Industrial Insulation Industry Overview
The global industrial insulation market size is expected to reach USD 12.10 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.0%, according to a new report by Grand View Research, Inc. The increasing demand for adequate thermal insulation for industrial equipment for energy-efficient operations, and economical design, is expected to drive the market during the forecast period.
Industrial Insulation Market Segmentation
Grand View Research has segmented the industrial insulation market based on material, product, application, and region:
Based on the Material Insights, the market is segmented into Stone Wool, Glass Wool, CMS Fibers, Calcium Silicate, Cellular Glass, Foamed Plastic, Elastomeric Foam, Perlite, Aerogel, Cellulose, Micro Silica, Others.
- Stone wool led the market and accounted for about 23% share of the revenue in 2021. Stone wool is manufactured from volcanic rocks such as dolomite, diabase, and basalt, which are available in abundance.
- CMS fibers are expected to expand at a CAGR of 3.9% during the forecast period, owing to the increasing demand for high-temperature insulation for fire protection in industrial applications.
- Calcium silicate is anticipated to witness a higher demand, owing to its preference as an alternative to asbestos for high-temperature insulation since it acts as an excellent barrier to infrared radiation.
- Elastomeric foam is estimated to reach USD 621.8 million by 2030, owing to its superior moisture barrier properties as compared to other materials.
Based on the Product Insights, the market is segmented into Pipe, Board, Blanket and Others.
- Pipe insulation led the market and accounted for about 47% share of the revenue in 2021. The market is projected to witness notable demand, expanding at a CAGR of 5.5% from 2022 to 2030 due to its superior performance and ability to stabilize the process temperatures.
- Blanket insulation products are specifically used in high-temperature applications, operating up to 538ºC. Typical applications include heat exchangers, storage tanks, stack installations, cooling towers, air conditioning ductwork, and large diameter piping, among others.
- The industrial board stood at USD 1,254.4 kilotons in 2021, owing to excellent thermal performance from ambient to high temperatures for mechanical, power, and process systems.
Based on the Application Insights, the market is segmented into Power Generation, Petrochemical & Refineries, EIP Industries, LNG/LPG and Others.
- LPG/LNG led the market and accounted for about a 30% share of the revenue in 2021. The market is expected to continue the trend during the forecast period, which can be attributed to the high risk involved in the transportation & storage of LPG & LNG products, leading to extensive product demand.
- The power generation industry is expected to witness a heightened demand for these products, owing to its ability to minimize power losses.
- The Petrochemical & refineries industry is expected to experience robust growth, expanding at a CAGR of 4.8% during the projected period. The oil & gas industry is involved in the continuous high volume production of crude oil and natural gas, which is estimated to result in higher demand for the products.
- The EIP industries are involved in the production of a wide range of products that require insulation for thermal energy conservation.
Industrial Insulation Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
The industry players are focused on increasing their market share through organic growth rather than mergers and acquisitions. Companies in the market are focusing on expanding their product portfolio by developing cost-effective insulation products with enhanced properties.
Some prominent players in the global industrial insulation market include:
- Rockwool Insulation A/S
- Poroc Group Oy
- Knauf Insulation
- TechnoNICOL Corporation
- Anco Products, Inc.
- Aspen Aerogels, Inc.
- Cabot Corporation
- Morgan Advanced Materials plc
- Unifrax LLC
- RATH Group
- IBIDEN Co., Ltd.
- Armacell International
Order a free sample PDF of the Industrial Insulation Market Intelligence Study, published by Grand View Research.