The global industrial insulation
market is slated to reach USD 19.45 billion by 2025, growing at a
CAGR of 6.0%, as per a new report published by Grand View Research, Inc.
Adequate insulation and thermal mass provide an energy-efficient and economical
design to industrial equipment and construction, nullifying the need for a
heating system and curbing the operating costs. Manufacturers are striving to
provide materials that improve the life cycle and thereby the efficiency of a
product.
Foamed plastics are widely used
to prevent heating and cooling losses, thus improving the overall energy
efficiency of equipment used in end-use industries. Rising energy prices
coupled with the growing importance of energy-efficient industrial
infrastructure are slated to be major driving factors.
Blowing agents such as phenolic
& PU foams contain ozone-depleting substances, such as hydro fluorocarbons
(HFC), carbon dioxide, and pentane, which are greenhouse gasses known to pose
serious threats to the environment. Stringent regulations by REACH to reduce the
use of these toxic substances in insulation materials are expected to pose
challenges towards the market growth.
The market is considered to be
capital-intensive due to which entering and sustaining it requires a
considerable amount of time, resources, and planning. Achieving economies
of scale remains the top priority for the industry players.
U.S. Industrial Insulation
market revenue by product, 2014 - 2025 (USD Billion)
Browse full research report on
Industrial Insulation Market
Further key findings from
the report suggest:
- Foamed
Plastic is expected to witness a high growth and penetration rate, owing
to its high compressive strength, and superior moisture resistance
- Glass wool is
anticipated to emerge as the second largest product segment
- Glass wool
encompasses various features such as easy installation, low moisture
absorption, ability to hold up the original shape despite the surrounding
high temperatures and good recovery from packaged compression
- Petrochemical
& Refineries application segment is expected to account for 37.8% of
demand in 2025 and is likely to emerge as the largest as well as fastest
application segment
- Europe is
expected to be the largest growing region in the global industrial
insulation market
- Strict
insulation codes and laws effectuated by the European regulatory authorities
have increased the awareness about rising energy costs and the need for
energy efficiency.
- The major
business players in the market include Rockwool Technical Insulation,
Paroc, Knauf Gips KG, TechnoNICOL Corporation, etc.
About Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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