New York, May 21, 2020 (GLOBE NEWSWIRE) — The Industrial Insulation market is projected to reach USD 4.74 Billion by 2027, according to a new report by Reports and Data. Critical factors such as increased demand for the product drive the industry to improve equipment efficiency and process efficiency across industry sectors. Insulation prevents heat transfer from the equipment system and increases the machine’s performance by making manufacturing processes more efficient. It provides protection for pipelines against low-temperature frost, which makes it ideal for transport equipment. Increasing demand, combined with the availability of the product at reasonable prices, would likely lead to growth in the market.
In the forecasting period, factors such as growing global warming initiatives and other government policies coupled with increasing demand for maintenance and servicing of outgoing insulation systems are expected to stimulate growth.
The growing demand for electricity is anticipated to propel the market as a result of the increasing population and industrialization in developing countries. In addition, rapid urbanization and strict regulations on energy conservation applicable to different industries, such as chemical & petrochemical and cement, are likely to drive demand in the industrial insulation market.
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The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic. Over a couple of months, this crisis has had a direct impact on the industrial insulation development rates as the manufacturing units have been disrupted. Also, the disturbances in the regular supply chain have caused the companies to create new supply chains that are more expensive and takes a lot more time to satisfy the need for catalysts in different areas of the chemical industry.
Further key findings from the report suggest
- Government initiatives to endorse manufacturing sectors in the country are projected to augment the demand for industrial insulation in construction and industrial applications, thereby creating growth opportunities for market players.
- Due to the rising demand for insulation materials in the thermal power generation industry, the power generation application segment is projected to grow to mitigate energy losses
- Calcium silicate is one of the most commonly used materials, primarily for heat preservation, used for industrial protection. The physical properties allow it to develop into various shapes and can be reinforced with different materials with the ultimate purpose of obtaining enhanced protective property.
- In recent years, all of the significant market players have invested heavily in R&D initiatives, leading to the invention of several innovative products. Major players aim to enhance their product portfolio by strategic mergers and acquisitions of small and medium-scale companies. In the coming years, therefore, an intense rivalry among players is expected.
- In April 2018, Owens Corning obtained Guangde SKD Rock Wool Manufacture Company Limited, a producer of Chinese mineral wool. This acquisition enhanced Owens Corning’s production capability to meet China’s rising demand for industrial insulation.
- Key participants include Kingspan Industrial Insulation Ltd., Pacor, Inc., BASF SE, Knauf Insulation Sprl, Refractory Specialties Incorporated, Rockwool International A/S, ACH Foam Technologies LLC, Owens Corning Corporation, Berkshire Hathaway Incorporated, and Saint Gobain, among others.
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For this report, Reports and Data segmented the global Industrial Insulation industry report based on product type, material type, application, and by Region for this study:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Material Type Outlook (Revenue, USD Billion; 2017-2027)
- Glass wool
- Stone wool
- Calcium Silicate
- Foamed Plastic
- Aerogel & Cellulose
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Petrochemical
- LPG & LNG
- Power generation
- Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/industrial-insulation-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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