others.
- Based on the insulation material, the market has been bifurcated into mineral wool, fiber glass, foamed plastics, calcium silicate, and others.
- On the basis of end use industry, the market has been categorized into automotive, chemical and petrochemical, construction, electrical and electronics, oil and gas, power generation, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some key players include Aspen Aerogels Inc., BASF SE, Bnz Materials Inc., Cabot Corporation, Compagnie de Saint-Gobain S.A, Ibiden Co. Ltd., Johns Manville Corporation (Berkshire Hathaway Inc), Kingspan Group plc, Knauf Insulation, Nichias Corporation, Owens Corning, and Rockwool A/S.
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