Industrial Insulation Market Overview:
The Industrial Insulation Market is projected to reach $10.34 Billion by 2030, growing at a CAGR of 4.25% from 2022 to 2030.
The global report on the industrial insulation market has a robust discussion of various factors that can improve the market outcome in the coming years. Among these factors, the rising demand from industrial manufacturing will take the front seat. This is mainly due to the rising investment from both government and private organizations. Its effective use in reducing the transferring of heat is expected to bolster the increase in the intake of the product.
Industrial Insulation Market Segmentation:
The study comprising details of the Industrial Insulation Market has been discussed on the basis of a segmentation based on product type and application. These segments have data that have been analyzed using scientific methods by MRFR experts to understand how the market can be explored using better ways.
By type, the global discussion of the industrial insulation market has been segmented into coatings, wraps /sheets, and adhesive and sealants. The wraps & sheet segment has been further analyzed on the basis of polymer modified bitumen membrane, modified butyl rubber, metalized polymer, aluminum butyl wrap, and others. The coatings segment includes weather barrier, condensation control, vapor barrier, cryogenic, abrasion-resistant, fire-resistant, and others. The adhesive & sealant segment includes polystyrene foam, PVC, water-based insulation and others.
By application, the global market study includes discussions on LNG, power generation, chemical processes, storage tanks, boilers, heat exchangers, other hot & cold process equipment. The power generation segment would bolster the global market by increasing its intake in the coming years. In various chemical processes, this technology gets significant traction owing to which the market can influence the outcome.
Regional Analysis:
North America had 33.08% of the global market share in 2016, which made it the market leader. The region is also showing signs of progress. The industrial state of the US is expected to bolster the regional market growth in the coming years.
Industrial Insulation Companies
· Owens Corning (U.S)
· Samhwa Chemicals Co.
· Thomas Insulation Corporation (U.S.)
· Temati (Netherlands)
and others are some prominent players taking part in the global industrial insulation market. Their active participation in transforming the market output. Strategic moves introduced by these companies are effective in securing their individual growth. These tactical measures often include merger, tie-up, acquisition, innovation, and others. MRFR recorded some of these latest changes to understand how the market can proceed in the coming years.
Industry News:
During the COVID-19 pandemic outbreak, quite a few manufacturing industries suffered huge losses due to lockdowns, halt in production, and disruption in the supply chain. These factors impacted the revenue generation process. As a countermeasure, industries have temporarily reduced their investments to maintain a proper balance in their profit margin, which can affect the global industrial insulation market.
In July 2020, Johns Manville (JM), a company with a credible reputation as the manufacturer of energy-efficient building and industrial insulation products, announced the launch of a holistic portfolio of adding v-groove pipe, water-repellent, industrial board, mineral wool industrial insulation materials, and blankets and fittings. The company is specifically focusing on expanding its portfolio of MinWool-1200® water-repellent products. This is to support the growing demand from various end user industries who are looking for excellent water-repellent products.
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