Industrial Insulation Market Overview to 2023:
The
industrial insulation market is expecting strong mileage in the coming years as
various verticals are lining up to integrate the system into their structure to
curb energy consumption. Insulation is necessary to deal with the heat transfer
issues. Industrial materials while getting transferred through pipes and also
in boilers, storage tanks, vessels, and others get insulated with sealants,
wraps, sheets, and adhesives & coatings which ensures lesser energy
consumption than usual and prevent any kind of transformation in the nature of
the material. The global industrial insulation market is currently eyeing for
growth by 5.64% during the forecast period (2017-2023) and can exceed a
valuation of USD 5,017.4 million by the end of 2023. In terms of volume, the
industrial insulation market can anticipate growth of 5.30%. The recent report
published by Market Research Future (MRFR) pivots primarily around segmental
analysis, impactful drivers, and review of the competitive landscape.
The
major factors to contribute to the industrial insulation market growth are
increasing investment from both the private and public sectors, initiatives
taken by companies to curb energy consumption, and strict government
regulations. Industries have realized that integrating such a system would help
them reduce their production cost. Governments are also taking stringent
measures to lessen the amount of carbon footprint. The result is getting
reflected in the rising involvement of the private and public parties. At the
same time, protection for the operators is of chief importance which these
industrial insulators ensure. In addition, the components are easily available
which can trigger the growth of the market.
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Competitive Landscape:
Notable
players operating in the global industrial insulation market are Thomas
Insulation Corporation (U.S.), Owens Corning (U.S), Temati (Netherlands),
Samhwa Chemicals Co., Ltd (South Korea), STI Co., Ltd. (South Korea), and
others.
Evonik’s
CALOSTAT is a thermal insulation material that has silicon dioxide as its main
material. The product is non-combustible and offers very low thermal
conductivity. In addition, the product contains fungicides, binding agents,
pesticides, algicides, or flame retardants. In contact with other materials, it
does not react which gives the product an industrial advantage.
Demilec
launched recently Heatlok HFO, insulation foam for various industries with zero
ozone depletion potential. The product is renewable/recyclable, and its carbon
footprint is really low. These features make the product a perfect choice for
companies that prefer eco-friendly measures.Market Segmentation:
For
a better command over the industrial insulation market, the report can be
segmented by product type, application, and region.
Type-wise
segmentation of the industrial insulation market includes wraps /sheets,
coatings, and adhesive and sealants. Wraps & sheet segment includes
metalized polymer, polymer modified bitumen membrane, modified butyl rubber, aluminum
butyl wrap, and others. The segment is also dominating the market, and with a
possible 5.7% CAGR, the segment can retain its dominance. Coatings segment
includes weather barrier, fire resistant, vapor barrier, cryogenic,
condensation control abrasion resistant, and others. Adhesive & sealants
can be segmented into polystyrene foam, PVC, and water-based insulation and
others.
Application-wise
segmentation of the industrial insulation market includes LNG, storage tanks,
power generation, heat exchangers, boilers, chemical processes, other hot &
cold process equipment’s.
Regional Analysis:
Region-specific
understanding of the global industrial insulation market spans across North
America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle
East & Africa (MEA).
North
America is currently steering the global market with 33.08% of the global share
as of 2016. The U.S. is leading the regional market. In 2016, the U.S. fetched
USD 817.2 million as revenue for the market. Robust infrastructural presence is
reaping the benefits of the product and providing thrust to the regional market
in reverse.
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