South Korea Industrial Insulation Market Size & Outlook
South Korea Industrial Insulation Market, 2018-2030 (US$M)
Global Market
Related Markets
South Korea industrial insulation market highlights
- The South Korea industrial insulation market generated a revenue of USD 150.7 million in 2023 and is expected to reach USD 213.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 5.1% 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 150.7 million |
| Market revenue in 2030 | USD 213.0 million |
| Growth rate | 5.1% (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, South Korea accounted for 1.7% 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 Asia Pacific, China industrial insulation market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 465.8 million by 2030.
The growth of the insulation products in the petrochemical refining industry in the region driven by rising refurbishing and renovation, is expected to drive the market growth over the forecast period. In addition, the industry does not account for a high demand for cellulose based insulation in the industrial applications on account of limited product performance.
The market in South Korea is expected to generate notable revenues in the wake of rising economic development coupled with rapid industrial development. In addition, the regulatory bodies in the economy have introduced regulations and stringent laws, regarding construction codes and equipment & facility protection, which are likely to trigger the overall prospects for thermal insulation.
The presence of an extensive oil refining industry in the region is expected to drive the market growth over the forecast period. Lack of indigenous natural resources in the country coupled with the limited presence of oil & gas production companies in the economy is expected to limit the growth of industrial insulation over the forecast period.
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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 |
South Korea 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 21.17% in 2023.
Horizon Databook has segmented the South Korea 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 growth of the insulation products in the petrochemical refining industry in the region driven by rising refurbishing and renovation, is expected to drive the market growth over the forecast period. In addition, the industry does not account for a high demand for cellulose based insulation in the industrial applications on account of limited product performance.
The market in South Korea is expected to generate notable revenues in the wake of rising economic development coupled with rapid industrial development. In addition, the regulatory bodies in the economy have introduced regulations and stringent laws, regarding construction codes and equipment & facility protection, which are likely to trigger the overall prospects for thermal insulation.
The presence of an extensive oil refining industry in the region is expected to drive the market growth over the forecast period. Lack of indigenous natural resources in the country coupled with the limited presence of oil & gas production companies in the economy is expected to limit the growth of industrial insulation over the forecast period.
- South Korea 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
- South Korea Industrial Insulation Market Application Outlook (Revenue, USD Million , 2018-2030)
- Pipe
- Board
- Blanket
- Others
- South Korea 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 South Korea Industrial Insulation Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into South Korea Industrial Insulation Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
South Korea Industrial Insulation Market, 2018-2030 (US$M)
South Korea industrial insulation market statistics, by product, 2018-2030 (US$M)
