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