Global industrial insulation market size is predicted to grow from USD 2.8 billion to USD 3.5 billion from 2019 to 2024, developing at a CAGR of 5.2%.
Global Industrial Insulation Market: An Overview
Industrial insulation is the process of protecting buildings from impact caused by regular or heavy-duty industrial applications. These can incur in the form of vibrations or disturbances in various forms. Generally, buildings require various protection measures to protect from fire, loud noise, among other factors. However, industrial insulation is a specialized process geared at isolating a wide range of impacts often caused by the specific industrial activity.
According to ZMR forecast, the industrial insulation market will reach 3.5 bn in valuation by 2025 end. The market will grow at a notable CAGR of 5.2% during 2019-2025 to drive growth from a modest valuation of $2.8 bn in 2018. The rising demand for automation, and subsequent promise of new applications will present a major scope for growth in the global industrial insulation market. The rising demand for electricity, in-house power generation with generators will also lead to new opportunities for growth. Industries like cement manufacturing, petrochemical, and chemical will present largest scope for innovation, and growth during the 2019-2025 period.
Global Industrial Insulation Market: Key Trends
The rising uncertainty due to climate change, and increase in need for protection for industrial establishments, and rising sophistication in manufacturing facilities will remain key drivers of growth during the forecast period. The growing sophistication in manufacturing faculties, and advent of automation will lead to new opportunities for innovative players in the global industrial insulation market. Robotic automation, and human-interaction is at its nascent stage. This has resulted in grave accidents in recent times, leading to severe damage, and subsequent liabilities. Moreover, the growing requirement for heating, and cooling facilities, cleanboard technology, and rising efficacy of mechanical protection promises major avenues for growth.
Additionally, countries like India, US, and China will likely undertake major infrastructure improvements during 2019-2024 period. It is estimated that the construction sector will grow by 85% by 2030. Moreover, these three countries will contribute over 58% of the total growth in the construction sector. The Indian government has announced an infusion of $1.4 trillion in the Indian economy over the forecast period. The investment will result in massive projects including construction of ports, airports, highways, and other public infrastructures. The growth of the construction sector, and growing standardization of industrial insulation practices will drive new opportunities for growth.
Global Industrial Insulation Market: Segmentation
The global industrial insulation market report will be divided on the basis of material, end-use, type, and region. Among types, the market report will cover blanket, pipe, board, and others. on the basis of material, the report will cover plastic foams, mineral wool, calcium silicate, among others. Among end-use industries, the chemical & petrochemical, power, food & beverage, and oil & gas industries will be covered. The rising demand for food processing, and growing concern about food safety will lead to major gains for players in the food & beverage segment.
Global Industrial Insulation Market: Regional Analysis
The global industrial insulation market report will cover all regions including North America, Asia Pacific, Latin America, Middle East & Africa, and Europe. The growing demand for oil & gas exploration activity, and large-scale use of temporary structures for these activities will drive tremendous growth in this sector in the Asia Pacific region. The growing demand for energy in India, and China, and their increased dependence on the same for development, will be a major driver for growth for players in the industrial insulation market. North America, and Europe will likely register highest revenues respectively, thanks to increased advancement in manufacturing chemicals, and rising demand in the food & beverage sector due to changing lifestyle.
Global Industrial Insulation Market: Competitive Analysis
The global industrial insulation market landscape remains a competitive, and fragmented landscape with large numbers of small, and large players alike. The growing demand for innovation, and increased diversification promises tremendous potential for innovative players during the forecast period. Some key players in the industrial insulation market are Kingspan Group PLC, Owens Corning, Knauf Insulation, Saint Gobain, and Rockwool Group.
The global industrial insulation market is segmented as follows:
The industrial insulation market reached a total valuation of $2.8 bn in 2018.
The market will likely rise to $3.5 bn by 2025 end.
The market will grow at a notable CAGR of 5.2% during 2019-2025 period.
The Asia Pacific and North America region will likely witness highest growth in total revenues during the forecast period, thanks to rising manufacturing of petrochemicals in the region. The Asia Pacific region will achieve the fastest CAGR during the forecast period.
Some key players in the industrial insulation market are Owens Corning, Kingspan Group PLC, Saint Gobain, Knauf Insulation, and Rockwool Group.
Request the coronavirus impact analysis across industries and markets