Industrial Insulation Market by Form (Pipe, Blanket, Board), Material (Mineral Wool, Calcium Silicate, Plastic Foams), End-use Industry (Power, Oil & Gas, Chemical & Petrochemical, Cement, Food & Beverage), and Region - Global Forecast to 2025
[182 Pages Report] The global industrial insulation market size is projected to reach USD 3.0 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 5.0% during the forecast period. The growing demand for industrial insulation is due to increasing industrial, construction, and infrastructure activities in APAC, the Middle East & Africa, and South America, and growing demand for energy conservation and process optimization are driving the industrial insulation market.
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COVID-19 impact on Global Industrial insulation Market
The industrial insulation are used mainly in industrial sectors. COVID-19 has severely impacted industries such as oil & gas, chemicals, petrochemicals, cement, and others.
- The COVID-19 pandemic has affected people in more than 190 countries across the globe. According to the International Monetary Fund (IMF), in the short term, the global economy is expected to shrink by 4.4% in 2020. The global growth is expected to recover to 5.2% in 2021. According to IMF, the pandemic has forced the global economy into the worst-ever recession since the Great Depression of the 1930s. Many countries were under stringent lockdown, which has forced several sectors to shut down their operations. Owing to the country-wide lockdowns, infrastructure activities had come to a halt. In the second half of 2020, most of the countries have started to lift restrictions, and business operations in various sectors have gradually resumed. Despite restrictions being lifted, the industrial, construction, and manufacturing sectors are not expected to resume normalcy until the second half of 2021.
- Industrial insulation is used in various industries, such as power, oil & gas, chemical, food & beverage, and cement. Power is the largest market for industrial insulation due to the requirements of energy conservation, energy efficiency, and strengthening of pipes, machinery, tanks, boilers, and others. In Q1 of 2020, the sector witnessed a decline of about 2.5% in demand, as compared to the same period in 2019. Overall, the electricity demand is expected to decline by about 2.0% in 2020, according to IEA. Majority of the electricity is consumed in industrial sector followed by residential and commercial & services sectors. The electricity demand was impacted from the industrial and commercial sectors as establishments were forced to close due to government initiated lockdowns, social distancing measures, and a restricted supply chain.
- The global oil & gas demand also suffered heavily due to the pandemic. The oil & gas industry had already been weakened in last few years by the steep decline in oil prices that had started mid-2014 and accelerated price decline. The sector faced a new vicious shock in 2020 with a sudden and massive drop in global demand coupled with the COVID-19 outbreak. The outbreak of the COVID-19 pandemic and the plunging demand caused due to worldwide lockdown forced many major refiners to shut down their operations. Global natural gas production dropped 3.6% in 2020 as low prices led to lower exploration and production activities, according to Rystad Energy. Although situation improved due to price recovery from the third quarter of 2020, it is unlikely that there will be the same buoyancy in prices as witnessed after the 2008 global economic recession.
Industrial insulation Market Dynamics
Driver: Increasing power and energy requirements in emerging as well as developed economies
Power and energy requirements increase with the increasing population. The global population was estimated to be about 7.7 billion in 2019, with APAC having approximately 60% of the total population. Close to 80% of the global population resides in developing countries where there is an increasing demand for residential housing and urban infrastructure. According to the United Nations, the global population is expected to reach 8.5 billion by 2030, and 9.7 billion by 2050, which is expected to increase demand for electricity, oil, and gas. The global energy demand rose by 0.9% in 2019, and electricity demand grew by 1.4% in the same year, according to the International Energy Agency (IEA). In China, electricity demand grew by 4.7% in 2019, while in India, the demand growth was only 0.5%. In other emerging economies, such as Bangladesh, Vietnam, Ecuador, and Thailand, the demand growth was relatively higher at 10.6%, 8.7%, 10.7%, and 5.0%, respectively, according to BP Statistics. Overall, power generation is expected to grow further in the next five years, owing to increased demand from residential and commercial sectors, industrial areas, and higher access to electricity in emerging economies. In Europe too, countries, such as Austria, Belgium, Hungary, the Netherlands, Spain, Turkey, Sweden, and Russia, witnessed growth in demand in 2019. This trend of increasing energy demand and generation is expected to continue in both developed and emerging economies, thud driving the industrial insulation market during the forecast period.
Restrain: Low awareness regarding the usage of insulation products
Energy conservation is a major focal point for all industries including power, food & beverage, and petrochemical. Insulation materials are simple yet significant requirement in any industry dealing with various heat transfer operations. Proper use of insulation materials results in reducing heat loss and, in turn, cost savings. A lack of awareness about the benefits of proper insulation is a major restraint for the market. Increasing use of renewables as a source of electricity generation is another factor, which acts as a restraint in the market. Renewables, such as solar PV and wind, do not require much insulation materials as there are less thermal energy-related operations involved, as compared to conventional counterparts. However, these technologies have their own limitations, such as dependency on weather, low capacity, and large area requirement for installation.
