Vietnam Industrial Insulation Market Size & Outlook
Vietnam Industrial Insulation Market, 2018-2030 (US$M)
Global Market
Related Markets
Vietnam industrial insulation market highlights
- The Vietnam industrial insulation market generated a revenue of USD 48.4 million in 2023 and is expected to reach USD 75.9 million by 2030.
- The Vietnam market is expected to grow at a CAGR of 6.6% 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 48.4 million |
| Market revenue in 2030 | USD 75.9 million |
| Growth rate | 6.6% (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, Vietnam accounted for 0.6% 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 Vietnamese economy is one of the fastest growing in Asia Pacific registering a GDP growth of around 6.8% in 2016-17 on the back of infrastructure development and growth of the manufacturing industry.
The economy is expected to maintain its growth due to the rise in the efforts undertaken by the national governments towards economic development. In addition, growth of the industries such as oil & gas and petrochemical products manufacturing in the economy is expected to drive the demand for insulation materials which is further likely to drive the market for industrial insulation over the forecast period.
Heightened demand for insulation materials on account of the increased penetration of international companies in the economy that practice advanced production processes, is expected to drive the market growth over the next seven years.
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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 |
Vietnam 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 21.69% in 2023.
Horizon Databook has segmented the Vietnam 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 Vietnamese economy is one of the fastest growing in Asia Pacific registering a GDP growth of around 6.8% in 2016-17 on the back of infrastructure development and growth of the manufacturing industry.
The economy is expected to maintain its growth due to the rise in the efforts undertaken by the national governments towards economic development. In addition, growth of the industries such as oil & gas and petrochemical products manufacturing in the economy is expected to drive the demand for insulation materials which is further likely to drive the market for industrial insulation over the forecast period.
Heightened demand for insulation materials on account of the increased penetration of international companies in the economy that practice advanced production processes, is expected to drive the market growth over the next seven years.
- Vietnam 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
- Vietnam Industrial Insulation Market Application Outlook (Revenue, USD Million , 2018-2030)
- Pipe
- Board
- Blanket
- Others
- Vietnam 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 Vietnam Industrial Insulation Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into Vietnam Industrial Insulation Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Vietnam Industrial Insulation Market, 2018-2030 (US$M)
Vietnam industrial insulation market statistics, by product, 2018-2030 (US$M)
