during the forecast period. The demand for industrial insulation in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in industrial activities and growing electricity demand as a result of infrastructural development.
New York, March 10, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Insulation Market by Form, Material, End-use Industry And Region - Global Forecast to 2025" - https://www.reportlinker.com/p05791872/?utm_source=GNW
Low awareness and fluctuation in crude oil prices & availability are major restraining factors for the market. The high cost of installation and requirement of skilled workforce is a major challenge for the industrial insulation market. The demand for industrial insulation is rising, owing to the growing demand for cost-effective and sustainable insulation materials. Increased infrastructural spending in emerging economies is also providing scope for growth in the market.
The pipe segment is estimated to be the fastest growing in the overall industrial insulation market during the forecast period”.
The most widely used form of insulation is pipe being used in end-use industries, such as power, oil & gas, petrochemical, food & beverage, cement, and metal processing.They are covered around the pipes used in these industries to control the flow of heat energy.
Pipe insulation decreases energy loss to a great extent, thereby controlling the energy prices. Thus, providing proper insulation to pipes is a necessary function in most of heavy industries, such as power, petrochemical, and oil & gas.
Mineral Wool is estimated to be the fastest growing material in the overall industrial insulation market during the forecast period”.
Mineral wool is an inorganic insulating material.The mineral wool used in barious end-use industries contains around 75% post-industrial recycled materials and does not require additional chemicals to be fire-resistant.
Mineral wool is naturally moisture-resistant and retains its insulating qualities even after getting wet during operations. Mineral wool is also effective in blocking sound, so the interior of a building has minimal sound interference.
In end-use industry segment, power segment is estimated to lead the market in 2020.
In power industry, industrial insulation is used to cover boilers, furnaces, chimneys, heat storage tanks, and other equipments.It is an important part of power plant installation and operations.
It helps the steam-generating boilers keep their temperatures at certain levels.Power generation facilities contain miles and miles of mechanical piping, which move materials from one place to another.
These pipes require insulation to maintain temperatures along the electricity generating process. Rapid industrialization has led to economic growth, which resulted in improved quality of life, and in turn, propelled the demand for electricity in emerging economies thereby driving the market for industrial insulation.
APAC is projected to be the fastest growing industrial insulation market during the forecast period.
The industrial insulation market in APAC is projected to register the highest CAGR during the forecast period.The demand in APAC is driven by the growing industrial activities, increased consumer and infrastructural spending, and strong economic growth.
APAC was the most promising market in 2019, which is expected to continue during the forecast period.Rising population, increasing electrification, growth in disposable income, rapid industrialization, and increased urbanization are driving the APAC industrial insulation market.
Increasing the 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.
This study was validated through primary interviews conducted with various industry experts worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
• By Company Type – Tier 1: 25%, Tier 2: 50%, and Tier 3: 25%
• By Designation - C Level: 20%, Director Level: 30%, and Others: 50%
• By Region - APAC: 25%, Europe: 30%, North America: 20%, South America: 15%, and the Middle East & Africa: 10%
The report profiles several leading players of the industrial insulation market, such as 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 report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the industrial insulation market.
The report offers insights into the industrial insulation market in the key regions.It aims at estimating the size of the industrial insulation market during the forecast period and projects future growth of the market across various segments based on form, material, end-use industry, and region.
The report also includes an in-depth competitive analysis of the key players in the industrial insulation market, along with company profiles, MNM view, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in the industrial insulation market by providing them with the closest approximations of revenues for the overall market and its various sub-segments.This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies.
The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities affecting the growth of the industrial insulation market.
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