Overview:
The global market for industrial thermal insulation is expected to grow with a robust CAGR during the forecast period (2022-2027), proclaims Market Research Future (MRFR) in an extensively analyzed report. Industrial Thermal Insulations are gaining traction in the market owing to its features such as conservation of heat, facilitation of temperature control, and betterment of operational efficiency.
Market Dashboard:
The market is densely packed with numerous key players who are trying to expand their portfolio through mergers and acquisitions. For instance, Owens Corning has recently acquired Guangde SKD Rock Wool Manufacturer to target their Chinese customers. The same company has also acquired Finland based Paroc to expand their product portfolio. Huntsman’s acquisition of Demilec, a spray foam producer can also be considered tactical.
The key players of the industrial insulation market are Global Industrial Thermal Insulation Market are ROCKWOOL Technical Insulation (Denmark), Cabot Corporation (U.S.) 3M (U.S.), NICHIAS Corporation (Japan), Paroc Group (Finland), TechnoNICOL Corporation (Russia), Evonik Industries AG (Germany), Armacell Enterprise GmbH Co. KG (Germany), Pittsburgh Corning Corporation (U.S.), BASF SE (Germany), and others.
Drivers and Restraints:
The market is getting driven by a few factors such as its ability to reduce environmental impact and protect the operational personnel which makes it a requirement for various industries. Its foray into various industries can be attributed to its market credentials such as easy availability in multiple sizes and shapes.
Various industries are now focusing majorly on conserving energy to curb the operational cost, and thermal insulations are a perfect solution to reduce the burgeoning cost. The need to protect equipment from heat has been realized by various sectors and has prompted them in adopting the insulation method to cut down maintenance cost. This has also given rise to the market of thermal insulations.
Government initiatives are also praiseworthy in improving industrial output, the creation of economic zones and industrial corridors. Various tax cuts and subsidies along with these features have proved beneficial for industries which have directly facilitated the growth of industrial thermal insulation market.
Industry Trends:
Armafix Ecolight is a recently launched product that has an eco-friendly, PET foam core which solves the problems regarding crushed insulation. It has an advantage over its market competitors as its PET core is recyclable.
Thermal Pipe Shields has announced recently the launch of TPSX-12 that is first of its kind which guarantees water resistance along with calcium silicate mechanical insulation.
Segmentation:
The global market for industrial thermal segmentation can be segmented by material and end-users.
Based on material, the market includes calcium silicate, mineral fiber, foamed plastic, perlite, cellular glass, and others. Fibrous and cellular thermal insulations have recently gained momentum in comparison to other variations.
On the basis of end-user, the market comprises petrochemical refineries, power generation, aerospace defense, automotive, and others. Petrochemical refineries is accounted for the largest share of the market and is also expected to grow with the fastest CAGR during the forecast period. Power generation is the second largest segment to occupy the market.
Regional Analysis:
Geographically, the market covers Asia Pacific (APAC), Europe, Latin America (LATAM), North America, and the Middle East Africa (MEA).
The APAC region is expected to be the flag-bearer with the highest CAGR in the foreseeable future. Various countries such as China, Japan, India, South Korea, Vietnam, and Malaysia are providing favorable conditions for the emerging industries owing to which industrialization is experiencing an unprecedented escalation. Cheap labor and availability of raw materials land are also encouraging the scenario. This has given rise to the demand for industrial thermal transfer labels. North America is currently spearheading the market and is anticipating significant growth. The market here is experiencing a boost from the defense sector in countries such as the U.S. and Canada.
Europe is the second largest market and a number of factors such as the presence of several end-user industries, well-developed automotive petrochemical sector, and revamping of the chemical process sector are propelling the market ahead. Countries such as the U.K, France, Poland, Germany, Russia, Spain, and Italy have cemented their positions as reliable contributors.
In LATAM, Brazil is contributing in a significant way to the regional market growth owing to its burgeoning automotive sector.
In MEA, Kuwait, Iran, Qatar, Oman, Saudi Arabia, and the United Arab Emirates (UAE) are the key influencers as they have well-structured oil gas and petrochemical sector.
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