Opportunity: Increased infrastructural spending in emerging economies
Infrastructural development in economies, such as China, India, Brazil, and South Korea, are expected to boost industrial activities and increase the consumption of insulation materials during the forecast period. In 2018, countries, such as China, the US, Australia, the UK, and France spent 5.57%, 0.52%, 1.69%, 0.92%, and 0.84% of their GDP in construction and maintenance of infrastructure, according to Statista. In 2020, China had scheduled USD 1.07 trillion as infrastructure spending , according to China Banking News. India has also launched various infrastructure projects, such as the smart city initiative, urban transformation schemes, new industrial estates, and business parks, which are expected to boost sector growth during the forecast period. An increase in spending and industrial activities are thus expected to provide major opportunities for the growth of the industrial insulation market as well.
Challenge: High cost of installation and requirement of skilled workforce
The capital cost for the installation of insulation materials is quite high, owing to the requirement of separate clearances, regulation citing, and skilled labor. The efficiency of an insulation material’s resistance to heat flow depends on how and where the insulation is installed. Knowledge and experience both are required to achieve proper insulation in pipes, tanks, equipment, and boilers. Inadequate insulation of fittings, tanks, boilers, and other machinery can result in very high energy losses and may cost hundreds of thousands of US dollars to the facility, annually. The R-value or maximum thermal performance of any insulation is dependent on proper installation. Proper installation is required for preventing damage to pipes, machinery, and boilers due to temperature fluctuations; reduce mechanical equipment cycling, and help in maintaining designed operating conditions.
The pipe segment is estimated to be the fastest growing form in the overall industrial insulation market during the forecast period
Pipe is the most widely used form of insulation materials in end-use industries, such as power, oil & gas, petrochemical, food & beverage, cement, and metal processing. They are wrapped around the pipes used in these industries to control the flow of heat energy. Pipe insulation reduce energy loss to a great extent, thereby controlling the energy prices. Thus, providing proper insulation to pipes is a necessary function in most of heavy industries, such as power, petrochemical, and oil & gas.
Mineral Wool is estimated to be the fastest growing material in the overall industrial insulation market during the forecast period
Mineral wool can be considered as an inorganic insulating material. It contains an average of about 75% post-industrial recycled materials and does not require additional chemicals to be fire-resistant. Mineral wool is naturally moisture-resistant and retains its insulating qualities even when wet. Mineral wool is also effective in blocking sound more efficiently, so the interior of a building suffers less acoustic invasion.
Based on end-use industry, power is estimated to be the largest industrial insulation consuming sector in 2020
Industrial insulation is used to cover boilers, furnaces, chimneys, heat storage tanks, and other equipment in the power industry. It is an important part of power plant installation and operations. It helps the steam-generating boilers keep their temperatures at certain levels. Power generation facilities contain miles and miles of mechanical piping, which move materials from one place to another. These pipes require insulation to maintain temperatures along the electricity generating process. Rapid industrialization has led to economic growth, which resulted in improved quality of life, and in turn, propelled the demand for electricity in emerging economies thereby driving the market for industrial insulation.
APAC is projected to be the fastest growing industrial insulation market during the forecast period.
The industrial insulation market in APAC is projected to register the highest CAGR during the forecast period. The demand in APAC is driven by the growing industrial activities, increased consumer and infrastructural spending, and strong economic growth. APAC was the most promising market in 2019, which is expected to continue during the forecast period. Rising population, increasing electrification, growth in disposable income, rapid industrialization, and increased urbanization are driving the APAC industrial insulation market. Increasing the use of oil & gas for power, growing population, and rising demand for petrochemicals are responsible for the high growth of the market in this segment. In the construction industry, growth is mainly driven by rapid infrastructure development in countries, such as India, Malaysia, Indonesia, and South Korea. China is the largest industrial insulation market in APAC. Apart from China, countries, such as Japan, Australia, India, and South Korea, are projected to grow at a fast pace during the forecast period.
The recent COVID-19 pandemic has impacted the global industrial activities as well as the economy of various economies. COVID-19 led the industrial sectors into an unknown operating environment, globally. Government restrictions on the number of people that can gather at one particular place, severely impacted the industries. E.g., in the US, the US Portland Cement Association (PCA) projects a modest decrease in cement consumption in 2020 and 2021 of 1.5% and 0.9%, respectively. Logistical constraints, manpower shortages, low demand, and government restrictions had forced temporary shut downs, hence, disrupting industrial activities in the US. Similarly, economies such as China, India, and others are also facing the brunt of the Covid-19 pandemic.
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Key Market Players
The key players profiled in this report include Owens Corning (US), Saint Gobain (France), Knauf Insulation (US), Kingspan Group PLC (Ireland), Rockwool Group (Denmark), Armacell International SA (Germany), Johns Manville (US), Nichias Corporation (Japan), Insulcon BV (US), and Promat (ETEX Group) (Belgium). These companies have adopted various organic as well as inorganic growth strategies between 2018 and 2020 to enhance their regional presence and meet the growing demand for industrial insulation from emerging economies.
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Report Metric |
Details |
|
Years considered for the study |
2018–2025 |
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Base year |
2019 |
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Forecast period |
2020–2025 |
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Units considered |
Value |
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Segments |
Form, Material, End-use industry, and Region |
|
Regions |
APAC, Europe, North America, South America, and Middle East & Africa. |
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Companies |
Total of 10 major players covered: |
This research report categorizes the industrial insulation market based on type, application, and region.
