North America Industrial Insulation Market Size, Share & Trends Analysis Report By Product, By Material, By Application And Segment Forecasts, 2021 - 2028

North America Industrial Insulation Market Size, Share & Trends Analysis Report By Product (Board, Pipe), By Material (Glass Wool, Calcium Silicate), By Application (Power Generation, LNG/LPG), And Segment Forecasts, 2021 - 2028

New York, Jan. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Industrial Insulation Market Size, Share & Trends Analysis Report By Product, By Material, By Application And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06195316/?utm_source=GNW

North America Industrial Insulation Market Growth & Trends

The North America industrial insulation market size is expected to reach USD 2.37 billion by 2028, registering a CAGR of 3.6% over the forecast period. Expansion of the industrial sector coupled with stringent regulations associated with industrial safety and gas emissions is anticipated to have a positive impact on the market growth. Insulation system provides long-term as well as immediate benefits to the industry, including protection of equipment, personnel, and system.

The market is highly influenced by the demand from the oil & gas, manufacturing, metal & mining, power, and other end-use industries.The market growth was adversely impacted by the economic crisis caused by the COVID-19 pandemic.

The pandemic restricted most of the industrial operations, which had a major impact on the demand from the end-use industries.

Despite the relaxation in restrictions, the construction and manufacturing sectors have not resumed completely, which affects market growth.The market is highly competitive owing to the presence of a large number of major players in the region.

Companies, such as Knauf Gips KG, Rockwool Technical Insulation, and Paroc Group, develop a strong business model to adapt to the market volatility and any technological & geographical change.

North America Industrial Insulation Market Report Highlights
• The glass wool material segment accounted for the maximum revenue share of 21% in 2020 and is estimated to grow at a steady CAGR from 2021 to 2028
• The material offers energy-efficient thermal and acoustic insulation, as well as fire safety, which further propels the segment growth
• Pipe insulation was the largest product segment in 2020 and is expected to expand further at the fastest CAGR from 2021 to 2028
• The growth can be credited to the ability of pipe insulation to increase the energy efficiency of the process or plant, thereby reducing the operating expenses
• The power generation application segment is estimated to register the fastest CAGR from 2021 to 2028 due to the rising demand for insulation materials in the thermal power generation industry to minimize the energy losses
• The U.S. led the market in 2020 owing to the presence of advanced manufacturing industries coupled with high energy conservation requirements
• Major companies in the market focus on extending their product portfolio through the development of more cost-efficient materials
Read the full report: https://www.reportlinker.com/p06195316/?utm_source=GNW

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