Global industrial thermal insulation market is forecast to exhibit a CAGR of over 7% during 2019-2024
NEW YORK, April 2, 2019 /PRNewswire/ -- Global Industrial Thermal Insulation Market By Material (Calcium Silicate, Mineral Fiber & Others), By Product Form (Rigid Foam/Foam Board & Others), By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024
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Global industrial thermal insulation market is forecast to exhibit a CAGR of over 7% during 2019-2024, growing from $ 6.41 billion in 2018 to $ 9.85 billion by 2024, owing to expanding industrial sector and stringent safety and emission norms. Insulation is defined as the process of using a material or a compound made up of different materials that are capable of restricting the flow of thermal or heat energy. Thermal insulation has become essential in industries for safety and for reducing heat loss during the manufacturing process. Industrial thermal insulation helps in increasing the sustainability of manufacturing processes. The rising demand in industrial refrigeration to prevent condensation and development in high temperature insulation wools is expected to positively influence the market during forecast period.
In terms of material, global industrial thermal insulation market has been categorized into calcium silicate, mineral fiber, foamed plastic, perlite, cellular glass and others.Of these segments, cellular glass accounted for a significant portion of the global industrial thermal insulation market in 2018, owing to their broad service temperature range, which is around 35?C to 815?C.
Furthermore, the perlite category is expected to grow at a steady rate during the forecast period, on account of their heavy use in several industrial applications.
North America and Europe are the largest markets for industrial thermal insulation, globally.The growth of thermal industrial insulation market in these regions can be majorly attributed to their highly developed power and industrial sectors.
Among the countries of the North American and European regions, US and United Kingdom are anticipated to hold significant shares in their respective regions.Moreover, Asia-Pacific is expected to register growth in global industrial thermal insulation market in coming years, backed by expanding industrial sector in developing nations.
Developing countries such as China and India are expected to register significant growth during the forecast period. Oil & gas industry in the Middle East & Africa is likely to attract major players for making investments in the region's industrial thermal insulation market.
Global industrial thermal insulation market boasts the presence of numerous players manufacturing and catering their products in regional and global market.The key manufacturers are focusing on expanding their product portfolio by strategic acquisitions & mergers, joint ventures, product launches, and exclusive agreements.
Few of the major companies operating in the market are Rockwool A/S, Paroc Group Oy, The 3M Company, NICHIAS Corporation and TechnoNICOL Corporation.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
• To analyze and forecast global industrial thermal insulation market size.
• To forecast global industrial thermal insulation market based on material, product form, end use industry and regional distribution.
• To identify drivers and challenges for global industrial thermal insulation market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., In global industrial thermal insulation market.
• To conduct the pricing analysis for global industrial thermal insulation market.
• To identify and analyze the profile of leading players operating in global industrial thermal insulation market.
Some of the leading players in global industrial thermal insulation market are Rockwool A/S, Paroc Group Oy, The 3M Company, NICHIAS Corporation, TechnoNICOL Corporation, Evonik Industries AG, Pittsburgh Corning Corporation, Armacell Enterprise GmbH & Co. KG, Cabot Corporation and BASF SE.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of industrial thermal insulation manufacturers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst was able to include the manufacturers which could not be identified due to the limitations of secondary research. The analyst analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
The analyst calculated global industrial thermal insulation market size using a top down approach, where data for various applications across various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Industrial thermal insulation manufacturers and other stakeholders
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to industrial thermal insulation market
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers, suppliers and end users. The study would also help them in identifying which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth of the market.
Report Scope:
In this report, global industrial thermal insulation market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, by Material
o Calcium Silicate
o Mineral Fiber
o Foamed Plastic
o Perlite
o Cellular Glass
o Others
• Market, by Product Form
o Rigid Foam/Foam Board
o Flexible Foam
o Sprayed Foam
o Loose Fillers
o Others
• Market, by End Use Industry
o Petrochemical & Refineries
o Pharma & Biotechnology
o Power Generation
o Aerospace & Defense
o Automotive
o Others
• Market, by Region:
o Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Malaysia
o Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
o North America
- United States
- Mexico
- Canada
o South America
- Brazil
- Argentina
- Colombia
o Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Iran
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global industrial thermal insulation market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
• Profit margin analysis in case of direct and indirect sales channel.
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