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Industrial Thermal Insulation is used to obstruct the flow of heat energy from high temperature to low temperature. It is used across all process industries to decrease energy consumption and to ensure that a desired temperature is maintained in an area without need of additional heating or cooling equipment. It is used to carry out numerous functions such as process control, condensation control, noise reduction, energy conservation, and reduction of environmental pollution. Moreover, they are used to protect equipment from corrosion and degradation and widely utilized in various end use industries such as automotive, aerospace & defense, power generation, petrochemical & refineries, and others.
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Some of the prominent factors that positively influence the growth of the Industrial Thermal Insulation Market are rapid industrialization, increasing popularity of advanced insulation material, and developments in high temperature insulation wools. Moreover, rising automotive production and sales coupled with continuous expansion of automotive sector is predicted to fuel the demand for Industrial Thermal Insulation Market. Additionally, increasing use of spray on thermal insulation coatings in heavy duty vehicles is expected to drive the market growth. Furthermore, recovery in plant constructions and emphasis on energy efficiency benchmarking is estimated to drive the industrial thermal insulation market. Increasing use of advanced insulation material such as vacuum insulation panels and nano insulation panels are predicted to give a new encouragement in the growth of industrial thermal insulation market.
The major players operating in the Industrial Thermal Insulation Market are ROCKWOOL Technical Insulation (Denmark), 3M (U.S.), Paroc Group (Finland), TechnoNICOL Corporation (Russia), NICHIAS Corporation.(Japan), Pittsburgh Corning Corporation (U.S.), Evonik Industries AG (Germany), Armacell Enterprise GmbH & Co. KG (Germany), BASF SE (Germany), Cabot Corporation (U.S.) among others.
The Global Industrial Thermal Insulation Market is segmented on the basis of material, end use, and region. On the basis of material, the market is segmented into calcium silicate, mineral fiber, foamed plastic, perlite, cellular glass, and others. Other material includes elastomeric foam, refractory fiber, and insulating cement. Among these, calcium silicate hold the largest market share on account of its wide service temperature range from 35 deg C to 815 deg C. Moreover, it is non-combustible and possess high compressive strength due to which it is predominantly used on hot piping and surfaces. Perlite segment is expected to grow with the healthy CAGR owing to its extensive use in many industrial application. On the basis of end use, the market is categorized into petrochemical & refineries, power generation, aerospace & defense, automotive, and others. Among these, petrochemical & refineries is predicted to hold the largest market share due to strong presence of these industries across the globe. Petrochemical & refineries segment is followed by power generation segment, and is expected to grow with the healthy CAGR due to high adoption rate of various industrial thermal insulation material.
North America is estimated to be the largest Industrial Thermal Insulation Market followed by Europe and Asia Pacific on account of strong existence of many key market players. European countries such as Germany, U.K, and Spain are predicted to register a strong growth due to significant demand for advanced industrial thermal insulation based material in the automobile sector. In Asia Pacific, countries such as China, Japan, and India are the fastest growing market, and is predicted to grow at the same pace over the forecast period. Improving living standards along with the rapid industrialization is estimated to contribute to the regional market growth. In North America, the U.S and Canada are among the major contributors to the regional market growth due to expansion of aerospace & defense as well as rising innovations. The Middle East and Africa is predicted to witness a steady growth owing to rising foreign investments and shifting of manufacturing base for end use industries to these region.
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Keywords: Industrial Insulation Market Analysis, Size, Share, Growth, Trends, and Forecast 2020 – 2023