iCrowdNewswire Jan 19, 2021 10:12 AM ET
Industrial Insulation Market Overview:
The industrial insulation market is expecting strong mileage in the coming years as various verticals are lining up to integrate the system into their structure to curb energy consumption. Insulation is necessary to deal with the heat transfer issues. Industrial materials while getting transferred through pipes and also in boilers, storage tanks, vessels, and others get insulated with sealants, wraps, sheets, and adhesives & coatings which ensures lesser energy consumption than usual and prevent any kind of transformation in the nature of the material. The global industrial insulation market is currently eyeing for growth by 5.64% during the forecast period (2017-2023) and can exceed a valuation of USD 5,017.4 million by the end of 2023. In terms of volume, the industrial insulation market can anticipate growth of 5.30%. The recent report published by Market Research Future (MRFR) pivots primarily around segmental analysis, impactful drivers, and review of the competitive landscape.
The major factors to contribute to the industrial insulation market growth are increasing investment from both the private and public sectors, initiatives taken by companies to curb energy consumption, and strict government regulations. Industries have realized that integrating such a system would help them reduce their production cost. Governments are also taking stringent measures to lessen the amount of carbon footprint. The result is getting reflected in the rising involvement of the private and public parties. At the same time, protection for the operators is of chief importance which these industrial insulators ensure. In addition, the components are easily available which can trigger the growth of the market.
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Industrial Insulation Market Segmentation:
For a better command over the industrial insulation market, the report can be segmented by product type, application, and region.
Type-wise segmentation of the industrial insulation market includes wraps /sheets, coatings, and adhesive and sealants. Wraps & sheet segment includes metalized polymer, polymer modified bitumen membrane, modified butyl rubber, aluminum butyl wrap, and others. The segment is also dominating the market, and with a possible 5.7% CAGR, the segment can retain its dominance. Coatings segment includes weather barrier, fire resistant, vapor barrier, cryogenic, condensation control abrasion resistant, and others. Adhesive & sealants can be segmented into polystyrene foam, PVC, and water-based insulation and others.
Application-wise segmentation of the industrial insulation market includes LNG, storage tanks, power generation, heat exchangers, boilers, chemical processes, other hot & cold process equipment’s.
Industrial Insulation Market Regional Analysis:
Region-specific understanding of the global industrial insulation market spans across North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
North America is currently steering the global market with 33.08% of the global share as of 2016. The U.S. is leading the regional market. In 2016, the U.S. fetched USD 817.2 million as revenue for the market. Robust infrastructural presence is reaping the benefits of the product and providing thrust to the regional market in reverse.
In Europe, the market is majorly getting driven by Russia, the U.K., and Germany where stringent government regulations have forced industries to incorporate this technology to counter global warming. The APAC is also showing substantial potential to expand the market during the forecast period. China is expected to influence the regional market the most. In 2017, China fetched in around USD 359.9 million, a remarkable feat in itself.
Notable players operating in the global industrial insulation market are Thomas Insulation Corporation (U.S.), Owens Corning (U.S), Temati (Netherlands), Samhwa Chemicals Co., Ltd (South Korea), STI Co., Ltd. (South Korea), and others.
Evonik’s CALOSTAT is a thermal insulation material that has silicon dioxide as its main material. The product is non-combustible and offers very low thermal conductivity. In addition, the product contains fungicides, binding agents, pesticides, algicides, or flame retardants. In contact with other materials, it does not react which gives the product an industrial advantage.
Demilec launched recently Heatlok HFO, insulation foam for various industries with zero ozone depletion potential. The product is renewable/recyclable, and its carbon footprint is really low. These features make the product a perfect choice for companies that prefer eco-friendly measures.
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