The global industrial insulation market size is projected to reach USD 3.0 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 5.0% during the forecast period. Increasing industrial, construction, and infrastructure activities in APAC, the Middle East & Africa, and South America, and growing demand for energy conservation and process optimization are driving the industrial insulation market. The increasing energy demand and mandatory regulations are also expected to drive the market.
APAC is projected to be the fastest-growing market for industrial insulation. The rising population, increased demand for construction activities, rapid industrialization, and increased urbanization are driving the APAC industrial insulation market. China is the largest market for industrial insulation in the region. China is also a major producer and consumer of industrial insulation in the region as it has a huge manufacturing base. Apart from China, India, Japan, and South Korea are projected to grow at a decent rate during the forecast period. In addition, increasing use of oil & gas for power, growing population, and rising demand for petrochemicals are responsible for the high growth of the market in this segment.
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The increase in demand for industrial insulation and the growing industrial activities in the emerging economies, such as APAC and South America, are driving the market. The key players in the industrial insulation market include Owens Corning (US), Saint Gobain (France), Knauf Insulation (US), Kingspan Group PLC (Ireland), Rockwool Group (Denmark), Armacell International SA (Germany), Johns Manville (US), Nichias Corporation (Japan), Insulcon BV (US), and Promat (ETEX Group) (Belgium). The industrial insulation market report analyzes the key growth strategies, such as investment & expansion, partnership & agreements, new product launch, and merger & acquisition, adopted by the leading market players between 2018 and 2020.
Owens Corning is one of the global leaders in manufacturing and distribution of building and industrial materials. The company has organized its operations through three segments: composites, insulations, and roofing. Owens Corning offers industrial insulation under its insulations segment. They deliver a broad range of high-quality insulation products. This insulation products conserve energy and improve acoustics, fire resistance and air quality at its operational locations. The company offers its products for pipe & equipment, tanks, vessels & spheres, ovens, boilers & furnaces and passive fire suppression industrial insulations. The industrial insulation segments consist of 43 manufacturing facilities. The company serves its customers primarily in US, Canada, Europe, APAC and Latin America with around 19,000 employees and has operations in 33 countries.
Saint Gobain designs, manufactures, and distributes innovative solutions to improve the quality of living spaces and reduce the environmental impacts. It offers its products for various applications in construction industry. The company has organized its operations through regional segments: Americas, Northern Europe, Southern Europe & MEA, APAC and High Performance Solutions (Global). Saint Gobain offers industrial insulation products under the subsidiary of Isover. Isover offers its products and insulation solutions to various applications in buildings, transportation, and industries. It serves customers with 10,000 employees and has 63 industrial sites and 107 country sites.
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