Industrial Insulation Market Share, Growth, Trends | Report 2022-2030
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.
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
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Industrial Insulation Market
5.1. COVID-19 Landscape: Industrial Insulation Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Industrial Insulation Market, By Material
8.1. Industrial Insulation Market, by Material, 2022-2030
8.1.1 Stone Wool
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Glass Wool
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. CMS Fibers
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Calcium Silicate
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Cellular Glass
8.1.5.1. Market Revenue and Forecast (2017-2030)
8.1.6. Foamed Plastic
8.1.6.1. Market Revenue and Forecast (2017-2030)
8.1.7. Elastomeric Foam
8.1.7.1. Market Revenue and Forecast (2017-2030)
8.1.8. Perlite
8.1.8.1. Market Revenue and Forecast (2017-2030)
8.1.9. Aerogel
8.1.9.1. Market Revenue and Forecast (2017-2030)
8.1.10. Cellulose
8.1.10.1. Market Revenue and Forecast (2017-2030)
8.1.11. Micro Silica
8.1.11.1. Market Revenue and Forecast (2017-2030)
8.1.12. Others
8.1.12.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Industrial Insulation Market, By Product
9.1. Industrial Insulation Market, by Product, 2022-2030
9.1.1. Pipe
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Board
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Blanket
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Others
9.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Industrial Insulation Market, By Application Type
10.1. Industrial Insulation Market, by Application Type, 2022-2030
10.1.1. Power Generation
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Petrochemical & Refineries
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. EIP Industries
10.1.3.1. Market Revenue and Forecast (2017-2030)
10.1.4. LNG/LPG
10.1.4.1. Market Revenue and Forecast (2017-2030)
10.1.5. Others
10.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Industrial Insulation Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Material (2017-2030)
11.1.2. Market Revenue and Forecast, by Product (2017-2030)
11.1.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Material (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Product (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Material (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Product (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Material (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Product (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.5.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Material (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Product (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Application Type (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Material (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Product (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Application Type (2017-2030)
Chapter 12. Company Profiles
12.1. Rockwool Insulation A/S
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Poroc Group Oy
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Knauf Insulation
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. TechnoNICOL Corporation
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Anco Products, Inc.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Aspen Aerogels, Inc.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Cabot Corporation
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Morgan Advanced Materials plc
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Unifrax LLC
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. RATH Group
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers