(Food-Beverage-News.Com, October 05, 2021 ) The global industrial insulation market size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.3billion by 2024, growing at a CAGR of 5.0%.The increasing use of petrochemical products, the rising buying power of customers due to economic growth and rapidinfrastructure development, are the major drivers for the industrial insulation market.
Based on material, the mineral wool segment accounts for the largest market share in the industrial insulation market in 2019. High-temperature sustainability, recyclability, and low cost are the major properties driving the demand formineral wool in power generation and oil & gas sectors.Stringent rules mandating the use of industrial insulation and need to conduct efficient operations in end-use industries are expected to boost the demand forindustrial insulation during the forecast period.
Based on end-use industry, the power segment is projected to lead the market during the forecast period. Industrial insulation materials provide significant energy conservation, increase in efficiency of the process, and fire resistance by acting asbarriers for the external environment, which increases the demand for insulation in thepower generation industry. Moreover, rising demand for electricity in emerging economies such as India, Brazil, and China owing to rapid electrification, industrialization, and urbanization is driving the market for industrial insulation.
Based on form, the pipe segment is estimated to lead the market during the forecast period. The pipe is an integral part of every heavy industry using industrial insulation such as oil & gas, and power.The pipe is a suitable structure to transfer liquid, gas, and fine particles from one point to another.The materials such as mineral wool and calcium silicate can be easily fabricated as per the end-use requirement. Compressive strength, thermal resistance, and availability in different forms are boosting the demand for industrial insulation.
In terms of geographic coverage, the industrial insulation is segmented into five regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America. APAC is projected to be the largest industrial insulationmarket during the forecast period, owing to the large-scale development activities leading to increasing demand for electricity and infrastructure building activities.In addition, increasing population, the boom in real estate, and growing buying power of consumer will drive the industrial insulation market in the region.
Companies present in the market have tremendousopportunities in expanding their reach in emerging economies such as China, India, Brazil, South Africa, and Malaysia.The market players also provide new and innovative products that further increase the efficiency of industrial insulation.In addition, the growing percentage of an aging population, changing family structures, and improving working women populationis increasing demand for processed food & beverages and thus, driving the industrial insulation market.
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