Based on form:
- Pipe
- Blanket
- Board
- Others
Based on material:
- Mineral Wool
- Calcium Silicate
- Plastic foams
- Others
Based on the end-use industry:
- Power
- Oil & Gas
- Chemical & Petrochemical
- Cement
- Foos & Beverage
- Others
Based on the region:
- APAC
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In August 2020, Owens Corning announced a new product line, FOAMULAR NGX (Next Generation Extruded). The proprietary blowing agent in this new line of extruded polystyrene (XPS) foam products deliver a 90% reduction in global warming potential (GWP) without sacrificing product performance.
- In November 2019, Johns Manville signed an agreement to acquire ITW Insulation Systems, a business owned by Illinois Tool Works Inc. that is well known in the industrial industry for its premium, low-temperature polyisocyanurate foam insulations, and metal jacketing solutions. This is an important strategic acquisition to offer expanded insulation solutions to the industrial market.
- In June 2018, Rockwool invested USD 150 million for a 460,000 sq. ft. stone wool manufacturing facility at Ranson, West Virginia. This investment increased the production capacity of Rockwool and enabled it to meet the increasing demand.
Frequently Asked Questions (FAQ):
What is the current size of the global industrial insulation market?
Global industrial insulation market size is estimated USD 3.0 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 5.0%.
Are there any regulations for industrial insulation?
Several countries in Europe and North America have introduced regulations for energy efficiency are economic development, environment, and energy security. In addition, these policies also promote the implementation of combined heat & power, renewable energy programs, and green power partnerships.
Who are the winners in the global industrial insulation market?
Companies such as Owens Corning, Saint Gobain, Knauf Insulation, Rockwool Group, and Armacell International SA falls under the winner’s category. These companies cater to the requirements of their customers by providing customized products. Such advantages give these companies an edge over other companies.
What is the COVID-19 impact on industrial insulation manufacturers?
Industry experts believe that COVID-19 could affect infrastructure and industrial activities globally. In the US, the industrial activities witnessed decline in 2020, eventually starting to recover in 2021. Overall, GDP was expected to shrink by 4.4%, as per the International Monetary Fund (IMF). However, the demand is expected to rise post-pandemic, owing to measures including flexibilization, resizing, operational excellence, digitization, and investments in R&D.
What are some of the drivers in the market?
The increasing power and energy requirements in emerging as well as developed economies is driving the market. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 23)
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 INCLUSIONS & EXCLUSIONS
1.3.1 INDUSTRIAL INSULATION MARKET – FORECAST TO 2025
TABLE 1 INDUSTRIAL INSULATION: MARKET INCLUSIONS & EXCLUSIONS
1.4 MARKET SCOPE
1.4.1 INDUSTRIAL INSULATION MARKET SEGMENTATION
1.4.2 REGIONS COVERED
1.4.3 YEARS CONSIDERED FOR STUDY
1.5 CURRENCY
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 27)
2.1 RESEARCH DATA
FIGURE 1 INDUSTRIAL INSULATION MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Key industry insights
2.1.2.3 Breakdown of primary interviews
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
FIGURE 2 INDUSTRIAL INSULATION: MARKET BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
FIGURE 3 MARKET: TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
FIGURE 4 INDUSTRIAL INSULATION: MARKET DATA TRIANGULATION
2.3.1 MARKET ANALYSIS THROUGH PRIMARY INTERVIEWS
FIGURE 5 INDUSTRIAL INSULATION MARKET ANALYSIS THROUGH SECONDARY SOURCES
2.3.2 INDUSTRIAL INSULATION MARKET ANALYSIS
2.4 LIMITATIONS
2.5 ASSUMPTIONS
3 EXECUTIVE SUMMARY (Page No. - 36)
FIGURE 6 MINERAL WOOL ACCOUNTED FOR THE LARGEST SHARE IN 2019
FIGURE 7 POWER ACCOUNTED FOR THE LARGEST SHARE IN THE INDUSTRIAL INSULATION MARKET IN 2019
FIGURE 8 PIPE FORM ACCOUNTED FOR THE LARGEST SHARE IN THE INDUSTRIAL INSULATION MARKET IN 2020
