Industrial Insulation Global Market Report 2024

Industrial insulation involves the application of insulation services to control surface temperature for personal protection, prevent corrosion of cold surfaces due to condensation, and enhance fire protection. It serves as a barrier against the progression or transmission of various forms of energy through insulated surfaces.

The primary forms of industrial insulation include pipe, blanket, board, and other variations. Pipe insulation refers to materials or combinations wrapped around a pipe to impede the flow of heat and energy. Various materials, such as mineral wool, calcium silicate, plastic foam, and others, find application in end-use industries including power, oil and gas, chemicals, petrochemicals, cement, food and beverage, among others.

The industrial insulation market research report is one of a series of new reports that provides industrial insulation market statistics, including industrial insulation industry global market size, regional shares, competitors with an industrial insulation market share, detailed industrial insulation market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial insulation industry. This industrial insulation market 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 industrial insulation market size has grown strongly in recent years. It will grow from $4.72 billion in 2023 to $5.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to factors such as energy efficiency regulations, increased environmental awareness, industrial growth, the expansion of construction activities, and the impact of aging infrastructure.

The industrial insulation market size is expected to see strong growth in the next few years. It will grow to $6.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated expansion in the forecasted period can be ascribed to heightened apprehensions about climate change, increased focus on infrastructure advancement, greater interconnectedness due to globalization, a surge in the power generation sector, and heightened urbanization. Prominent trends anticipated during this period encompass the adoption of environmentally-friendly materials, implementation of heat recovery systems, the integration of remote monitoring and maintenance capabilities, as well as a heightened emphasis on resilience in the face of extreme conditions.

The industrial insulation market is anticipated to experience growth in the foreseeable future, primarily driven by the increasing demand for power and energy. Energy, defined as power integrated over time, is a critical factor in this growth. Industrial insulation plays a pivotal role in conserving energy and power by acting as a barrier to the transfer of various energy forms across insulated surfaces. For instance, the International Energy Agency, an autonomous intergovernmental organization based in France, forecasts annual additions to global renewable electricity capacity to average around 305 GW per year between 2021 and 2026. This represents a nearly 60% acceleration compared to the expansion of renewables over the past five years. In the accelerated scenario, annual renewable capacity additions are projected to be a quarter higher than in the main case, reaching an average of over 380 GW from 2021 to 2026. Thus, the rising demand for power and energy is a key driver of the industrial insulation market's growth.

The upsurge in chemical production is expected to propel the industrial insulation market forward. Chemicals are substances characterized by consistent composition and specific physical and chemical properties. In chemical production, industrial insulation ensures temperature stability and minimizes energy consumption, resulting in efficient reactions, reduced heat loss, and cost savings. As an example, the Fourth Quarter Economic Report 2021 by the Chemical Industries Association (CIA), a UK-based organization representing chemical and pharmaceutical businesses, reported a 1.0% growth in chemical production in the UK in 2022, with a subsequent increase of 2.2% in 2023, and an anticipated further growth of 2.3% in 2024. Therefore, the heightened chemical production is a significant driving force behind the industrial insulation market.

A noteworthy trend in the industrial insulation sector is the emphasis on product innovation. Leading companies operating in this market are introducing novel products to address challenges such as water ingress, enhance fire safety in industrial settings, and reduce environmental impacts by conserving energy. For example, in September 2023, Denmark-based manufacturer ROCKWOOL launched ProRox insulation, a product designed to enhance industrial safety and efficiency. ProRox effectively combats water ingress, thereby mitigating corrosion under insulation (CUI) risks. Additionally, it provides superior fire resistance, especially in hydrocarbon-rich environments. ProRox's stone wool composition offers both thermal and acoustic benefits while promoting sustainability through easy installation and reusability.

Major companies in the industrial insulation market are introducing environmentally friendly insulation options like V PLUS Perform next. This advanced version is specifically designed for insulated metal panels. For instance, in December 2022, Dow Inc., a US-based material science company, launched V PLUS Perform next, an updated iteration of its V PLUS Perform polyurethane technology for insulated metal panels. This product combines energy efficiency and fire safety with sustainable materials, aligning with the EU's Green Deal objectives and addressing sustainability concerns within the construction industry. Dow incorporates bio-based and recycled feedstocks into the product, ensuring a significant portion of its production energy is derived from renewable sources.

In May 2022, Knauf Insulation, a Belgian manufacturer of insulation products and solutions provider, completed the acquisition of Gecsat, a Romanian plant, for an undisclosed sum. This strategic acquisition is expected to support Knauf Insulation's growth objectives and provide additional capacity to meet the growing demand for Knauf insulation solutions in the region. Gecsat, a mineral wool manufacturer based in Romania, operates within the industrial insulation market.

Major companies operating in the industrial insulation market include Safran S.A., Honeywell Aerospace, Thales Group, L-3 Avionics System, United Technologies Corporation, GE Aviation, BAE Systems, Meggitt PLC, Raytheon Technologies, Rockwell Collins Inc., Panasonic Avionics Corporation, Garmin Ltd., Universal Avionics System Corporation, Airbus SE, The Boeing Company, Cobham Limited, Curtiss-Wright Corporation, Teledyne Technologies Incorporated, Knauf Insulation, Rockwool, Aspen Aerogels, Morgan Advanced Materials, Luyang Energy-Saving Materials, 3M, Kingspan Group, Thermaflex, Unifrax, Paroc Group, Pittsburgh Corning, Nichias Corporation

Asia-Pacific was the largest region in the industrial insulation market in 2023. The regions covered in this industrial insulation market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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

The industrial insulation market includes revenues earned by entities by maintaining process temperature to the pre-determined value. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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