Overview:
The global industrial insulation market size is projected to reach USD 3.0 billion by 2027 from USD 2.4 billion in 2020, at a CAGR of 5.0% during the forecast period.
The global report on the industrial insulation market has a robust discussion of various factors that can improve the market outcome in the coming years. Among these factors, the rising demand from industrial manufacturing will take the front seat. This is mainly due to the rising investment from both government and private organizations. Its effective use in reducing the transferring of heat is expected to bolster the increase in the intake of the product.
Competitive Landscape:
Owens Corning (U.S), Samhwa Chemicals Co., Ltd (South Korea), Thomas Insulation Corporation (U.S.), Temati (Netherlands), STI Co., Ltd (South Korea), and others are some prominent players taking part in the global industrial insulation market. Their active participation in transforming the market output. Strategic moves introduced by these companies are effective in securing their individual growth. These tactical measures often include merger, tie-up, acquisition, innovation, and others.
MRFR recorded some of these latest changes to understand how the Industrial Insulation Market can proceed in the coming years.
Market Research Future (MRFR) studied its connection with various end users to understand the growth prospect. Its valuation is slated to grow past USD 5,017.4 million, with a CAGR of 5.64% during the forecast period of 2018 to 2023.
Segmentation:
The study comprising details of the Industrial Insulation Market has been discussed on the basis of a segmentation based on product type and application. These segments have data that have been analyzed using scientific methods by MRFR experts to understand how the market can be explored using better ways.
By type, the global discussion of the industrial insulation market Share has been segmented into coatings, wraps /sheets, and adhesive and sealants. The wraps sheet segment has been further analyzed on the basis of polymer modified bitumen membrane, modified butyl rubber, metalized polymer, aluminum butyl wrap, and others. The coatings segment includes weather barrier, condensation control, vapor barrier, cryogenic, abrasion-resistant, fire-resistant, and others. The adhesive sealant segment includes polystyrene foam, PVC, water-based insulation and others.
By application, the global market study includes discussions on LNG, power generation, chemical processes, storage tanks, boilers, heat exchangers, other hot cold process equipment. The power generation segment would bolster the global market by increasing its intake in the coming years. In various chemical processes, this technology gets significant traction owing to which the market can influence the outcome.
Regional Analysis:
North America had 33.08% of the global market share in 2016, which made it the market leader. The region is also showing signs of progress. The industrial state of the US is expected to bolster the regional market growth in the coming years.
Industry News:
In July 2020, Johns Manville (JM), a company with a credible reputation as the manufacturer of energy-efficient building and industrial insulation products, announced the launch of a holistic portfolio of adding v-groove pipe, water-repellent, industrial board, mineral wool industrial insulation materials, and blankets and fittings. The company is specifically focusing on expanding its portfolio of MinWool-1200® water-repellent products. This is to support the growing demand from various end user industries who are looking for excellent water-repellent products.
During the COVID-19 pandemic outbreak, quite a few manufacturing industries suffered huge losses due to lockdowns, halt in production, and disruption in the supply chain. These factors impacted the revenue generation process. As a countermeasure, industries have temporarily reduced their investments to maintain a proper balance in their profit margin, which can affect the global industrial insulation market.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.
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