FIGURE 9 APAC WAS THE LARGEST INDUSTRIAL INSULATION MARKET IN 2019
4 PREMIUM INSIGHTS (Page No. - 40)
4.1 ATTRACTIVE OPPORTUNITIES IN INDUSTRIAL INSULATION MARKET
FIGURE 10 RISING DEMAND FROM GROWING INDUSTRIAL ACTIVITIES TO DRIVE THE MARKET
4.2 INDUSTRIAL INSULATION MARKET, BY MATERIAL
FIGURE 11 MINERAL WOOL TO BE THE LARGEST MATERIAL SEGMENT IN MARKET
4.3 INDUSTRIAL INSULATION MARKET, BY FORM
FIGURE 12 PIPE WAS THE LARGEST FORM IN INDUSTRIAL INSULATION MARKET
4.4 INDUSTRIAL INSULATION MARKET, BY END-USE INDUSTRY
FIGURE 13 POWER TO BE THE LARGEST END-USE INDUSTRY IN INDUSTRIAL INSULATION
4.5 INDUSTRIAL INSULATION: MARKET MAJOR COUNTRIES
FIGURE 14 INDIA TO RECORD HIGHEST CAGR DURING THE FORECAST PERIOD
4.6 APAC: INDUSTRIAL INSULATION MARKET, BY END-USE INDUSTRY AND COUNTRY
FIGURE 15 CHINA ACCOUNTED FOR LARGEST MARKET SHARE, BY COUNTRY, IN 2019
5 MARKET OVERVIEW (Page No. - 43)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 16 DRIVERS, RESTRAINTS, CHALLENGES, AND OPPORTUNITIES, IN INDUSTRIAL INSULATION MARKET
5.2.1 DRIVERS
5.2.1.1 Increasing power and energy requirements in emerging as well as developed economies
5.2.1.2 Regulations mandating the use of insulation for energy conservation
5.2.2 RESTRAINTS
5.2.2.1 Fluctuating raw material prices due to volatility in crude oil prices
FIGURE 17 YEARLY GRAPH OF CRUDE OIL PRICES
5.2.2.2 Low awareness regarding the usage of insulation products
5.2.3 OPPORTUNITIES
5.2.3.1 Increased infrastructural spending in emerging economies
5.2.4 CHALLENGES
5.2.4.1 High cost of installation and requirement of skilled workforce
5.3 PATENT ANALYSIS
5.3.1 METHODOLOGY
5.3.2 DOCUMENT TYPE
FIGURE 18 GRANTED PATENTS ACCOUNT FOR THE LARGEST SHARE
5.3.3 PUBLICATION TRENDS - LAST 5 YEARS
5.3.4 INSIGHT
5.3.5 JURISDICTION ANALYSIS
5.3.6 TOP 10 COMPANIES/APPLICANTS
TABLE 2 LIST OF PATENTS BY ASPEN AEROGELS INC
TABLE 3 LIST OF PATENTS BY OMYA INTERNATIONAL AG
TABLE 4 LIST OF PATENTS BY NOVELIS INC
TABLE 5 TOP 20 PATENT OWNERS (US) IN LAST 10 YEARS
5.4 TRADE ANALYSIS
TABLE 6 MAJOR IMPORT PARTNERS – INDUSTRIAL INSULATION
5.5 REGULATORY LANDSCAPE
5.5.1 US
5.5.2 EUROPE
5.5.3 OTHERS
5.6 ECOSYSTEM
FIGURE 19 INDUSTRIAL INSULATION ECOSYSTEM
5.7 TECHNOLOGY ANALYSIS
5.7.1 NEW TECHNOLOGIES – INDUSTRIAL INSULATIONS
5.8 IMPACT OF COVID-19 ON INDUSTRIAL INSULATION MARKET
5.8.1 COVID-19
5.8.2 CONFIRMED CASES AND DEATHS, BY GEOGRAPHY
FIGURE 20 PACE OF GLOBAL PROPAGATION OF COVID-19 IS UNPRECEDENTED
5.8.3 IMPACT ON END-USE INDUSTRIES
5.8.3.1 Impact on customers’ output and strategies to improve production
5.8.3.2 Short-term strategies to manage cost structure and supply chains
5.9 RAW MATERIAL ANALYSIS
5.9.1 MINERAL WOOL
5.9.2 CALCIUM SILICATE
5.9.3 PLASTIC FOAMS
5.10 PORTER’S FIVE FORCES ANALYSIS
FIGURE 21 INDUSTRIAL INSULATION MARKET: PORTER’S FIVE FORCES ANALYSIS
5.10.1 THREAT FROM SUBSTITUTES
5.10.2 BARGAINING POWER OF SUPPLIERS
5.10.3 THREAT FROM NEW ENTRANTS
5.10.4 BARGAINING POWER OF BUYERS
5.10.5 INTENSITY OF COMPETITIVE RIVALRY
TABLE 7 INDUSTRIAL INSULATION: PORTER’S FIVE FORCES ANALYSIS
5.11 VALUE CHAIN ANALYSIS
FIGURE 22 VALUE CHAIN ANALYSIS
5.11.1 RAW MATERIAL SUPPLIERS
5.11.2 MANUFACTURERS
5.11.3 DISTRIBUTORS
5.11.4 END USERS
TABLE 8 INDUSTRIAL INSULATION: VALUE CHAIN STAKEHOLDERS
5.12 MACROECONOMIC INDICATORS
5.12.1 GDP TRENDS AND FORECASTS
TABLE 9 PROJECTED REAL GDP GROWTH (ANNUAL PERCENT CHANGE) OF KEY COUNTRIES, 2018–2025
5.12.2 TRENDS IN POWER INDUSTRY
TABLE 10 ELECTRICITY GENERATION STATISTICS, BY COUNTRY, 2018–2019 (TWH)
5.12.3 OIL & GAS STATISTICS
TABLE 11 OIL PRODUCTION, BY COUNTRY, 2018-2019, THOUSAND BARRELS DAILY
5.13 CASE STUDY ANALYSIS
5.13.1 ROCKWOOL
5.13.2 OWENS CORNING
6 INDUSTRIAL INSULATION MARKET, BY FORM (Page No. - 70)
6.1 INTRODUCTION
FIGURE 23 PIPE INSULATION TO BE THE LARGEST FORM SEGMENT
TABLE 12 INDUSTRIAL INSULATION MARKET SIZE, BY FORM, 2018–2025 (USD MILLION)
6.2 PIPE
6.2.1 LARGE NUMBER OF APPLICATION AREAS IN VARIOUS INDUSTRIES DRIVES THE MARKET
6.3 BLANKET
6.3.1 BLANKET FORM OF INSULATION IS LIGHTWEIGHT; AND EASY TO HANDLE AND MANUFACTURE
6.4 BOARD
6.4.1 BOARD INSULATION HAS A GOOD THERMAL RESISTANCE AND REDUCES HEAT CONDUCTION
6.5 OTHERS
7 INDUSTRIAL INSULATION MARKET, BY MATERIAL (Page No. - 74)
