The global industrial insulation market garnered $7.8 billion in 2021, and is estimated to generate $12.7 billion by 2031, manifesting a CAGR of 5.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
The research provides detailed segmentation of the global industrial insulation market based on material, form, end use industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic has had a negative impacted on the global industrial insulation market, owing to reduction in demand for industrial insulation from a wide range of end use sectors, including power, oil and gas, chemical, food & beverage, and cement.
- During the pandemic, prices of insulation materials, such as industrial insulation has declined considerably, especially in the initial period.
- Also, in countries such as Germany, France and Poland, where the maximum demand is generated and fulfilled with the local production, a decline in price has impacted the overall market of industrial insulation.
- Nevertheless, consumer demand was impacted by cover boilers, furnaces, chimneys, heat storage tanks during the COVID-19 pandemic. Sales initially increased as customers concerns about safety and their protection pushed market purchases of industrial insulation.
Based on material, the mineral wool insulation segment held the highest share in 2021, accounting for more than two-fifths of the global industrial insulation market, and is expected to continue its leadership status during the forecast period. However, the plastic foam segment is expected to register the highest CAGR of 6.4% from 2022 to 2031. The report also analyzes the mid-range segment.
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Based on form, the pipe segment accounted for the highest share in 2021, contributing to nearly half of the global industrial insulation market, and is expected to maintain its lead in terms of revenue during the forecast period. In addition, the same segment is expected to manifest the highest CAGR of 5.4% from 2022 to 2031. The report also analyzes blanket and board segments.
Based on end use industry, the oil & gas segment accounted for the highest share in 2021, holding nearly one-third of the global market, and is expected to continue its leadership status during the forecast period. other segments mentioned in the report include power, cement, food & beverages, and chemical & petroleum.
Based on region, Asia-Pacific held the largest share in 2021, contributing to more than two-fifths of the total market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 6.4% during the forecast period. The research also analyzes regions including Europe, North America, and LAMEA.
Leading market players of the global industrial insulation market analyzed in the research include Armacell International SA, BASF SE, Cabot Corporation, Johns Manville, Kingspan Group PLC, Knauf Insulation, Nichias Corporation, NMC Group, Owens Corning, Polyguard Materials Inc., Promat, Rockwool Group, Saint Gobain, Solvay, and Thomas Insulation Corporation. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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