Industrial Insulation Market Size Report By Material, (Stone Wool, Glass Wool, Foamed Plastic), By Product, By Application (Power Generation, EIP), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the industrial insulation market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for industrial insulation market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of industrial insulation market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Industrial Insulation Market Categorization:

The industrial insulation market was categorized into four segments, namely material (Stone Wool, Elastomeric Foam, Micro Silica, Glass Wool, Composites, CMS Fibers, Calcium Silicate, Cellular Glass, Foamed Plastic, Perlite, Aerogel, Cellulose), product (Pipe, Board, Blanket), application type (Power Generation, Petrochemical & Refineries, EIP Industries, LNG/LPG), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The industrial insulation market was segmented into material, product, application type, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The industrial insulation market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; Mexico; the UK.; Germany; France; Italy; Spain; Poland; Benelux; Nordic; CIS; China; India; Japan; South Korea; Indonesia; Malaysia; Thailand; Vietnam; Brazil; Argentina; Colombia; GCC; and Turkey

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Industrial insulation market companies & financials:

The industrial insulation market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Rockwool Insulation A/S - ROCKWOOL Insulation A/S, founded in 1909, began producing insulation products in 1937 and is based in Hedehusene, Denmark. The company has a substantial presence in Europe, particularly in Russia, and is quickly extending its reach to North America and Asia. As of December 2017, it had over 11,000 employees working across 39 locations in 45 manufacturing facilities worldwide. By 2019, the group had more than 1,200 employees across its various locations. The group comprises companies such as Rockwool Building Insulation, Rockfon Acoustic Ceiling & Wall Solutions, Rockpanel Exterior Cladding, Rockwool Technical Insulation, Rockwool Core Insulation, Grodan Substrate Solutions, Lapinus, and Rockdelta. Rockwell Technical Insulation offers sophisticated technical insulation solutions for the marine & offshore and process industries. It specializes in the engineering, manufacturing, and distribution of stone wool insulation products. Its insulation division provides fire-resistant and energy-efficient products for the industrial, building, and technical sectors. These products are utilized in pipework, tanks, columns, vessels, chimneys, boilers, and cold boxes. The company’s products are used in technical insulation applications in offshore, marine, and process industries, as well as in residential and non-residential buildings. 

• Paroc Group Oy - Paroc Group Oy, a company based in Helsinki, Finland, was founded in 1937. In December 2016, it merged with Safari Finco 1 Oy and continued to operate under the parent company, Paroc Group. The company has a global footprint, with operations in 13 countries and manufacturing facilities in five countries, including Russia, Poland, Lithuania, Sweden, and Finland. Paroc Group Oy specializes in the production and distribution of mineral wool insulation products across Europe. Its business operations are split into two main segments: building insulation and technical insulation. The building insulation segment provides advanced solutions for sound, fire, and thermal insulation for various parts of a building such as exterior walls, floors, roofs, partitions, and basements. On the other hand, the technical insulation segment caters to OEM, marine & offshore industries, and industrial processes by providing insulation products. The company’s products are used in a variety of applications, including data centers, shipbuilding, and concert halls, offering benefits like fire & moisture resistance, soundproofing, and emission control. Their product range includes slabs, mats, loose wools, pipe sections, bends, and segments. As of 2016, the company employed over 1,835 individuals. 

• Knauf Insulation - Knauf entered the insulation industry in 1978 by acquiring a plant in Indiana, U.S. In 2002, it rebranded itself as Knauf Insulation. It functions as a subsidiary of Gebr. Knauf KG is a company that produces and distributes building and construction materials to clients in Australia, Africa, Asia, the Russian Federation, South America, the U.S., and various European countries. Knauf Insulation has a global presence, operating in over 40 countries with 27 manufacturing facilities located in 15 different countries. The company’s insulation product line includes wood wool, blowing wool, rock mineral wool, and glass mineral wool. In addition to this, Knauf Insulation provides services to buildings, original equipment manufacturers, technical applications, and green solutions. The company is known for its expertise in energy-efficient applications, fire safety, acoustics, sustainability, and comfort & handling. The Knauf group employs over 27,500 people across 150 production facilities and sales organizations in 86 countries worldwide. The group consists of more than 20 subsidiaries. 

• TechnoNICOL Corporation - TechnoNICOL Corporation, founded in 1992 and based in Moscow, Russia, operates in more than 81 countries worldwide, including the U.S., Canada, Australia, the UK, Russia, France, India, Poland, and Turkey, among others. The company specializes in the production and supply of roofing materials for both sloping and flat roofs, along with heat-insulating, soundproofing, and waterproofing systems. The company’s operations are divided into four key segments: waterproofing materials, heat insulation, sloped roofing, and components. The heat insulation segment focuses on the production of products such as stone wool-based heat insulation, fire-resistant and technical insulation, and extruded cellular polystyrene. TechnoNICOL Corporation’s product range also encompasses roll materials, thermal insulation for plaster and ventilated walls, facades, flat and sloping roofs, and materials for fire protection of building piping and construction. In addition, the company provides solutions for the industrial and civil construction sectors, catering to foundations, floors, facades, flat roofs, and technical insulation. Its product offerings include mastics, prime coatings, bitumen, heat-insulating materials for buildings, and utilities for the installation of flat roofs, such as rainwater heads and roofing aerators. 

