Key Companies Covered in Global Industrial Insulation Market by Kenneth Research Include ABB, W.S. Industries, Aditya Birla Insulators, Bharat Heavy Electricals Limitted, Knauf Insulation, Kingspan Group, Cabot Corporation, Aramacell, Etex NV, Recticel Insulation, and others.

New York, July 13, 2022 (GLOBE NEWSWIRE) — Over the past few years, industrial output has multiplied worldwide. According to the United Nations Industrial Development Organization (UNIDO) statistics, global industrial output increased by 4.2% in the first quarter of 2022 compared to the same period last year. A similar annual outgrowth of 4.1% was reported by industrial economies after a stable increase of 3.6% and 6.1% in the previous year’s 2 quarters respectively. Based on these trends, it is reasonable to draw the conclusion that using sophisticated production methods has been beneficial for the manufacturing industry as a whole such as industrial insulation.

A concise analysis of the components of the market, including growth drivers, restraints, current market trends, and the potential for future growth, is provided by Kenneth Research in its new study, “Global Industrial Insulation Market”. The market research report, which covers the forecast period, i.e., 2022-2031, thoroughly examines the impact of COVID-19 and its consequences on end-users. The research study also looks at the main competitor’s product line and future market expansion strategies.

The global building-related CO2 emissions reached a record high of roughly 10 GtCO2, or 28 percent of all energy-related CO2 emissions worldwide. The contribution rises to 38 percent of all global energy-related CO2 emissions when the building construction industries’ emissions are taken into account. Also, finance institutions and real estate firms are becoming aware of the lucrative financial options and significant development potential offered by sustainable construction investments. For instance, 90 percent of the 1,005 real estate firms, developers, REITS, and funds that reported to the Global ESG Benchmark for Real Assets (GRESB) in 2019 and managed more than USD 4.1 trillion in assets under management, align their projects with green building rating standards for both construction and operations. The International Finance Corporation (IFC) estimates that the global market for green buildings would be worth USD 24.7 trillion by 2030, making it one of the largest investment possibilities in history. Sustainable building is the practice of creating buildings through methods that are resource and environmentally conscious during all phases of a building, including design, construction, operation, maintenance, restoration, and demolition. Insulation materials are often regarded as “green “materials as they are used to reduce energy loss from buildings.

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Additionally, industrial insulation enhances machine performance by preventing heat transfer, which is projected to contribute to the expansion of the market in the ensuing years. They increase the efficiency of the production process. Industrial insulators eliminate the need for a heating system and lower the cost of industrial operations, all of which are expected to further support the growth of the market. The global industrial insulation market gathered revenue of around USD 2,400 million by the end of 2021. Additionally, the market is predicted to grow at a CAGR of ~6% over the forecast period.

The global industrial insulation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. On the back of expanding urbanization and industrialization, which are anticipated to fuel demand for the product, the market in North America is predicted to experience a notable rise over the forecast period. For instance, according to World Bank statistics, the gross domestic product (GDP) for North America was 5.6 in 2021 which got raised from 2.3 in 2019, whereas in the U.S., it was 5.7 in 2021 which got elevated from 2.3 in 2019. The market in the region is anticipated to grow as a result of the large increase in GDP, as the expansion of industries raises the demand for insulating materials. Also, the United States is the second-largest exporter of insulating materials for electrical purposes with an exported value of USD 1,946 thousand in 2021.

In addition to that, energy-saving techniques and concerns are also projected to spur market expansion in the region.  According to The International Energy Agency (IEA), government initiatives are anticipated to contribute to an increase in energy efficiency investment of 10% to over USD 300 billion in 2021. Also, according to the Autumn 2021 update of the IEA Sustainable Recovery Tracker, energy efficiency-related spending accounts for around two-thirds of the total USD 400 billion annually mobilized by governments with their recovery measures during the next 3 years. Additionally, in 2017, it was projected that 6 important energy efficiency policies and programs by the US government saved around 25 quadrillion British thermal units of energy; otherwise, the annual energy use in the United States would have increased by around 23%. These government initiatives are also anticipated to have the growth of the market in the region.

