The industrial insulation market size is projected to reach USD 5.0 billion by 2027, at a CAGR of 5.4% from USD 3.9 billion in 2022. Growth in Asia Pacific is primarily attributed to the fast-paced expansion of the economies, such as China, India, Indonesia, Thailand, and Malaysia. The region has become an attractive location for chemical, power, oil & petrochemical, gas, and cement industries. Increasing power and energy requirements in emerging and developed economies is the major driver for the growth of the industrial insulation market. Growing industrialization is expected to increase the demand for industrial insulation during the forecast period.
The major players in the industrial insulation market include Owens Corning (US), Saint-Gobain ISOVER (Germany), ROCKWOOL (Denmark), Knauf Insulation (US), Armacell (Luxembourg), Insulcon BV (Netherlands), Kingspan Group (Ireland), Johns Manville (US), Nichias Corporation (Japan), and Promat (ETEX) (Belgium). These players have adopted various growth strategies to expand their presence in the market. New product launches and, investment & expansion, have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global industrial insulation market.
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Owens Corning is one of the global leaders in the manufacturing and distribution of building and industrial materials. The company has organized its operations through three segments: composites, insulations, and roofing. Owens Corning offers industrial insulation under its insulations segment. It delivers a broad range of high-quality insulation products. These insulation products conserve energy and improve acoustics, fire resistance, and air quality at their operational locations. The company offers its products for pipes & equipment, tanks, vessels & spheres, ovens, boilers & furnaces, and passive fire suppression industrial insulations. The industrial insulation segment consists of 43 manufacturing facilities. In August 2022, Owens Corning announced the acquisition of Natural Polymers, LLC, a manufacturer of spray polyurethane foam insulation for building and construction applications, based in Cortland, Illinois.
Saint-Gobain Isover manufactures and markets thermal, acoustic, and fire insulation mineral wool solutions that deliver sustainability and performance. The company has organized its operations through regional segments: Americas, Northern Europe, Southern Europe & Middle East & Africa, Asia Pacific, and High-Performance Solutions (Global). Saint-Gobain offers industrial insulation products under its subsidiary, Isover & KAIMANN. It offers products and insulation solutions for various applications in buildings, transportation, and industries. Saint-Gobain and Alghanim Industries joint venture acquired Izocams from the KOC group. Izocams is a Turkish glass wool and rock wool manufacturer. In December 2021, Saint-Gobain acquired ROCKWOOL India Pvt Ltd., a major manufacturer of stone wool in India with a wide range of insulation products for thermal, acoustic, and fire safety applications. ROCKWOOL India Pvt Ltd. is a licensee of Saint-Gobain technology for manufacturing stone wool in India. This acquisition will strengthen the Group’s presence and accelerate its growth in Asia, particularly in India.
Industrial Insulation Market by Form (Pipe, Blanket, Board), Material (Mineral wool, Calcium silicate, Plastic foams), End-use (Power, Oil & Petrochemical, Gas, Chemical, Cement, Food & Beverage), and Region - Global Forecast to 2027
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