Technical Insulation Global Market Report 2024

Technical insulation comprises products designed for various industrial applications, serving to prevent heat, fire, and electricity, as well as control sound transmission in or out of materials. It offers a cost-effective solution to safeguard industrial equipment and systems.

The primary product types in the technical insulation market include flexible foam, rigid foam, and man-made mineral fiber. Flexible foams find extensive use in gasket materials, padding or cushion materials, and other applications. Rigid foam sheathing insulation represents an innovative construction material primarily utilized for temperature control in specific areas. Man-made mineral fibers are commonly employed in high-tech products, such as high-efficiency air filters, especially in aerospace insulation. In terms of application, the market is segmented into heating and plumbing, HVAC, refrigeration, and industrial processes. By end user, the market is further segmented into industrial and OEM, energy, transportation, and commercial buildings.

The technical insulation research report is one of a series of new reports that provides technical insulation statistics, including technical insulation industry global market size, regional shares, competitors with technical insulation shares, detailed technical insulation segments, market trends and opportunities, and any further data you may need to thrive in the technical insulation industry. This technical insulation research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The technical insulation market size has grown strongly in recent years. It will grow from $7.1 billion in 2023 to $7.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed during the historical period can be attributed to various factors, including the implementation of energy efficiency regulations, expansion of HVAC (heating, ventilation, and air conditioning) systems, growth in the petrochemical industry, infrastructure development initiatives, and the effects of industrialization and urbanization.

The technical insulation market size is expected to see strong growth in the next few years. It will grow to $9.37 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to factors such as the replacement of aging infrastructure, increased investments in renewable energy, the impact of energy price volatility, a focus on sustainability and ESG (Environmental, Social, and Governance) initiatives, and advancements in industrial automation. Major trends expected during this period include the adoption of smart insulation solutions, efforts to enhance HVAC system efficiency, the demand for fire-resistant insulation, the utilization of digital design and simulation tools, and the continued growth of green building materials.

The growth of the technical insulation market is significantly fueled by rapid industrialization, with technical insulation finding extensive use across various industries to prevent heat and electricity loss. Key end-user sectors for technical insulation include heating and plumbing systems, HVAC systems, refrigeration, industrial pipes, and electric utilities. The expansion of these industries globally is a driving force behind the growth of the technical insulation market.

Anticipated growth in the oil and gas sector is poised to further boost the technical insulation market. The oil and gas sector encompasses activities such as exploration, extraction, refining, transportation, and marketing of petroleum products. In this sector, technical insulation involves the application of specialized materials, including those resistant to high temperatures, acoustic insulating materials, and thermal insulation. These materials are chosen based on the specific requirements of the equipment or structures they aim to insulate. For example, in 2022, according to BP p.l.c, a UK-based oil and gas company, oil consumption witnessed a notable increase of 5.3 million barrels per day (b/d) in 2021. Therefore, the growing demand within the oil and gas sector is a significant factor driving the expansion of the technical insulation market.

A key trend gaining traction in the technical insulation market is the introduction of new products by companies. This trend involves companies launching innovative technical insulation products to enhance their product portfolios and cater to rapidly growing markets. As an illustration, in November 2021, 3M, a US-based industrial manufacturing company, introduced 3M Thinsulate Xerogel Insulation, featuring Xerogel Technology Insulation for textiles. Xerogel, being over 99% air, is an exceptionally porous material that prevents airflow, making it a superior thermal insulator.

Major players in the technical insulation market are concentrating on technological innovations to enhance corrosion protection within technical insulation. These innovations involve the development of advanced materials, coatings, and application techniques to prevent or mitigate corrosion damage in insulated systems. For instance, in March 2023, ROCKWOOL, a Denmark-based mineral wool manufacturing company, launched ProRox Mat (Wrap) Insulation with WR-Tech Water Repellant Technology. This technology, utilizing a hydrophobic material, makes the insulation five times more water-repellent than standard EN-compliant stone wool, providing proven protection against corrosion under insulation (CUI).

In 2021, Kingspan, an Ireland-based manufacturer of high-performance insulation materials, completed the acquisition of Logstor for €253 million ($267.22 million), strengthening its technical insulation business. Logstor is a European provider of technical insulation solutions for energy and related applications.

Major companies operating in the technical insulation market include Zotefoams PLC, Unifrax I LLC, Saint-Gobain SA, Rockwool International A/S, Recticel NV, Palziv Inc., Owens Corning Fiberglass Company, NMC SA, Morgan Advanced Materials PLC, L'isolante K - Flex S.P.A., Knauf Insulation Ltd., Kingspan Group PLC, Johns Manville Corp., Aspen Aerogels Inc., Armacell International S.A., DowDuPont Inc., Evonik Industries AG, Covestro AG, Solvay SA, Eastman Chemical Co., Beijing New Building Material (Group) Co. Ltd., Clariant AG, Arkema SA, Owens Corning Corporation, Rockwool International, BASF SE, GAF Materials Corporation, Huntsman Corporation, Cabot Corporation, Saint-Gobain Isover, Unifrax I LLC, Uralita SA, Wacker Chemie AG, Xtratherm Limited, Zhejiang Jiahe Insulation Material Co. Ltd., Icynene Inc., Lapolla Industries Inc., NCFI Polyurethanes, PPG Industries Inc., Rmax Operating LLC

Asia-Pacific was the largest region in the technical insulation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global technical insulation market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the technical insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The technical insulation market consists of sales of technical insulation equipment and their maintenance services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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