7.1 INTRODUCTION
FIGURE 24 MINERAL WOOL TO BE THE LARGEST TYPE OF INDUSTRIAL INSULATION MATERIAL
TABLE 13 INDUSTRIAL INSULATION MARKET SIZE, BY MATERIAL, 2018–2025 (USD MILLION)
7.2 MINERAL WOOL
7.2.1 USE OF RECYCLED MATERIALS IN MANUFACTURING TO DRIVE THE DEMAND
7.2.2 GLASS WOOL
7.2.3 STONE WOOL
TABLE 14 MINERAL WOOL: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
7.3 CALCIUM SILICATE
7.3.1 LOW COST AND EASE OF USAGE TO DRIVE DEMAND FOR CALCIUM SILICATE
TABLE 15 CALCIUM SILICATE: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
7.4 PLASTIC FOAMS
7.4.1 PLASTIC FOAMS ARE ENERGY EFFICIENT MATERIALS, WHICH DRIVES MARKET GROWTH
7.4.2 POLYURETHANE (PU)
7.4.3 POLYSTYRENE (PS)
7.4.4 POLYPROPYLENE (PP)
TABLE 16 PLASTIC FOAMS: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
7.5 OTHERS
TABLE 17 OTHER MATERIALS: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
8 INDUSTRIAL INSULATION MARKET, BY END-USE INDUSTRY (Page No. - 80)
8.1 INTRODUCTION
FIGURE 25 POWER TO BE LARGEST END-USE INDUSTRY OF INDUSTRIAL INSULATION MARKET
TABLE 18 INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
8.2 POWER
8.2.1 IMPROVED QUALITY OF LIFE DUE TO ECONOMIC GROWTH BY INDUSTRIALIZATION HAS LED TO INCREASE IN POWER GENERATION
TABLE 19 POWER: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
TABLE 20 POWER: MARKET, BY TOP 5 COUNTRIES, 2018-2025, (USD MILLION)
8.3 CHEMICAL & PETROCHEMICAL
8.3.1 INCREASE IN DISPOSABLE INCOME IS DRIVING THE DEMAND FOR PETROCHEMICAL PRODUCTS
TABLE 21 CHEMICAL & PETROCHEMICAL: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
TABLE 22 CHEMICAL & PETROCHEMICAL: INDUSTRIAL INSULATION MARKET, BY TOP 5 COUNTRIES, 2018-2025, (USD MILLION)
8.4 OIL & GAS
8.4.1 RISING DEMAND FOR ENERGY IN THE EMERGING ECONOMIES TO DRIVE THE MARKET
TABLE 23 OIL & GAS: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
TABLE 24 OIL & GAS: MARKET, BY TOP 5 COUNTRIES, 2018-2025, (USD MILLION)
8.5 CEMENT
8.5.1 INCREASED GLOBAL SPENDING ON INFRASTRUCTURE TO DRIVE THE MARKET
TABLE 25 CEMENT: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
8.6 FOOD & BEVERAGE
8.6.1 LARGE NUMBER OF APPLICATION AREAS DRIVES THE MARKET
TABLE 26 FOOD & BEVERAGE: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
8.7 OTHERS
TABLE 27 OTHER END-USE INDUSTRIES: INDUSTRIAL INSULATION MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
9 INDUSTRIAL INSULATION MARKET, BY REGION (Page No. - 89)
9.1 INTRODUCTION
FIGURE 26 INDUSTRIAL INSULATION MARKET IN INDIA TO REGISTER HIGHEST CAGR
TABLE 28 MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
9.2 NORTH AMERICA
FIGURE 27 NORTH AMERICA: INDUSTRIAL INSULATION MARKET SNAPSHOT
TABLE 29 NORTH AMERICA: MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 30 NORTH AMERICA: MARKET SIZE, BY MATERIAL, 2018–2025 (USD MILLION)
TABLE 31 NORTH AMERICA: MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.2.1 US
9.2.1.1 High growth of major end-use industries to drive the market
TABLE 32 US: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.2.2 CANADA
9.2.2.1 Diversified downstream sector boosting the market
TABLE 33 CANADA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.2.3 MEXICO
9.2.3.1 Government initiatives to favor market growth
TABLE 34 MEXICO: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3 APAC
FIGURE 28 APAC: INDUSTRIAL INSULATION MARKET SNAPSHOT
TABLE 35 APAC: MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 36 APAC: MARKET SIZE, BY MATERIAL, 2018–2025 (USD MILLION)
TABLE 37 APAC: MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3.1 CHINA
9.3.1.1 China’s dominant position attributed to the presence of a huge industrial base
TABLE 38 CHINA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3.2 JAPAN
9.3.2.1 Fossil fuel based power generation is the reason for high demand
TABLE 39 JAPAN: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3.3 SOUTH KOREA
9.3.3.1 Increasing investments across end-use industries to drive the market
TABLE 40 SOUTH KOREA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3.4 INDIA
9.3.4.1 Government initiatives to build infrastructure to increase the demand for industrial insulation
TABLE 41 INDIA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3.5 AUSTRALIA
