Global Industrial Insulation Market to Grow with Key Reorganization across the Manufacturing Sector
Stringent energy conservation laws for industries such as chemicals, petrochemicals, power generation, and cement further the demand for industrial insulation products.
Key Takeaways of Industrial Insulation Market Study
• On the back of easy availability of raw materials and subsequent relaxation in market price, stone wool insulation products will grow 1.8X through 2029.
• Pipe insulation provides much needed frost protection in low temperature regions as it facilitates transportation of temperature sensitive materials. The pipes product segment accounts for the largest market value share of over 47% with a steady growth rate throughout the projection period.
• EIP industry applications account for over 1/3rd market value share. Increasing emphasis on reducing industrial carbon footprint is boosting demand from the application segment.
• Petrochemicals and refineries will generate gainful prospects with a healthy 6% CAGR during the forecast period. Oil & gas exploration projects in a bid to satisfy the fuel demand of developing and developed economies are a central growth driver for this segment.
• North America and Europe lead global sales with a cumulative market value share of over 59% of the current market. Early adopters of efficient industrial production are set to drive the demand for industrial insulation in these regions.
• South Asia & Oceania present the most remunerative growth prospects with a dexterous 8% CAGR through 2029. Emerging economies such as Indonesia are adopting modern industrial production techniques, of which, industrial insulation is a crucial component.
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Opportunities across the Residential Sector
The leading players operating in the global industrial insulation market are focusing on capturing new industrial territories as a part of their consumer base. These vendors have also capitalized on the need for building insulation across the residential sector. Commercial and residential buildings host tremendous opportunities for the vendors operating in the global industrial insulation market.