Gulf Cooperation Council Industrial Insulation Market Size & Outlook
Gulf Cooperation Council Industrial Insulation Market, 2018-2030 (US$M)
Global Market
Related Markets
Gulf Cooperation Council industrial insulation market highlights
- The Gulf Cooperation Council industrial insulation market generated a revenue of USD 172.6 million in 2023 and is expected to reach USD 252.9 million by 2030.
- The Gulf Cooperation Council market is expected to grow at a CAGR of 5.6% 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.
Industrial insulation market data book summary
| Market revenue in 2023 | USD 172.6 million |
| Market revenue in 2030 | USD 252.9 million |
| Growth rate | 5.6% (CAGR from 2023 to 2030) |
| Largest segment | Stone wool |
| Fastest growing segment | Stone wool |
| 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, Gulf Cooperation Council accounted for 2.0% 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 Middle East & Africa, Gulf Cooperation Council industrial insulation market is projected to lead the regional market in terms of revenue in 2030.
- Gulf Cooperation Council is the fastest growing regional market in Middle East & Africa and is projected to reach USD 252.9 million by 2030.
The GCC countries include the conglomerate of major oil producing economies in the region is expected to drive the demand for insulation materials used in oil & gas industry. In addition, frequent replacement of the insulation materials to eliminate hazards in oil & gas industry is expected to result in an increased demand for insulation products such as stone and glass wool.
Furthermore, the region benefits from high inflow of insulation materials on account of the growth of oil & gas industry. A rise in the demand for advanced insulation materials such as perlite and aerogel is expected to boost the market growth over the forecast period.
A significant drop in the demand for petroleum products from the European and North American markets has upset the demand-supply balance in the market. Falling crude oil prices can be attributed to the weak economic activity in Western Europe, which have considerably affected demand.
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Publish Date: Sep 11, 2024
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Industrial Insulation Market Scope
Industrial Insulation Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| APi Group Corp | View profile | 29,000 | c/o APi Group, Inc, 1100 Old Highway 8 NW, New Brighton, MN, United States, 55112 | www.apigroupinc.com |
| Cabot Corp | View profile | 4,300 | Two Seaport Lane, Suite 1400, Boston, MA, United States, 02210 | www.cabotcorp.com |
| Owens-Corning Inc | View profile | 18,000 | One Owens Corning Parkway, Toledo, OH, United States, 43659 | www.owenscorning.com |
| Rockwool AS Class B | View profile | 12,017 | Hovedgaden 584, Hedehusene, Denmark, 2640 | www.rockwool.com |
| Aspen Aerogels Inc | View profile | 548 | 30 Forbes Road, Building B, Northborough, MA, United States, 01532 | www.aerogel.com |
| Knauf | View profile | 51-100 | Utrecht, Utrecht, The Netherlands, Europe | knauf.be/nl |
| Morgan Advanced Materials PLC | View profile | 8,783 | Sheet Street, York House, Windsor, United Kingdom, SL4 1DD | www.morganadvancedmaterials.com |
| Ibiden Co Ltd | View profile | 15,212 | 2-1 Kanda-cho, Ogaki, Gifu, Japan, 503-8604 | www.ibiden.com |
| Northern Venture Capital Trust | View profile | - | Henley In Arden, Warwickshire, United Kingdom, Europe | - |
| Armacell | View profile | 1001-5000 | Luxembourg, Luxembourg, Luxembourg, Europe | www.armacell.com |
Gulf Cooperation Council Industrial Insulation Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Industrial Insulation Market Outlook will help companies and investors design strategic landscapes.
Stone Wool was the largest segment with a revenue share of 25.14% in 2023.
Horizon Databook has segmented the Gulf Cooperation Council 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 GCC countries include the conglomerate of major oil producing economies in the region is expected to drive the demand for insulation materials used in oil & gas industry. In addition, frequent replacement of the insulation materials to eliminate hazards in oil & gas industry is expected to result in an increased demand for insulation products such as stone and glass wool.
Furthermore, the region benefits from high inflow of insulation materials on account of the growth of oil & gas industry. A rise in the demand for advanced insulation materials such as perlite and aerogel is expected to boost the market growth over the forecast period.
A significant drop in the demand for petroleum products from the European and North American markets has upset the demand-supply balance in the market. Falling crude oil prices can be attributed to the weak economic activity in Western Europe, which have considerably affected demand.
- Gulf Cooperation Council Industrial Insulation Market Product Outlook (Revenue, USD Million , 2018-2030)
- Stone wool
- Glass wool
- CMS Fibers
- Calcium silicate
- Cellular Glass
- Foamed Plastic
- Elastomeric Foam
- Perlite
- Aerogel
- Cellulose
- Micro Silica
- Others
- Gulf Cooperation Council Industrial Insulation Market Application Outlook (Revenue, USD Million , 2018-2030)
- Pipe
- Board
- Blanket
- Others
- Gulf Cooperation Council Industrial Insulation Market End Use Outlook (Revenue, USD Million , 2018-2030)
- Power Generation
- Petrochemical & Refineries
- EIP Industries
- LNG/LPG
- Others
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Horizon Databook provides a detailed overview of country-level data and insights on the Gulf Cooperation Council Industrial Insulation Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into Gulf Cooperation Council Industrial Insulation Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Gulf Cooperation Council Industrial Insulation Market, 2018-2030 (US$M)
Gulf Cooperation Council industrial insulation market statistics, by product, 2018-2030 (US$M)
