Insulation materials are required to carry out functions such as process control, energy conservation, noise reduction, freeze protection, condensation control, and pollution reduction. Adequate insulation helps in keeping the efficiency of industrial equipment and construction intact, reducing the need for heating systems and thereby, cutting down operational costs. Insulation materials are easily available in various forms such as flexible blankets and sheets, foams, rigid blocks, and boards, which is anticipated to create a wider acceptance of these materials in several industrial verticals.
Petrochemical and Refineries to Remain Leading Consumers
Some of the key applications of industrial insulation materials are petrochemical and refineries, power generation, liquefied natural gas/liquefied petroleum gas (LNG/LPG), and EIP industries. Petrochemicals and refineries may continue to be the leading as well as fastest growing segment through 2025. The three primary hurdles encountered by the petrochemical sector—risks associated with accidental leaks and spills, corrosion of materials, and loss of heat in thermal transmission— are mandating the use of insulating technologies. Insulations offer benefits such as heat gain/loss reduction, energy conservation, operational efficiency, maintaining a uniform temperature, and condensation prevention.
Power generation is also a prominent application segment of industrial insulation. Insulation plays a positive role in thermal power generation by facilitating heat-loss reduction, personnel and equipment safety, and energy conservation along with other economic benefits. Increasing adoption of expansion strategies such as mergers and acquisitions by industrial insulation manufacturers may trigger the growth of the segment. For instance, in November 2017, Axios Industrial Group LLC, a company that provides industrial services such as insulation, scaffolding, and fireproofing to the energy sector, acquired Sky Industrial Services, a scaffolding and insulation company.
Market Insights
According to a study by Grand View Research, Inc.; the global industrial insulation market is projected to reach a valuation of USD 19.45 billion by 2025. Government initiatives focusing on energy efficiency and sustainable development play a vital role in promoting the adoption of insulation technologies, thereby escalating the growth of the market. Moreover, rising awareness regarding potential benefits of industrial insulation materials such as enhanced process security, reduced environmental impact, and protection of personnel at the operating end can supplement market growth.
North America will command a substantial share in the market throughout the forecast period (2014 to 2025). Rising application of industrial insulation products in fabricated board and piping and tubing is expected to contribute to the growth of the regional market. Some of the key players in the market are URSA Insulation S.A.,KnaufGips KG, TechnoNICOL Corporation, Rockwool Technical Insulation, and Paroc.
In-Depth Research Report On Industrial Insulation Market:
https://www.grandviewresearch.com/industry-analysis/industrial-insulation-market
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