Canada Industrial Insulation Market Size & Outlook
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Canada industrial insulation market highlights
- The Canada industrial insulation market generated a revenue of USD 217.7 million in 2023 and is expected to reach USD 293.6 million by 2030.
- The Canada market is expected to grow at a CAGR of 4.4% from 2024 to 2030.
- In terms of segment, glass wool was the largest revenue generating product in 2023.
- Aerogel is the most lucrative product segment registering the fastest growth during the forecast period.
Industrial insulation market data book summary
| Market revenue in 2023 | USD 217.7 million |
| Market revenue in 2030 | USD 293.6 million |
| Growth rate | 4.4% (CAGR from 2023 to 2030) |
| Largest segment | Glass wool |
| Fastest growing segment | Aerogel |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Canada accounted for 2.5% of the global industrial insulation market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. industrial insulation market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 293.6 million by 2030.
Glass wool was the largest segment with a revenue share of 24.21% in 2023. Horizon Databook has segmented the Canada 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 Canada industrial insulation market is expected to benefit from the burgeoning industrial construction expenditures. Rising awareness regarding environmentally friendly construction practices is expected to propel insulation use with an aim to reduce energy consumption.
Industrial insulation demand is expected to be aided by rising industrial expansion in the country. Energy-intensive industries in Canada are expected to register growth, facing increasing global competition primarily from the companies in Asia Pacific.
Rising demand for insulation from the oil & gas is expected to drive the overall market growth over the forecast period. A key challenge in forecasting energy demand change in the industrial sector arises from the extent of environmental legislation.
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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 |
Canada industrial insulation market size, by stone wool, 2018-2030 (US$M)
Canada Industrial Insulation Market Outlook Share, 2023 & 2030 (US$M)
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