Global Industrial Insulation Market
Global Industrial Insulation Market By Form, By Material, By End Use Industry, By Geography Scope And Forecast
According to Verified Market Research, the Global Industrial Insulation Market was valued at USD 11.14 Billion in 2018 and is expected to witness a growth of 6.17% from 2019-2026 and reach USD 17.80 Billion by 2026.
Insulation is defined as those materials or combinations of materials that are used for retarding the flow of energy. Various industries use various insulation products for energy conservation and enhancing the operating efficiency of heating/ventilating/cooling, steam, process & power systems found in industrial installations.
The industrial insulation fulfills the purpose of protecting and avoiding energy loss from the body it is applied to. Moreover, it is also used for facilitating temperature control of the process, preventing or reducing the damage to equipment from exposure to fire or corrosive atmospheres and reduction of emission of pollutants to the environment.
Insulation at an industrial level plays a very crucial role as it retards the flow of heat energy. Various industrial insulation materials are used enhancing the operating efficiency of heating/ventilating/cooling, steam, process, and power systems found in industrial installations. Insulation helps in conserving energy by reducing heat loss or gain and also facilitate the temperature control of the process. Moreover, it also helps in absorbing sounds and vibrations produced during industrial processing. This factor possesses the potential of driving the global industrial insulation market.
Investments in insulation comprise of material costs and installation costs could potentially hinder the market growth rate for industrial insulation market. Material costs consist of the costs of both insulation material and cladding. Insulation lifetime varies from one application to the other. Longer lifetimes increase the profitability of investments in insulation. The life cycle cost consists of major components namely, cost of insulation installation and running of equipment which is usually high at an industrial level. Therefore, it can be concluded that the high cost of the investment could potentially act as a restraining factor for the growth of the industrial insulation market.
The Global Industrial Insulation Market is segmented on the basis of material, form, end-use industry and Geography. The gist of breaking down the market into various segments is to gather information about various aspects of the market.
On the basis of Form, the market is bifurcated on the basis of Blanket, Board, Pipe, and Others. The blanket is expected to account for the largest market share in 2018, is projected to grow at the highest CAGR of xx% during the forecast period owing to various end-use applications such as Industrial process piping insulation, Industrial boiler insulation, Industrial duct insulation, Industrial acoustic insulation, etc.
In terms of material, the market is bifurcated on the basis of Fiberglass, Mineral Wool, Plastic Foams, Calcium Silicate, Cellular Glass, Elastomeric Foam, Ceramics, Perlite, and Others. Fiberglass accounted for a significant market share (~30%) in 2018. The Asia Pacific is expected to hold the largest market share in the Global Industrial Insulation Market
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