Global Industrial Thermal Insulation Research Report by Type, by Application, by End Use, by Region - Global Forecast to 2027 - Cumulative Impact of COVID-19
Industrial Thermal Insulation is used to obstruct the flow of heat energy from high temperature to low temperature. It is used across all process industries to decrease energy consumption and to ensure that a desired temperature is maintained in an area without need of additional heating or cooling equipment. It is used to carry out numerous functions such as process control, condensation control, noise reduction, energy conservation, and reduction of environmental pollution. Moreover, they are used to protect equipment from corrosion and degradation and widely utilized in various end use industries such as automotive, aerospace & defense, power generation, petrochemical & refineries, and others.
Some of the prominent factors that positively
influence the growth of the Industrial Thermal Insulation Market are rapid
industrialization, increasing popularity of advanced insulation material, and
developments in high temperature insulation wools. Moreover, rising automotive
production and sales coupled with continuous expansion of automotive sector is
predicted to fuel the demand for Industrial Thermal Insulation Market.
Additionally, increasing use of spray on thermal insulation coatings in heavy
duty vehicles is expected to drive the market growth. Furthermore, recovery in
plant constructions and emphasis on energy efficiency benchmarking is estimated
to drive the industrial thermal insulation market. Increasing use of advanced
insulation material such as vacuum insulation panels and nano insulation panels
are predicted to give a new encouragement in the growth of industrial thermal
insulation market.
Regional Analysis:
North America is estimated to be the largest Industrial
Thermal Insulation Market followed by Europe and Asia Pacific on account of
strong existence of many key market players. European countries such as
Germany, U.K, and Spain are predicted to register a strong growth due to
significant demand for advanced industrial thermal insulation based material in
the automobile sector. In Asia Pacific, countries such as China, Japan, and
India are the fastest growing market, and is predicted to grow at the same pace
over the forecast period. Improving living standards along with the rapid
industrialization is estimated to contribute to the regional market growth. In
North America, the U.S and Canada are among the major contributors to the
regional market growth due to expansion of aerospace & defense as well as
rising innovations. The Middle East and Africa is predicted to witness a steady
growth owing to rising foreign investments and shifting of manufacturing base
for end use industries to these region.
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Competitive Analysis:
The major players operating in the Industrial Thermal
Insulation Market are ROCKWOOL Technical Insulation (Denmark), 3M (U.S.), Paroc
Group (Finland), TechnoNICOL Corporation (Russia), NICHIAS Corporation.(Japan),
Pittsburgh Corning Corporation (U.S.), Evonik Industries AG (Germany), Armacell
Enterprise GmbH & Co. KG (Germany), BASF SE (Germany), Cabot Corporation
(U.S.) among others.
Market Segmentation:
The Global Industrial Thermal Insulation Market is
segmented on the basis of material, end use, and region. On the basis of
material, the market is segmented into calcium silicate, mineral fiber, foamed
plastic, perlite, cellular glass, and others. Other material includes
elastomeric foam, refractory fiber, and insulating cement. Among these, calcium
silicate hold the largest market share on account of its wide service
temperature range from 35 deg C to 815 deg C. Moreover, it is non-combustible
and possess high compressive strength due to which it is predominantly used on
hot piping and surfaces. Perlite segment is expected to grow with the healthy
CAGR owing to its extensive use in many industrial application. On the basis of
end use, the market is categorized into petrochemical & refineries, power
generation, aerospace & defense, automotive, and others. Among these,
petrochemical & refineries is predicted to hold the largest market share
due to strong presence of these industries across the globe. Petrochemical
& refineries segment is followed by power generation segment, and is
expected to grow with the healthy CAGR due to high adoption rate of various
industrial thermal insulation material.
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