• NICHIAS Corporation - NICHIAS Corporation, founded in 1896 and based in Tokyo, Japan, operates across five key business areas: energy and industrial plants, industrial products, advanced products, auto parts, and building materials. The energy and industrial plants business segment offers engineering products and services for construction and maintenance, serving industries such as oil refining, electric power, and liquefied petroleum gas (LPG). Under the industrial products segment, the company provides gaskets, insulating materials, and filter products, catering to the machinery, electric power, and steel industries. The company also offers a range of other solutions, including friction materials, heat insulation boards for industrial equipment, sliding materials, seal products, and fabricated inorganic textile products. Additionally, NICHIAS Corporation produces specialized products like joint sheets, metal gaskets, PTFE gaskets, sheets, rods, molded products, valve packings, fabricated tubes, hoses, bellows, and high-performance elastomer O-rings. 

• Anco Products, Inc. - Founded in 1972, Anco Products, Inc., also known as Anderson Products, Inc., is a U.S.-based company with its headquarters in Elkhart. It is a subsidiary of the API Group, Inc. The company specializes in the manufacture and distribution of insulation products to a variety of industries across Canada, the U.S., and the UK. Their operations also include the production and marketing of air-duct systems and fiberglass insulation products. Their product range encompasses various insulated solutions such as post frame and fiberglass insulation products, plain metal and faced building insulation, and resilient blankets for use in diverse vessels and tanks. They also provide accessories for the metal building construction markets. Furthermore, Anco Products, Inc. offers a selection of specialty and facing tapes, duct liner insulation products, and OEM mat insulation products. These products find numerous applications, including sound attenuation panels, appliances, and curb adapters. 

• Aspen Aerogels, Inc. - Aspen Aerogels, Inc., established in 2001 and based in Northborough, U.S., is a publicly traded company on the New York Stock Exchange under the ticker symbol ASPN. As a company specializing in aerogel technology, it designs, develops, and manufactures high-performance, innovative aerogel insulation used in the energy-building material and infrastructure sectors. The company’s product line includes high-performance aerogel insulation blankets for both hot and cold service applications, as well as products like Pyrogel, Spaceloft, and Cryogel, which are used in the industrial and building insulation industries. These products offer benefits such as compact system design, reduced logistics cost, decreased installation time and cost, less storage space, fewer instances of corrosion under insulation, lighter system weight, improved job site safety, and freight promotion. In addition to its product offerings, Aspen Aerogels, Inc. provides contract research services for entities like the Department of Energy and the Department of Defense. The company also collaborates with major companies such as TechnipFMC in the offshore oil sector, ExxonMobil in the oil refinery and petrochemical sectors, and BASF in the building materials sector to expand into new markets. 

• Cabot Corporation - Cabot Corporation, a company founded in 1882 and based in Boston, U.S., is publicly traded on the New York Stock Exchange under the ticker symbol CBT. With a global presence that includes 45 manufacturing facilities across 21 countries, the company specializes in supplying specialty chemicals and performance materials to a broad spectrum of industries, such as transportation, infrastructure, consumer goods, and the environment. The company’s operations are divided into four main segments: performance chemicals, reinforced materials, specialty fluids, and purification solutions. The performance chemicals segment offers specialty carbons and formulations, metal oxides, and additives that enhance performance in various areas, including industrial insulation, building construction materials, silicones, composites, inkjet printing, batteries, electronics, adhesives, and sealants. The reinforced materials segment provides rubber blacks and elastomer composites, where carbon black is reinforced to improve the performance of rubber products like molded goods, belts, hoses, and tires. The specialty fluids segment offers cesium formate brines and fine cesium chemicals, which are used in applications such as blazing fluxes, glass, titanium dioxide, oil and gas drilling, and completion fluids. 

• Morgan Advanced Materials plc - Founded in 1856, Morgan Advanced Materials plc is a company based in Windsor, Berkshire. It is publicly traded on the London Stock Exchange under the ticker symbol MGAM. The company specializes in the engineering of advanced materials such as composites, ceramics, carbon, and more. It caters to a wide range of markets, including industrial, security, energy, electronics, transport, petrochemicals, and healthcare, by providing various products and solutions. The company operates through several segments, including thermal ceramics, technical ceramics, electrical carbon, molten metal systems, fire protection, braze alloys, composites & defense systems, seals & bearings, and specialty graphite. The thermal ceramics segment focuses on the production of advanced ceramic materials, systems, and products designed for thermal insulation in high-temperature environments. 

• Unifrax LLC - Unifrax LLC, originally known as The Carborundum Company since its establishment in 1891, was acquired and renamed by Saint Gobain in 1996. The company, based in Tonawanda, U.S., specializes in the production of high-temperature insulation products that provide energy conservation and heat management solutions. With over 26 manufacturing facilities spread across 12 countries and sales offices in the Americas, Europe, Asia, Australia, and South Africa, Unifrax has a global presence. The company operates through several business segments, including thermal management, fire protection, emission control, and specialty fibers. The thermal management segment offers energy-saving solutions to a variety of industries such as aerospace, fire protection, appliance, ferrous and non-ferrous materials, automotive, glass, ceramic, power generation, petroleum products, and industrial ceramics. Unifrax’s product range is extensive, encompassing blankets, boards, bulk fiber, mixes/coatings, emission control, fabricated products, foamfrax insulation, furnace hardware, fyrewrap, fyrewrap LiB materials, microporous insulation, modules, papers/felts, purefrax hot gas filtration, silplate insulation, textiles, specialty fibers, and engineered thermal components.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Industrial Insulation Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Industrial Insulation Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.