Industrial Thermal Insulation Market Size, Share, Growth, and Industry Analysis, By Type (Foam Plastic Material, Glass Fiber and Others), By Application (Power Generation, Industrial Furnace, Automobile Industry, Aerospace and Others) Regional Forecast From 2024 To 2031

Updated On: 15 April 2024

Industrial Thermal Insulation Market Report Overview

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The global industrial thermal insulation market size was USD 5889.4 million in 2022. As per our research, the market is projected to touch USD 9982 million by 2031, exhibiting a CAGR of 5.7% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the industrial thermal insulation market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

A substance that is used to prevent or reduce heat energy loss in a process or system, thermal insulation is essential in many industrial operations, such as metalworking, glassmaking, and food processing, to prevent equipment from overheating and causing damage or harm. The market's expansion may be ascribed to rising demand for energy-efficient and environmentally friendly solutions across industries, as well as increased awareness among end users about the benefits of industrial thermal insulation. During the forecast period, the foam plastic material segment is likely to lead the global industrial thermal insulation market in terms of value and volume. This expansion can be attributed to qualities such as excellent heat resistance, low weight, and superior sound absorption.

COVID-19 Impact: The Project Delays and Labour Shortages Resulted in Decline in the Market

Economic uncertainty and lockdown measures imposed by the epidemic have resulted in the postponement or termination of industrial initiatives. The need for thermal insulation in new building and retrofit projects may have been impacted when industrial activity slowed or temporarily ceased. Labour shortages in some areas were caused by social distancing measures, travel limitations, and health concerns. These shortages could have hampered the installation of thermal insulation in industrial facilities, resulting in project delays or higher labour expenses.

LATEST TRENDS

"Industrial Growth, Expansion and Ongoing Research to Shoot Up the Market Share Potentially"

The expansion of sectors such as oil and gas, petrochemicals, power generation, manufacturing, and construction has raised the demand for industrial thermal insulation solutions. As industrial activities develop, the requirement to manage heat transport becomes more vital. Continuous research and development efforts have resulted in the introduction of unique and sophisticated insulation materials and techniques, which have improved the overall performance and efficiency of thermal insulation solutions.

Industrial Thermal Insulation Market Segmentation

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• By Type

Based on type the industrial thermal insulation market is classified as  foam plastic material, glass fiber and others.

• By Application

Based on application the industrial thermal insulation market is classified as power generation, industrial furnace, automobile industry, aerospace and others.

DRIVING FACTORS

"The Leading Segment Power Generation to Raise the Demand Boost Market Growth "

Due to rigorous laws demanding the use of industrial insulation to conserve energy and enhance operational efficiency, the power generating industry is expected to be the leading category. Industrial insulation is used to protect a range of equipment in the power production business, including steam pipes, heat storage tanks, and boilers. Calcium silicate is a typical substance used to insulate power plants. It is used to insulate high-temperature pipes and equipment, as well as for fire resistance applications.

Many projects are underway to lay the transmission line that will allow power to be safely transmitted from one area to another. PacifiCorp's Southeastern Idaho project, which is set to be completed in April 2022, planned to replace antiquated transmission lines with newer ones in order to meet the region's increasing demand for electrical power. A multi-stage electrical system renovation was necessary from Goshen Substation near Firth, Idaho, to Rexburg Substation in Rexburg, Idaho. With the increased number of power plants around the world, demand for industrial insulating materials is likely to rise during the forecast period.

"Growing Demand in developing Economies to Multiply the Production and Market Growth"

Rapid industrialisation in developing nations, along with a growing awareness of energy efficiency, is boosting the demand for industrial thermal insulation in regions such as Asia-Pacific and Latin America.

RESTRAINING FACTORS

"Temprature Limits, Thickness, Space Constraints and the High Cost to Restrain the Market Growth"

Different thermal insulation materials have certain temperature limits beyond which their performance may decline or become useless. Finding adequate insulation materials that can tolerate extremely high temperatures in industrial operations might be difficult. Different thermal insulation materials have certain temperature limits beyond which their performance may decline or become useless. Finding adequate insulation materials that can tolerate extremely high temperatures in industrial operations might be difficult.Different thermal insulation materials have certain temperature limits beyond which their performance may decline or become useless. Finding adequate insulation materials that can tolerate extremely high temperatures in industrial operations might be difficult hindering the industrial thermal insulation market growth.

Industrial Thermal Insulation Market Regional Insights

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"North American Region to Dominate the Market with Applications in the Aerospace, Defense and Electronics Industries"

Asia-Pacific is expected to be the largest and fastest-growing building and power generation and thus power housing the industrial thermal insulation market share. Factors such as the growing need for energy conservation and the International Green Construction Code (IGCC) standards providing severe regulatory criteria are boosting the industry's insulation requirements in Asia-Pacific. According to the BP Statistical Review of World Energy 2022, total power generation in the Asia-Pacific area in 2021 was close to 14,000 terawatt-hours, accounting for the world's highest percentage of total electricity generated.

In the electric car business, electric insulating materials are also vital. Electrical insulation is made of non-conductive materials and is used to restrict the flow of electricity while also protecting sensitive components. In the electric car business, electric insulating materials are also vital. Electrical insulation is made of non-conductive materials and is used to restrict the flow of electricity while also protecting sensitive components.

KEY INDUSTRY PLAYERS

"Financial Market Participants to Support Market Growth"

There are numerous international and regional competitors in the fiercely competitive sector. The launch of new and improved products, collaborations, joint ventures, mergers and acquisitions, and other strategies are all being strategically planned by major companies.

List of Market Players Profiled

• 3M Company (U.S.A)
• Armacell International S.A. (Luxembourg)
• BASF Polyurethanes GmbH (Germany)
• BNZ Materials(U.S.A)
• Cabot Corporation (U.S.A)
• CECA (France)
• Cellofoam North America(U.S.A)
• ContiTech AG (Germany)
• DBW Advanced Fiber Technologies GmbH (Germany)
• Evonik Industries AG (Germany)
• Flumroc AG (Switzerland)
• G+H Isolierung GmbH (Germany)
• GAF (U.S.A)
• Glava A/S (Norway)
• Huntsman Corporation (U.S.A)
• Insulcon Group (Belgium)
• Isolatek International(U.S.A)
• Johns Manville (U.S.A)
• Industrial Insulation Group LLC (U.S.A)
• Kingspan Group plc (Ireland)
• Knauf Insulation GmbH (Germany).

REPORT COVERAGE

The report includes a SWOT analysis as well as information on potential future developments.The research paper examines a variety of variables that foster market expansion. This section also discusses a variety of market segments and applications that may have an impact on the market in the future. The specifics are based on historical turning points and present trends.the market's components' current conditions and prospective growth opportunities for the coming years. The influence of financial and strategic opinions, as well as market segmentation data from both subjective and quantitative research, are all covered in the study. The study also disseminates information on assessments made at the national and regional levels that account for the primary dynamics of supply and demand that are affecting market expansion.