9.3.5.1 Growth of construction and oil & gas sectors to boost the demand for industrial insulation
TABLE 42 AUSTRALIA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3.6 INDONESIA
9.3.6.1 Investments in power and oil & gas industries to propel the market
TABLE 43 INDONESIA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3.7 VIETNAM
9.3.7.1 Investments across end-use industries to propel the market
TABLE 44 VIETNAM: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.3.8 REST OF APAC
TABLE 45 REST OF APAC: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4 EUROPE
TABLE 46 EUROPE: INDUSTRIAL INSULATION MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 47 EUROPE: MARKET SIZE, BY MATERIAL, 2018–2025 (USD MILLION)
TABLE 48 EUROPE: MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4.1 GERMANY
9.4.1.1 Constant innovations in chemical and petrochemical industries
TABLE 49 GERMANY: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4.2 FRANCE
9.4.2.1 Investments in construction industry and transition toward clean economy to influence the industrial insulation market growth
TABLE 50 FRANCE: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4.3 UK
9.4.3.1 Decarbonization activities are expected to boost the market
TABLE 51 UK: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4.4 ITALY
9.4.4.1 Transportation is a major consumer of industrial insulation
TABLE 52 ITALY: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4.5 TURKEY
9.4.5.1 Urbanization and industrialization trends to drive the market in the country
TABLE 53 TURKEY: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4.6 SPAIN
9.4.6.1 Growth in concentrated solar power generation to drive the industrial insulation market
TABLE 54 SPAIN: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4.7 RUSSIA
TABLE 55 RUSSIA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.4.8 REST OF EUROPE
TABLE 56 REST OF EUROPE: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.5 SOUTH AMERICA
TABLE 57 SOUTH AMERICA: INDUSTRIAL INSULATION MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 58 SOUTH AMERICA: MARKET SIZE, BY MATERIAL, 2018–2025 (USD MILLION)
TABLE 59 SOUTH AMERICA: MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.5.1 BRAZIL
9.5.1.1 Growing investments across end-use industries to drive the market
TABLE 60 BRAZIL: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.5.2 ARGENTINA
9.5.2.1 Large shale deposits, investment for nuclear power plants, and growing chemical sector to drive the market
TABLE 61 ARGENTINA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.5.3 COLOMBIA
9.5.3.1 Increase in demand for chemicals and polymers due to economic growth boosts the market
TABLE 62 COLOMBIA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.5.4 REST OF SOUTH AMERICA
TABLE 63 REST OF SOUTH AMERICA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.6 MIDDLE EAST & AFRICA
TABLE 64 MIDDLE EAST & AFRICA: INDUSTRIAL INSULATION MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 65 MIDDLE EAST & AFRICA: MARKET SIZE, BY MATERIAL, 2018–2025 (USD MILLION)
TABLE 66 MIDDLE EAST & AFRICA: MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.6.1 SAUDI ARABIA
9.6.1.1 Saudi Vision 2030 to contribute a significant rise in demand
TABLE 67 SAUDI ARABIA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.6.2 UAE
9.6.2.1 Expanding non-oil sectors to fuel demand
TABLE 68 UAE: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.6.3 EGYPT
9.6.3.1 Increasing investments for power generation to boost the market
TABLE 69 EGYPT: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.6.4 SOUTH AFRICA
9.6.4.1 Developments in chemical and petrochemical sectors to drive the market
TABLE 70 SOUTH AFRICA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
9.6.5 REST OF MIDDLE EAST & AFRICA
TABLE 71 REST OF MIDDLE EAST & AFRICA: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD MILLION)
10 COMPETITIVE LANDSCAPE (Page No. - 123)
10.1 OVERVIEW
FIGURE 29 COMPANIES ADOPTED EXPANSION AS THE KEY GROWTH STRATEGY DURING 2018-2020
10.2 MARKET EVALUATION FRAMEWORK
10.3 MARKET SHARE, 2019
FIGURE 30 OWENS CORNING LED THE INDUSTRIAL INSULATION MARKET, IN 2019
10.4 MARKET RANKING
FIGURE 31 MARKET RANKING OF KEY PLAYERS (2019)
