Industrial Insulation Market to Reach USD 33050 Million by 2028 with a CAGR of 8.2% | Valuates Reports

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BANGALORE, India, Sept. 14, 2022 /PRNewswire/ -- The Global Industrial Insulation Market is Segmented by Type (Plastic Foam, Aerogel, Wool Insulation), by Application (Industrial Building Insulation, Oil & Gas Consumables, Transportation): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Building Materials & Supplies Category.

The global Industrial Insulation market size is projected to reach USD 57750 Million by 2028, from USD 33050 Million in 2021, at a CAGR of 8.2% during 2022-2028.

Major factors driving the growth of the Industrial Insulation Market:

The need for insulation for industrial applications, such as equipment, boilers, pipes, and storage tanks, as well as for the linings of heat exchangers, cooling towers, and ventilation and air conditioning systems, is anticipated to rise in the Industrial Insulation market. This is anticipated to increase demand for industrial insulation. Industrial insulation aids in freezing protection, noise reduction, condensation control, and pollution reduction.

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TRENDS INFLUENCING THE GROWTH OF THE INDUSTRIAL INSULATION MARKET:

It goes without saying that conserving energy costs less money. By eliminating waste heat loss from pipes, ducts, tanks, and valves, large enterprises can dramatically lower their energy use. According to the National Insulation Association, industrial enterprises could save $4.8 billion annually by performing adequate insulation maintenance and renovations. Insulation prevents the transfer of heat energy, which aids in energy savings as soon as the insulation is installed. Thus, it is anticipated that this aspect will drive the industrial insulation market.

Stable temperatures are required for applications like chemical processing, thermoforming, or pharmaceuticals in order to maintain constant and dependable manufacturing quality. Dropping below an acceptable temperature threshold in the process industries can have a big impact on upstream and downstream product quality. For instance, maintaining a temperature high enough to allow the product to flow without getting too hot where the yogurt starts to burn is necessary for producing a delicate product like yogurt. In order to ensure optimal throughput and efficiency, insulation should be placed around processing tanks and containers to help maintain stable temperatures. By controlling the ambient temperature inside a factory or facility, proper insulation also increases efficiency. This in turn is expected to drive the industrial insulation market.

In an industrial setting, workers may come into contact with dangers like hot piping, extremely cold machinery, or noisy equipment. By insulating workers from potentially hazardous surfaces, insulation enhances safety. Additionally, industrial insulation reduces noise exposure, hence preventing hearing loss, increased stress, attention problems, and blood pressure increases. Thus the need to Enhance workplace safety will drive the industrial insulation market.

During the projected period, infrastructure expansion in developing economies including China, India, Brazil, and South Korea is anticipated to promote industrial activity and raise the demand for insulation materials. Additionally, India has started a number of infrastructure initiatives, including the smart city initiative, urban transformation programs, new industrial estates, and business parks, all of which are anticipated to accelerate sector growth over the course of the projected period. Thus, it is anticipated that rising consumer expenditure and industrial activity will offer significant potential for the expansion of the industrial insulation market.

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INDUSTRIAL INSULATION MARKET SHARE

The Asia-Pacific region is anticipated to grow strongly during the projection period. The region's booming automotive, construction, and telecommunications industries are to blame for this expansion. Low labor costs, installation expenses for industrial units, and low insulation costs are further propelling the market.

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Key Companies:

• Owens Corning (Paroc)
• Rockwool
• Knauf
• NICHIAS
• Kingspan
• Armacell
• Morgan Thermal Ceramics
• Unifrax
• L'Isolante K-Flex
• Dongsung Finetec
• Cabot
• Ibiden
• Aspen Aerogels
• NMC Group
• Kaimann
• DUNA-Corradini
• Rath
• Anco Products

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SIMILAR REPORTS:

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-  The global insulation materials market was valued at USD 61.6 billion in 2020 and is projected to reach USD 101.9 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.

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