Global Industrial Insulation Market Anticipated to Grow at a CAGR of 6.2% During 2024-2032, Likely to be Aided by the Growing Demand for Energy and Power

The industrial insulation market is driven by the growing demand for energy and power to sustain various industrial projects in emerging economies. Industries including power generation, automotive, oil and gas, and electrical and electronics consume a significant amount of energy on a daily basis. Industrial insulation helps these industries conserve energy and control the temperature for better operational outcomes. Over the forecast period, the expansion of power generation energy, coupled with the stringent government regulations against carbon emission and environment degradation, is likely to provide impetus to the market.

In terms of region, the Asia Pacific is likely to account for a significant share in the market, owing to the rising construction activities. This could be attributed to the increasing population, increasing disposable income, and rising investments in construction companies. In addition, the growing awareness about insulation products' ability to reduce electricity bills is likely to propel market growth. Furthermore, the market in the region will further be aided by the ever-increasing government expenditure towards industrial R&D activities, which will increase electricity consumption, thereby providing an impetus to the industrial insulation market in the region.

In February 2021, BASF SE (OTCMKTS: BASFY) used SLENTEX®, a high performance, non-combustible, flexible industrial pipe insulation material, at the BASF’s Ulsan manufacturing plant. This type of material has been used for industrial applications for the first time. It is adopted in close to 400 square metres of pipes, valves, and flanges in BASF’s manufacturing plant located in Ulsan, Korea. It is an innovative material solution that offers other advantages such as thickness, consistent surface, and robust property. It also displays energy efficiency, along with fire-resistant properties.

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Market Breakup by Insulation Materials, Products, End Uses, and Region:

• The market is segmented on the basis of insulation material into mineral wool, fibreglass, foamed plastics, and calcium silicate, among others.

• The different products in the industrial insulation market include blankets, board, and pipe, among others.

• The significant end-uses of the product include automotive, chemical and petrochemical, construction, electrical and electronics, oil and gas, and power generation, among others.

• The regional markets for industrial insulation can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

• The global market for industrial insulation is driven by the growing application of the product in end-use sectors, including power generation, automotive, and oil and gas, among others.

• The stringent government regulations on energy consumption are likely to propel market growth.

• The construction sector, among the end-uses, accounts for a sizeable share, which is likely to propel the demand for insulation materials.

• The rapid expansion of the industries in the emerging economies, including the growing R&D activities, is likely to augment the energy consumption, thereby propelling the insulation products.

• The market will further be aided by the growing awareness about the ability of the product to reduce electricity bills. This factor will augment the demand for insulation materials in the residential construction sector.

Key Offerings of the Report:

• The EMR report gives an overview of the global industrial insulation industry for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the insulation materials, products, end uses, and regions of industrial insulation.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global industrial insulation market are BASF SE, BNZ Materials, Inc., Cabot Corporation, Imerys S.A, and Knauf Insulation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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