A huge impetus in industrial production and power generation across the globe is set to drive the demand for energy efficient industrial insulation. Availability of raw materials coupled with advancements in material sciences are helping manufacturers capture profitable revenue opportunities in the industrial insulation market. The global industrial insulation market is expected to grow more than 1.6X during the forecast period (2019-2029).
Favourable developments in oil & gas exploration projects are said to add to the demand for insulated transport and shipment of new energy resources such as shale gas. Manufacturers are hence prioritizing product portfolio enhancement via research and development, strategic partnerships, and mergers & acquisitions.
Key Takeaways of Industrial Insulation Market Study
- On the back of easy availability of raw materials and subsequent relaxation in market price, stone wool insulation products will grow 1.8X through 2029.
- Pipe insulation provides much needed frost protection in low temperature regions as it facilitates transportation of temperature sensitive materials. The pipes product segment accounts for the largest market value share of over 47% with a steady growth rate throughout the projection period.
- EIP industry applications account for over 1/3rd market value share. Increasing emphasis on reducing industrial carbon footprint is boosting demand from the application segment.
- Petrochemicals and refineries will generate gainful prospects with a healthy 6% CAGR during the forecast period. Oil & gas exploration projects in a bid to satisfy the fuel demand of developing and developed economies are a central growth driver for this segment.
- North America and Europe lead global sales with a cumulative market value share of over 59% of the current market. Early adopters of efficient industrial production are set to drive the demand for industrial insulation in these regions.
- South Asia & Oceania present the most remunerative growth prospects with a dexterous 8% CAGR through 2029. Emerging economies such as Indonesia are adopting modern industrial production techniques, of which, industrial insulation is a crucial component.
“The global industrial insulation market will witness rising demand from the petro-chemical & refineries application segment. Global emphasis on efficient utilization of scarce resources is the main proponent of industrial insulation. Surging need for electricity will generate continued revenue prospects from the power generation industry.” -Says Fact.MR Analyst
Product Innovation- Key Market Imperative
Technological advancements in oil & gas and power generation processes will further the demand for enhanced insulation. Market players must invest in developing products that cater to multiplying production capacities of application industries. Increased insulation coupled with industry 4.0 technologies such as artificial intelligence (AI) and machine learning (ML) for predictive maintenance will offer tremendous scope to manufacturers. Stakeholders in the value chain will reap substantial revenue by increasing raw material production capacity.
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