10.4.1 OWENS CORNING
10.4.2 SAINT GOBAIN
10.4.3 KNAUF INSULATION
10.4.4 ROCKWOOL GROUP
10.4.5 ARMACELL INTERNATIONAL SA
10.5 COMPETITIVE EVALUATION QUADRANT (TIER 1)
10.5.1 TERMINOLOGY/NOMENCLATURE
10.5.1.1 Star
10.5.1.2 Emerging leaders
FIGURE 32 INDUSTRIAL INSULATION MARKET (TIER 1) COMPETITIVE LEADERSHIP MAPPING, 2019
10.5.2 STRENGTH OF PRODUCT PORTFOLIO
10.5.3 BUSINESS STRATEGY EXCELLENCE
10.6 COMPETITIVE LEADERSHIP MAPPING (OTHER KEY PLAYERS)
10.6.1 TERMINOLOGY/NOMENCLATURE
10.6.1.1 Progressive companies
10.6.1.2 Responsive companies
10.6.1.3 Starting blocks
FIGURE 33 INDUSTRIAL INSULATION MARKET (OTHER KEY PLAYERS) COMPETITIVE LEADERSHIP MAPPING, 2019
10.6.2 STRENGTH OF PRODUCT PORTFOLIO
10.6.3 BUSINESS STRATEGY EXCELLENCE
10.7 KEY MARKET DEVELOPMENTS
10.7.1 INVESTMENT & EXPANSION
TABLE 72 INVESTMENTS & EXPANSIONS, 2018–2020
10.7.2 NEW PRODUCT/TECHNOLOGY LAUNCH
TABLE 73 NEW PRODUCT/TECHNOLOGY LAUNCHES, 2018–2020
10.7.3 MERGER & ACQUISITION
TABLE 74 MERGERS & ACQUISITIONS, 2018–2020
10.7.4 PARTNERSHIP & AGREEMENT
TABLE 75 PARTNERSHIP & AGREEMENT, 2018–2020
10.8 REVENUE ANALYSIS
11 COMPANY PROFILES (Page No. - 139)
(Business Overview, Products Offered, Recent Developments, MnM View)*
11.1 OWENS CORNING
FIGURE 34 OWENS CORNING: COMPANY SNAPSHOT
11.2 SAINT GOBAIN
FIGURE 35 SAINT GOBAIN: COMPANY SNAPSHOT
11.3 KNAUF INSULATION
11.4 ROCKWOOL GROUP
FIGURE 36 ROCKWOOL GROUP: COMPANY SNAPSHOT
11.5 ARMACELL INTERNATIONAL SA
FIGURE 37 ARMACELL INTERNATIONAL: COMPANY SNAPSHOT
11.6 INSULCON BV
11.7 JOHNS MANVILLE
11.8 KINGSPAN GROUP PLC
FIGURE 38 KINGSPAN GROUP PLC: COMPANY SNAPSHOT
11.9 NICHIAS CORPORATION
FIGURE 39 NICHIAS CORPORATION: COMPANY SNAPSHOT
11.10 PROMAT (ETEX GROUP)
11.11 OTHER KEY PLAYERS
11.11.1 AEROFOAM USA LLC
11.11.2 ARABIAN FIBERGLASS INSULATION COMPANY LTD
11.11.3 BEIJING HOCREBOARD BUILDING MATERIALS COMPANY LIMITED
11.11.4 BEIJING NEW BUILDING MATERIAL (GROUP) COMPANY LTD
11.11.5 CABOT CORPORATION
11.11.6 DYPLAST PRODUCTS
11.11.7 GLASSROCK INSULATION COMPANY S.A.E.
11.11.8 L’ISOLANTE K-FLEX S.P.A.
11.11.9 NMC INTERNATIONAL SA
11.11.10 PGF INSULATION
11.11.11 TECRESA PROTECCION PASIVA, S.L.
11.11.12 TEMATI
11.11.13 UNIFRAX
11.11.14 UNION FOAM SPA
11.11.15 VISIONARY INDUSTRIAL INSULATION
*Business Overview, Products Offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
12 ADJACENT/RELATED MARKETS (Page No. - 160)
12.1 LIMITATIONS
12.2 OEM INSULATION MARKET
12.2.1 OEM INSULATION MARKET, MARKET OVERVIEW
12.2.2 OEM INSULATION MARKET, BY MATERIAL TYPE
TABLE 76 OEM INSULATION MARKET SIZE, BY MATERIAL TYPE, 2014–2021 (USD MILLION)
12.2.2.1 Foamed plastics
12.2.2.2 Mineral wool/fiber
12.2.2.3 Other insulating material
12.2.3 OEM INSULATION MARKET, BY END-USE INDUSTRY
TABLE 77 OEM INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2014-2021 (USD MILLION)
12.2.3.1 Industrial
12.2.3.2 Building & construction industry
12.2.3.3 Oil & petrochemical industry
12.2.3.4 Power generation industry
12.2.3.5 Food processing industry
12.2.3.6 Refrigeration industry
12.2.3.7 Offshore and subsea
12.2.3.8 Others
12.2.3.9 Consumer
12.2.3.10 Transportation
12.2.4 OEM INSULATION MARKET, BY REGION
TABLE 78 OEM INSULATION MARKET SIZE, BY REGION, 2014–2021 (USD MILLION)
12.2.4.1 APAC
12.2.4.2 North America
12.2.4.3 Western Europe
12.2.4.4 Central & Eastern Europe
12.2.4.5 South America
12.2.4.6 Middle East & Africa
12.3 HIGH TEMPERATURE INSULATION MARKET
12.3.1 HIGH TEMPERATURE INSULATION MARKET, BY MATERIAL TYPE
TABLE 79 HIGH TEMPERATURE INSULATION MATERIALS MARKET SIZE, BY MATERIAL TYPE, 2017–2024 (USD MILLION)
12.3.1.1 Ceramic fibers
12.3.1.2 Insulating firebricks
12.3.1.3 Calcium silicate
12.3.2 HIGH TEMPERATURE INSULATION MARKET, BY TEMPERATURE RANGE
TABLE 80 HIGH TEMPERATURE INSULATION MATERIALS MARKET SIZE, BY TEMPERATURE RANGE, 2017–2024 (USD MILLION)
12.3.2.1 600°C -1,100°C (1,112°F-2,012°F) temperature range
12.3.2.2 1,100°C -1,500°C (2,012°F-2,732°F) temperature range
12.3.2.3 1,500°C -1,700°C (2,732°F-3,092°F) temperature range
12.3.2.4 1,700°C (3,092°F) and above temperature range
