Industrial Insulation Market Size Worth $12.10 Billion By 2030

Industrial Insulation Market Growth & Trends

The global industrial insulation market size is expected to reach USD 12.10 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.0%, according to a new report by Grand View Research, Inc. The increasing demand for adequate thermal insulation for industrial equipment for energy-efficient operations, and economical design, is expected to drive the market during the forecast period.

The raw materials used for the production of various industrial insulation products are available in abundance, which benefits the industry. However, some of the feedstock used for insulation production is derived from petrochemicals, so fluctuations in the price of crude oil result in changes in the procurement cost of the feedstock, limiting the bargaining power of insulation manufacturers.

The industry is under high scrutiny from government environmental agencies, including EPA, REACH, and NGT. These agencies have imposed stringent regulations on the production, storage, and transportation of insulation materials. Government support to develop sustainable manufacturing practices is expected to hamper the market growth.

Major players, such as Rockwool Technical Insulation, Paroc Group, and Knauf Gips KG, hold most market share due to their vast product portfolio and wider geographical reach. These companies develop a powerful business model to adapt to the market volatility and any technological & geographical change.

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Industrial Insulation Market Highlights

• Stone wool accounted for the largest market share of 21.6% in 2022, owing to its high-temperature tolerance, flame resistance, and its ability to offer thermal and acoustic insulation

• Pipe insulation led the market and accounted for about 47.76% share of the revenue in 2022. The market is projected to witness notable demand, expanding at a CAGR 5.5% from 2023 to 2030, due to its superior performance and ability to stabilize the process temperatures.

• Power generation industry is expected to witness a heightened demand for these products, owing to its ability to minimize power losses. Growing concerns regarding the energy management among the power generation industry across the globe is expected to drive the market growth over the forecast period.
  

Industrial Insulation Market Segmentation

Grand View Research has segmented the global industrial insulation market based on material, product, application and region:

Industrial Insulation Material Outlook (Volume, Kilotons; Revenue, USD Billion; 2018 - 2030)

• Stone Wool

• Elastomeric Foam

• Micro Silica

• Glass Wool

• Composites

• CMS Fibers

• Calcium Silicate

• Cellular Glass

• Foamed Plastic

• Perlite

• Aerogel

• Cellulose

• Others

Industrial Insulation Product Outlook (Volume, Kilotons; Revenue, USD Billion; 2018 - 2030)

• Pipe

• Board

• Blanket

• Others

Industrial Insulation Application Type Outlook (Volume, Kilotons; Revenue, USD Billion; 2018 - 2030)

• Power Generation

• Petrochemical & Refineries

• EIP Industries

• LNG/LPG

• Others

Industrial Insulation Regional Outlook (Volume, Kilotons; Revenue; USD Billion; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • U.K.

  • France

  • Poland

  • Spain

  • Italy

  • Benelux

  • Nordic

  • CIS

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Indonesia

  • Malaysia

  • Thailand

  • Vietnam

• Central & South America

  • Brazil

  • Argentina

  • Colombia

• Middle East & Africa

  • GCC

  • Turkey

List of Key Players in the Industrial Insulation Market

• Rockwool Insulation A/S

• Poroc Group Oy

• Knauf Insulation

• TechnoNICOL Corporation

• Anco Products, Inc.

• Aspen Aerogels, Inc.

• Cabot Corporation

• Morgan Advanced Materials plc

• Unifrax LLC

• RATH Group

• IBIDEN Co., Ltd.

• Armacell International