The technical insulation market is projected to grow from USD 7.6 billion in 2019 to USD 9.2 billion by 2024, at a CAGR of 4.0%, between 2019 and 2024. The major driving factors in the technical insulation market are the presence of stringent regulations regarding insulation of equipment and pipes and growing demand in the oil & gas sector.
The key market players are Zotefoams Plc (UK), Owens Corning (US), Kingspan Group Plc (Ireland), ETEX Group SA (Belgium), Rockwool International A/S (Denmark), Recticel NV/SA (Belgium), Morgan Advanced Materials plc (UK), Armacell International S.A. (Luxembourg), Aspen Aerogels, Inc. (US), Knauf Insulation (Germany), L’ISOLANTE K-FLEX S.P.A. (Italy), Johns Manville (US), Saint-Gobain ISOVER (France), NMC SA (Belgium), Palziv Inc. (Israel), Unifrax I LLC (US), Durkee (Wuhan) Insulation Material Co., Ltd. (China), Huamei Energy-Saving Technology Group Co., Ltd. (China), Wincell Insulation Material Co., Ltd (China), and INTEREP SAS (France). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and contract & agreement between 2016 and 2019, to enhance their market shares and expand their global presence.
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Rockwool is a leading manufacturer of technical insulation. The company operates under five brands, namely, Rockwool, Rockfon, Rockpanel, Lapinus, and Grodan. It operates under two business segments, insulation and systems. The insulation segment includes interior building insulation, façade insulation, roof insulation, and industrial & technical insulation. The company offers technical insulation for the offshore and marine industries and customized solutions for industrial partners and original equipment manufacturers (OEMs). The market for technical insulation witnessed moderate growth again in 2018, whereas the company witnessed significant growth in the OEM and sandwich panel segments, supported by the increasing demand for non-combustible core material. Rockwool has presence in 39 countries with 45 manufacturing plants.
Owens Corning is involved in the manufacturing of materials for the building & construction, power & energy, transportation, and consumer goods sectors. The company caters to its customer base through three business divisions, namely, insulation, composites, and roofing. It offers industrial insulation solutions under the insulation segment. The company operates in 33 countries through 43 manufacturing plants, especially dedicated for the production of insulation material. The company caters to customers in all the major regions, such as North America, Europe, APAC, and Latin America through contractors, distributors, and retailers.
Technical Insulation Market by Product Type (Flexible, Rigid, MMF), Application (Heating & Plumbing, HVAC, Refrigeration, Industrial Process, Acoustic), End-use (Industrial & OEM, Energy, Transportation, Commercial), and Region - Global Forecast to 2024
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