12.3.3 8 HIGH TEMPERATURE INSULATION MATERIALS MARKET, BY END-USE INDUSTRY
TABLE 81 HIGH TEMPERATURE INSULATION MATERIALS MARKET SIZE, BY END-USE INDUSTRY, 2017–2024 (USD MILLION)
12.3.3.1 Petrochemical
12.3.3.2 Ceramic
12.3.3.3 Glass
12.3.3.4 Aluminum
12.3.3.5 Iron & steel
12.3.3.6 Cement
12.3.3.7 Refractory
12.3.3.8 Powder metallurgy
12.3.3.9 Others
12.3.4 HIGH TEMPERATURE INSULATION MATERIALS MARKET, BY REGION
TABLE 82 HIGH TEMPERATURE INSULATION MATERIALS MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
12.3.4.1 APAC
12.3.4.2 North America
12.3.4.3 Europe
12.3.4.4 Middle East & Africa
12.3.4.5 South America
13 APPENDIX (Page No. - 173)
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 AVAILABLE CUSTOMIZATIONS
13.4 SAMPLE CUSTOMIZATION (PREVIOUS VERSION)
13.4.1 NETHERLANDS
TABLE 83 NETHERLANDS: INDUSTRIAL INSULATION MARKET SIZE, BY END-USE INDUSTRY, 2018–2025 (USD THOUSAND)
13.5 RELATED REPORTS
13.6 AUTHOR DETAILS
The study involves four major activities in estimating the current market size of industrial insulation. Extensive secondary research was carried out to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation methodologies were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as Hoovers, Bloomberg, World Bank, CIA Factbook, Statista, National Insulation Association (NIA), Midwest Insulation Contractors Association (MICA), Trademap, Zauba, ICIS, Chemical Weekly, Factiva, other government & private websites, and associations related to the industrial insulation industry, were referred to for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; gold standard & silver standard websites; regulatory bodies; and databases.
Primary Research
The industrial insulation market comprises several stakeholders, such as raw material suppliers, manufacturers, and distributors of industrial insulation, industry associations, end-users, and regulatory organizations in the supply chain. The demand side of this market consists of major construction companies, whereas the supply side consists of industrial insulation manufacturers. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary interviews—
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the industrial insulation market. These methods were also used extensively to estimate the size of various subsegments of the market. The research methodology used to estimate the market size includes the following:
- The key players in the market were identified through extensive secondary research.
- The industry’s supply chain and market size were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. Data was triangulated by studying various factors and trends from both the demand and supply sides.
Objectives of the Study:
- To define and analyze the industrial insulation market size
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the market growth
- To analyze and forecast the market by material, by form, and end-use industry
- To forecast the size of the market with respect to five regions: Asia Pacific (APAC), Europe, North America, South America, and the Middle East & Africa, along with their key countries
- To strategically analyze micro markets with respect to individual trends, growth prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To analyze competitive developments in the market, such as new product launch, investment & expansion, partnership & agreement, and merger & acquisition.
- To strategically profile key players and comprehensively analyze their market shares and core competencies
Available Customizations:
MarketsandMarkets offers customizations according to the specific needs of the companies, along with the market data. The following customization options are available for this report:
Product Analysis
- A product matrix that provides a detailed comparison of the product portfolio of each company
Regional Analysis
- Further breakdown of the Rest of APAC industrial insulation market
Company Information:
- Detailed analysis and profiles of additional market players.
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