Industrial Insulation Market (By Material: Stone Wool, Glass Wool, Foamed Plastic; By Product; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

Published Date : Jun 2022 | No. of Pages : 150+ Pages | Category : Advanced Materials

The global industrial insulation market size was estimated at around USD 7.9 billion in 2021 and it is projected to hit around USD 12.3 billion by 2030, growing at a CAGR of 5.04% from 2022 to 2030.

Industrial Insulation Market Size 2021 to 2030

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.

Scope of The Report

Report Coverage Details
Market Size in 2021 USD 7.9 billion
Revenue Forecast by 2030 USD 12.3 billion
Growth rate from 2022 to 2030 CAGR of 5.04%
Base Year 2021
Forecast Period 2022 to 2030
Segmentation Product, application, material, region
Companies Covered Rockwool Insulation A/S, Paroc Group Oy, Knauf Insulation, TechnoNICOL Corporation, NICHIAS Corporation, Anco Products, Inc., Aspen aerogels, Inc., Cabot Corporation, Morgan Advanced Materials plc, Unifrax LLC, RATH Group, IBIDEN CO., LTD., Armacell International Holding GmbH, L'ISOLANTE K-FLEX S.p.A., NMC Insulation, Kaimann, Pittsburgh Corning Europe N.V., GLAPOR Werk Mitterteich, Duna-Corradini S.p.A., Polyguard Products, Inc., Owens Corning, Johns Manville, Rockwool Manufacturing Company, Saint Gobain S.A., American Rockwool Manufacturing LLC

 

Material Insights

Stone wool led the market and accounted for about 23% share of the revenue in 2021. Stone wool is manufactured from volcanic rocks such as dolomite, diabase, and basalt, which are available in abundance.

CMS fibers are expected to expand at a CAGR of 3.9% during the forecast period, owing to the increasing demand for high-temperature insulation for fire protection in industrial applications. The product offers an exceptional performance-to-weight ratio and resistance to chemical attacks, which is expected to boost its demand.

Calcium silicate is anticipated to witness a higher demand, owing to its preference as an alternative to asbestos for high-temperature insulation since it acts as an excellent barrier to infrared radiation. High-temperature piping and industrial-grade equipment are the common applications of calcium silicate.

Elastomeric foam is estimated to reach USD 621.8 million by 2030, owing to its superior moisture barrier properties as compared to other materials. Elastomeric foam products have exceptional dimensional stability. In addition, they offer excellent protection against condensation, thermal loss, and south transfer.

Product Insights

Pipe insulation led the market and accounted for about 47% share of the revenue in 2021. The market is projected to witness notable demand, expanding at a CAGR of 5.5% from 2022 to 2030 due to its superior performance and ability to stabilize the process temperatures. It protects against freeze damage and pipe breaks and prevents exposure to extreme temperatures. The product aids in increasing the energy efficiency of the process or plant, thereby reducing the operating expenses.

Blanket insulation products are specifically used in high-temperature applications, operating up to 538ºC. Typical applications include heat exchangers, storage tanks, stack installations, cooling towers, air conditioning ductwork, and large diameter piping, among others. Removable blankets are used where installation of conventional insulation is difficult. Hence, reducing the labor costs associated with installation.

The industrial board stood at USD 1,254.4 kilotons in 2021, owing to excellent thermal performance from ambient to high temperatures for mechanical, power, and process systems. The mineral wool board is widely used in many applications due to the low shrinkage it exhibits at high temperatures, as it prevents gaps from forming at joints, which is crucial to preventing thermal leaks.

Spray foam and milled fiber are also used for industrial insulation applications. Spray foam is a sealant designed to seal cracks, seams, and smaller gaps and eliminate drafts, block insects, and repel moisture. These are also used to fill, insulate, and seal corner joints, exterior cracks, utility panels, pipes, and duct penetrations.

Application Insights

LPG/LNG led the market and accounted for about a 30% share of the revenue in 2021. The market is expected to continue the trend during the forecast period, which can be attributed to the high risk involved in the transportation & storage of LPG & LNG products, leading to extensive product demand.

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

The Petrochemical & refineries industry is expected to experience robust growth, expanding at a CAGR of 4.8% during the projected period. The oil & gas industry is involved in the continuous high volume production of crude oil and natural gas, which is estimated to result in higher demand for the products.

The EIP industries are involved in the production of a wide range of products that require insulation for thermal energy conservation. In addition, the growth of the manufacturing sector coupled with the presence of stringent regulatory norms by the European Commission and other governing agencies is expected to drive the market growth during the forecast period.

Regional Insights

Europe dominated the market and accounted for about 34% share of the revenue share in 2021. The industry is predicted to remain the major market by 2030. Strict codes and laws effectuated by the European regulatory authorities have increased the awareness of rising energy costs and the need for energy efficiency, which is expected to benefit the market.

North America has been dominating the global industrial insulation market over the years, owing to the highly developed industrial and power generation sector influencing the demand. The U.S. holds the largest market share in the industry, which can be attributed to its extremely advanced industrial sector, which accounts for the largest energy consumption in the region.

The market in the U.S. is expected to reach USD 2.42 billion by 2030 due to rising awareness regarding the products, coupled with industrial developments. However, extremely fast-paced growth in the industrial sector in the Asia Pacific, especially in China and India, may limit the expansion in the U.S., which may hamper the market growth.

The Asia Pacific is expected to generate notable growth on account of rising oil production in the economies of China and India. The industry is also expected to exhibit high growth due to the growing thermal energy production, leading to the extensive need for insulation to maximize efficiency.

Key Players

  • 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

Market Segmentation

  • By Material Outlook
    • Stone Wool
    • Glass Wool
    • CMS Fibers
    • Calcium Silicate
    • Cellular Glass
    • Foamed Plastic
    • Elastomeric Foam
    • Perlite
    • Aerogel
    • Cellulose
    • Micro Silica
    • Others
  • By Product Outlook
    • Pipe
    • Board
    • Blanket
    • Others
  • By Application Type Outlook
    • Power Generation
    • Petrochemical & Refineries
    • EIP Industries
    • LNG/LPG
    • Others
  • By Regional Outlook
    • 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

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