Gujarat Magazine

The technical insulation market is projected to grow from USD 10.3 billion in 2023 to USD 13.4 billion by 2028, at a CAGR of 5.3% during the forecast period. The report presents key forecasts on critical factors such as market size, share, technical insulation market growth, production, revenue, consumption, CAGR, gross margin, and pricing. Technical insulation has gained widespread acceptance across diverse industries, including industrial & OEM, energy, transportation, and commercial buildings. The industry is poised for growth due to stringent regulations governing the insulation of equipment and pipes, coupled with increasing demand in the oil & gas sector. These factors are anticipated to drive the expansion of related industries, thereby contributing to the overall growth of the technical insulation market.

Hot Insulation segment is estimated to dominate the overall technical insulation market.

The category of hot insulation or man-made mineral fiber includes stone wool, fiberglass, cellular glass, calcium silicate, microporous insulation, aerogel, and vacuum insulated panels. It is anticipated to demonstrate the highest Compound Annual Growth Rate (CAGR) in terms of value from 2023 to 2028. This growth can be attributed to the efficient thermal insulation properties of man-made mineral fibers, contributing to decreased energy consumption, protection from hot surfaces, and stabilization of temperature fluctuations in both buildings and workplaces. Moreover, these materials offer acoustic insulation, reducing workplace noise and preventing issues such as hearing loss and noise pollution. Additionally, they exhibit minimal moisture absorption, reduced leachate, and sustained long-term insulation performance.

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Industrial Processes is the largest market for technical insulation by applications.

Insulation materials play a crucial role in various industrial applications, including insulating piping, equipment, and tanks, as well as installing instrument tubing, steam tracing, and pre-insulated tubing. These applications are prevalent in industries such as refining, petrochemicals, power and energy, marine, and pulp and paper. The primary purposes of utilizing insulation in industrial processes are to manage surface temperatures for personnel safety, regulate and stabilize process temperatures, prevent condensation and potential corrosion on cold surfaces, enhance fire protection, and control noise and vibrations.

Industrial & OEM is the largest market for technical insulation by end-use industry.

A well-insulated industrial plant is essential for minimizing energy consumption and ensuring the durability of equipment. In industrial settings, high compressive strength insulation is utilized to maintain thickness during and after installation. Technical insulation materials must possess low thermal conductivity, low water absorption, effective noise reduction, and corrosion resistance. These properties are crucial for technical insulation, making the industrial sector the fastest-growing end-use industry from 2023 to 2028. The demand for insulation materials is driven by the industrial commitment to energy efficiency and sustainability. The emphasis on maintaining nominal thickness post-installation is vital for sustained effectiveness. Low thermal conductivity regulates temperatures, while minimal water absorption prevents moisture-related issues. Effective noise reduction enhances the working environment, meeting safety standards. Additionally, corrosion resistance protects equipment, contributing to overall durability. The integration of these properties underscores insulation’s pivotal role in enhancing industrial efficiency and sustainability.

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Asia Pacific is projected to be the largest technical insulation market.

The technical insulation market in Asia Pacific is projected to register the highest CAGR between 2023 and 2028. The Asia Pacific technical insulation market is segmented into key countries, including China, India, South Korea, Japan, Australia, and the Rest of Asia Pacific. This region is emerging as a lucrative market for technical insulation, driven by industrial development and improving economic conditions. With approximately 61% of the world’s population, the Asia Pacific region is a major contributor to the growth of manufacturing, industrial, and processing sectors. The market’s significance lies in the increasing demand for technical insulation in these sectors. As economies advance, the need for insulation materials for temperature control, energy efficiency, and safety purposes is on the rise. Overall, the Asia Pacific region plays a crucial role in the global technical insulation market, with its large population and growing industrial landscape shaping it into a key market for the industry’s expansion.

Technical Insulation Companies

The key market players are Rockwool SA (Denmark), Saint-Gobain Isover (France), Owens Corning (US), Knauf Insulation (Germany), Kingspan Group (Ireland), Armacell International (Luxembourg), L’ISOLANTE K-FLEX (Italy), Morgan Advanced (UK), ETEX (Belgium), Recticel (Belgium), Aspen Aerogels (US) among others. These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and contract & agreement between 2018 and 2023, to enhance their market shares and expand their global presence.

Rockwool A/S, commonly known as Rockwool, is a company specializing in the production and sale of stone wool insulation products. Their product range includes insulation solutions for various applications in both residential and non-residential buildings. Rockwool also offers a range of other construction-related products such as ceilings, facade panels, engineered reinforcement fibers, and solutions for outdoor noise and vibration control. In addition to their building-related products, Rockwool is involved in developing eco-friendly solutions for the horticultural industry, providing effective insulation for the process industry and marine & offshore applications. They also produce specialized fibers for industrial purposes and offer noise and vibration control systems for modern infrastructure projects. Rockwool operates under two main business segments, namely, insulation and systems. They have an extensive global presence with 51 manufacturing facilities spread across 23 countries in Asia, Europe, and North America.

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