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On the other hand, in the Asia Pacific region, the market is propelled by rapid industrializing, increasingly digitalized, and inexpensive insulation materials used in the automotive, construction, and telecommunications industries. In terms of insulating materials for electrical purposes, Japan had the largest import value with USD 8,495 thousand whereas China with USD 1,035 thousand in 2021. Also, the Philippines is the largest importer in 2021 with a value of USD 2,761 thousand. The increased demand for insulation materials is also predicted to have further growth in the market in the region over the forecast period.

The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC[Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).

The global industrial insulation market is segmented by material type into mineral wool, ceramic fiber, calcium silicate, polyurethane, polyethylene, polystyrene, polyvinyl chloride, cellular glass, and others. Amongst these, the mineral wool segment is predicted to hold the largest share of the market over the forecast period. In addition, these wools have a wide range of other industrial uses, which are anticipated to support market expansion during the projection period. The total export value for mineral wool in 2021 was USD 2,894,841 thousand with annual growth in value of 22% from 2020 – 2021. The significant growth of the export sector in the mineral wool segment is anticipated to fuel the market further. Additionally, over 50% of the insulating material sold worldwide was made of rock wool, which has become widely used as pipe insulation material and building material. Also, mineral wool is fully recyclable, non-flammable, and has a high heat conductivity. For instance, the waste rock wool can be reused for building construction purposes. SiO2 (38.7 to 60.1 percent), CaO (10 to 46.9 percent), and Al2O3 (0.8 to 18.6 percent) are all present in high concentrations in waste rock wool. The strength, chemical resistance, and durability of cementitious characteristics are improved as a result of this. Therefore, waste rock wool is viewed as a significant prospective substitute for fillers in the manufacturing of mainly concrete, which is anticipated for the further growth of the segment.

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The global industrial insulation market is segmented by end-user into cement, oil, gas, automotive, power, construction, chemical and petrochemical, utility, and others. The cement segment is anticipated to have substantial expansion throughout the forecast period. According to the International Energy Agency (IEA), initial projections indicated that cement production worldwide was 4.3 Gt in 2020. This is a minor rise from 4.2 Gt in 2019 owing to the infrastructure-related initiatives in China, which is the largest manufacturer of cement, making up roughly 55% of the world’s total production, followed by India at 8%. The insulating concrete forms (ICF), under the cement segment, is expected to be a major segment to boost the growth of the market. The future construction business lies with insulating concrete forms. ICFs are widely used to build both residential and commercial structures and they produce buildings that are robust, fireproof, soundproof, and energy-efficient. They can withstand earthquakes, fire tornados, hurricanes, and other natural disasters with similar ease if built properly. Many homes have energy-saving features that allow for 50 – 70% cost savings on heating and cooling. Although ICFs are suited for all these applications, single-family home development accounted for roughly 70% of ICF construction, compared to around 30% for commercial or multifamily usage. Large commercial structures also appear to be a market for ICFs that is expanding. Additionally, according to a report by Portland Cement Association that ICF walls can attenuate sound up to 8 times more than a typical wood-framed house. ICF walls are effective better than wood-framed walls.

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On the other hand, government initiatives to improve the quality of the nation’s housing by adapting advanced technologies also helped to improve the segment market. For instance, The Partnership for Advancing Technology in Housing (PATH), a voluntary initiative from the Federal Government and private industry launched by President Clinton in 1998 to hasten the creation of widespread use of advanced technologies, is one of the main advocates for the future advancement of ICF construction.

The global industrial insulation market is further segmented by function and foam.

The Global Industrial Insulation Market, Segmentation by Function:

  • Electric
  • Thermal
  • Acoustic
  • Corrosion
  • Others

The Global Industrial Insulation Market, Segmentation by Foam:

  • Pipe
  • Blanket
  • Board
  • Others

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Some of the well-known leaders in the global industrial insulation market that are included in our report are ABB, W.S. Industries, Aditya Birla Insulators, Bharat Heavy Electricals Limited, Knauf Insulation, Kingspan Group, Cabot Corporation, Armacell, Etex NV, Recticel Insulation, and others.

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