Industrial Insulation Market is expected to reach US$ 10,189.11 Million by 2028

Increasing Demand from Power Generation Sector Drives Global Industrial Insulation Market

According to our latest study on “Industrial Insulation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material (Wool, Foams, and Fibres and Others), Product (Pipe, Board, Blanket, and Others), and End User (Power Generation, Chemical and Petrochemical, Cement, Food and Beverage, and Others),” the market is expected to grow from US$ 7,793.91 million in 2022 to US$ 10,189.11 million by 2028; it is expected to grow at a CAGR of 4.6% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Power generation is the major market for industrial insulation. Proper equipment insulation helps with the maintenance of power plants that reduces the risk of injury or burns to workers. Industrial Insulation plays an important role in nuclear power plants, fossil fuel power plants, hydroelectric power plants, solar power plants, and coal-fired power plants. All these plants contain mechanical piping, which moves materials from one point to another. These pipes need insulation to maintain a certain temperature. Industrial Insulation is highly important in various hydroelectric plants as it aids the steam-generating boilers in maintaining temperature levels. In power plants, boilers have to withstand high temperatures and pressures.

Industrial Insulation Market Size, by Region, during 2022–2028

Industrial insulated covers are an excellent option to save electricity, maintain process temperature, reduce heat loss, and improve workplace safety. Industrial Insulation is used in various power generation applications, including gas and steam turbines, pipelines, exhaust manifolds, diesel turbo covers, slide and flange valves, insulating sleeves, and heat exchangers where heat retention and process temperature are of concern. Therefore, the rising urbanization; industrialization; and emerging strict energy conservation regulations in various economies of Asia Pacific, Middle East & Africa, South & Central America, and Europe propel the application of industrial insulation in power generation.

According to United Nations, the global population is expected to reach more than 8.5 billion by 2030 and more than 9.7 billion by 2050, which is expected to increase the demand for electricity, oil and gas, and petrochemicals. The energy demand across the world rose by 0.9% in 2019, and electricity demand grew by 1.4% in 2019, according to the International Energy Agency (IEA). In Austria, Belgium, Hungary, the Netherlands, Spain, Turkey, Sweden, Russia, and many European countries, demand for electricity increased in 2019. Therefore, the rising demand for energy and power generation in developed and emerging economies across the world drives the industrial insulation market growth.

Nichias Corporation, Aspen Aerogels Inc, McAllister Mills Inc, Rockwool A/S, Saint Gobain SA, Knauf Insulation, Kingspan Group, Cabot Corporation, Johns Manville, and Thomas Group are the key players operating in the global industrial insulation market.

In June 2023, Recticel launched a range of bio-circular insulation board products consisting of 25% bio-circular raw materials.

In June 2023, Saint Gobain SA entered into an agreement to acquire Building Products of Canada for around US$ 970 Mmillion. Building Products of Canada’s product portfolio includes fiber insulation panels and roof shingles.

In May 2023, Knauf Insulation launched a new product named ‘OmniFit Slab 32’, a glass wool insulation product.

In May 2023, Etex acquired a high temperature insulation systems manufacturer, Skamol manufactures insulation products for various industries such as automotive, construction, power generation, HVAC, marine, mining and others.

Impact of COVID-19 Pandemic on Global Industrial Insulation Market Growth

The COVID-19 pandemic adversely impacted the global economy and slowed down the growth of various industries in 2020. The shutdown of manufacturing plants and factories in major regions, such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa, adversely affected the global supply chains and hampered the manufacturing operations, delivery schedules, and goods sales. Further, various companies announced possible delays in product deliveries and a slump in sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia Pacific, and North America affected business collaborations and partnership opportunities. The decelerated growth of the chemicals & materials industry amid these unfavorable conditions restrained the growth of various markets related to this industry. Logistics constraints, manpower shortages, low demand, and government restrictions caused a temporary shutdown of businesses in the industrial insulation market.

However, the resurgence of various industries after the gradual resolution of supply constraints resulted in the revival of the demand for industrial insulation. In 2021, the increase in COVID-19 vaccination efforts and economic recovery reflected in the rise in industrial activities worldwide. Further, a rise in demand for products enhancing the performance of processes and efficiency of industrial equipment is supporting the growth of the industrial insulation market worldwide.

The "Global Industrial Insulation Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global industrial insulation market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global industrial insulation market is divided on the basis of raw material, product and end user. Based on raw material, the market is segmented into wool, foams, and fiber and others. Based on product, the market is segmented into pipe, board, blanket, and others. Based on end user, the market is segmented into power generation, chemical and petrochemical, cement, food and beverage, and others. In 2022, the power generation segment dominated the global industrial insulation market, whereas chemical and petrochemical segment is expected to be the fastest-growing segment during the forecast period.

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