SAN FRANCISCO , June 6, 2022 /PRNewswire/ -- 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.

Key Insights & Findings from the report:

Stone wool accounted for the largest market share of 23% in 2021, owing to its high-temperature tolerance, flame resistance, and its ability to offer thermal and acoustic insulation.

Pipe insulation accounted for the largest share in 2021 and is estimated to reach USD 5.93 billion by 2030, owing to increasing demand from process plants for controlling & stabilizing the process temperatures, and preventing of formation of condensation to limit pipe corrosion.

Power generation is estimated to exhibit the fastest demand for industrial insulation in terms of revenue, growing at a CAGR of 5.4% from 2021 to 2030, owing to increasing product usage to minimize thermal losses.

The Asia Pacific stood at 1,485.5 kilotons in 2021 and is expected to exhibit the fastest growth during the forecast period, which can be attributed to the rapid economic development coupled with the rising adoption of insulation materials in industrial applications.

Get more Insights from 126-page market research report, "Industrial Insulation Market Size, Share & Trends Analysis Report By Material (Stone Wool , Glass Wool, Foamed Plastic), By Product, By Application (Power Generation, EIP), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Industrial Insulation Market Growth & Trends

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.

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

Material Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Application Outlook (Volume, Kilotons; Revenue, USD Million; 2017 - 2030)

Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Some prominent players in the global industrial insulation market include:

Check out more related studies published by Grand View Research:

Pipe Insulation Market - The global pipe insulation market size is expected to reach USD 13.57 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2022 to 2030. Increasing infrastructure spending in the emerging markets of Asia Pacific and Central and South America is expected to propel market growth.

Insulation Market - The global insulation market size is expected to reach USD 102.47 billion by 2030, as per a new report by Grand View Research Inc., registering a CAGR of 6.5% over the forecast period. Rapid urbanization & industrialization and rising population in developing countries are estimated to boost the market growth in the projected period. Government initiatives to promote energy efficiency and sustainable development through insulation technologies are estimated to fuel the product demand from the industrial end-use segment. Initiatives through the Weatherization Assistance Program (WAP) by the U.S. government through federal funding to encourage the use of thermal insulation in low-income households are likely to drive the market growth in the North America region.

Building Acoustic Insulation Market - The global building acoustic insulation market size is expected to reach USD 6.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. Rising investment in infrastructure, stringent building code, energy efficiency, and increasing living standards are augmenting the growth of the market.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: sales@grandviewresearch.com Web: https://www.grandviewresearch.com Grand View Compass | Grand View Pipeline Follow Us: LinkedIn | Twitter

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SOURCE Grand View Research, Inc.

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