The market for industrial insulation is expected to register a CAGR more than 5%, globally, during the forecast period. Industrial insulation is a layer or coating of resistant material, which serves as a barrier to the targeted energy, and it is used throughout the world in refineries, power generation plants, and manufacturing facilities, among other industrial operations.
New York, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Insulation Market - Growth, Trends, and Forecast (2020-2025)" - https://www.reportlinker.com/p05976774/?utm_source=GNW
The increasing demand for power generation and construction industries has been driving the growth of the market.
- However, the environmental and health hazards related to insulation wool are likely to hinder the growth of the studied market.
- The rising exploration and production activities in China, UAE, Indonesia, and the United States are likely to provide opportunities for the industrial insulation market over the next five years.
- Asia-Pacific dominates the industrial insulation market, owing to increasing application in the construction and power generation sectors in the region.
Key Market Trends
Power Generation Industry to Dominate the Market
- The power generation industry stands to be the dominating segment, owing to stringent regulations mandating the use of industrial insulation to conserve energy and achieve efficiency in operations.
- Calcium silicate is one of the most widely used insulation materials in the power generation industry. It is used to insulate high-temperature pipes and equipment and for fire endurance applications.
- In the power generation industry, industrial insulation is used to cover a variety of equipment, such as steam pipes, heat storage tanks, and boilers.
- While Asia-Pacific is witnessing the construction of power plants in countries, such as China, India, and Vietnam, the demand for the industrial insulation market is expected to increase from the region during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific stands to be the largest and fastest-growing market for the construction and power generation industry. Factors, such as increasing need for energy conservation and ensuring stringent regulatory norms by the International Green Construction Code (IgCC) standards, are driving the industry insulation requirements in Asia-Pacific.
- Furthermore, increasing investment in the renewable energy sector in countries, like Japan, India, China, and Indonesia is further driving the demand for industrial insulation in the region.
- Increasing investment in smart electricity grid network and HVDC transmission further offers opportunities for the industrial insulation market.
- Hence, all such market trends are expected to drive the demand for industrial insulation market in the region during the forecast period.
The industrial insulation market is partially consolidated in nature, with a few major players dominating a significant share of the market demand. Some of the major companies are Knauf Insulation, Rockwool, Owens Corning, BASF SE, and Solvay, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05976774/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001