Asia Pacific Industrial Insulation Market Size & Outlook
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Asia Pacific industrial insulation market highlights
- The Asia Pacific industrial insulation market generated a revenue of USD 2,228.5 million in 2023.
- The market is expected to grow at a CAGR of 6% from 2024 to 2030.
- In terms of segment, stone wool was the largest revenue generating product in 2023.
- Stone wool is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 2,228.5 million |
| Market revenue in 2030 | USD 3,353.4 million |
| Growth rate | 6% (CAGR from 2023 to 2030) |
| Largest segment | Stone wool |
| Fastest growing segment | Stone wool |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Stone wool, Glass wool, CMS Fibers, Calcium silicate, Cellular Glass, Foamed Plastic, Elastomeric Foam, Perlite, Aerogel, Cellulose, Micro Silica |
| Key market players worldwide | Rockwool AS Class B, Owens-Corning Inc, Knauf, Northern Venture Capital Trust, APi Group Corp, Aspen Aerogels Inc, Cabot Corp, Morgan Advanced Materials PLC, Unifrax, Ibiden Co Ltd, Armacell |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 25.9% of the global industrial insulation market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,353.4 million by 2030.
Stone wool was the largest segment with a revenue share of 22.93% in 2023. Horizon Databook has segmented the Asia Pacific industrial insulation market based on stone wool, glass wool, cms fibers, calcium silicate, cellular glass, foamed plastic, elastomeric foam, perlite, aerogel, cellulose, micro silica covering the revenue growth of each sub-segment from 2018 to 2030.
The industrial insulation market in Asia Pacific is expected to generate notable growth on account of rising oil production in the economies of China and India. In addition, the rapid economic development in the economies in the region coupled with rising adoption of insulation materials in industrial applications is expected to drive the market growth for industrial insulation over the forecast period.
Rising concerns regarding significant energy wastage coupled with the demand for the materials in refurbishing and renovation is expected to drive the market growth over the forecast period. The market for industrial insulation is also expected to exhibit high growth due to the growing thermal energy production which calls for the extensive need of insulation in order to maximize efficiency.
The rapid development of the industrial and construction sectors in China and Japan is likely to propel the market in Asia Pacific. China is slated to constitute a major market share in this region. The stringent laws and guidelines introduced by regulatory bodies at the regional as well as international levels regarding equipment & facility protection are likely to trigger overall growth prospects.
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Industrial Insulation Market Scope
Industrial Insulation Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Unifrax | View profile | 1001-5000 | Tonawanda, New York, United States, North America | http://www.unifrax.com/ |
| Armacell | View profile | 1001-5000 | Luxembourg, Luxembourg, Luxembourg, Europe | http://www.armacell.com |
| Northern Venture Capital Trust | View profile | - | Henley In Arden, Warwickshire, United Kingdom, Europe | - |
| Ibiden Co Ltd | View profile | 15212 | 2-1 Kanda-cho, Ogaki, Gifu, Japan, 503-8604 | https://www.ibiden.com |
| Morgan Advanced Materials PLC | View profile | 8783 | Sheet Street, York House, Windsor, United Kingdom, SL4 1DD | https://www.morganadvancedmaterials.com |
| Knauf | View profile | 51-100 | Utrecht, Utrecht, The Netherlands, Europe | https://knauf.be/nl |
| Aspen Aerogels Inc | View profile | 548 | 30 Forbes Road, Building B, Northborough, MA, United States, 01532 | https://www.aerogel.com |
| Rockwool AS Class B | View profile | 12017 | Hovedgaden 584, Hedehusene, Denmark, 2640 | https://www.rockwool.com |
| Owens-Corning Inc | View profile | 18000 | One Owens Corning Parkway, Toledo, OH, United States, 43659 | https://www.owenscorning.com |
| Cabot Corp | View profile | 4300 | Two Seaport Lane, Suite 1400, Boston, MA, United States, 02210 | https://www.cabotcorp.com |
| APi Group Corp | View profile | 29000 | c/o APi Group, Inc, 1100 Old Highway 8 NW, New Brighton, MN, United States, 55112 | https://www.apigroupinc.com |
Asia Pacific industrial insulation market size, by country, 2018-2030 (US$M)
Asia Pacific Industrial Insulation Market Outlook Share, 2023 & 2030 (US$M)
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