The growing incidence of the construction expenditure, increasing energy costs, and strict regulatory enforcement in commercial and industrial spaces related to thermal insulation are key factors driving global growth in the industry.
Market Size – USD 2.76 Billion in 2019, Market Growth – CAGR of 6.9%, Market Trends – Growing prevalence of industrialization especially in the APAC developing countries
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.
Competitive Landscape:
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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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.
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)
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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Further key findings from the report suggest:
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Industrial Insulation Market Segmentation & Impact Analysis
4.1. Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market driver’s analysis
4.2.2.1. Rising industrialization globally
4.2.2.2. Growth in the construction sector
4.2.2.3. Technological advancements in the industrial sector
4.2.2.4. Demand for Industrial Insulation in developing countries
4.2.2.5. Reduction in energy costs in industries
4.2.3. Market restraints analysis
4.2.3.1. Volatile prices of raw materials
4.2.3.2. Labor crisis in the COVID-19 pandemic Continued…
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