“A research report on Industrial Thermal Insulation Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.
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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 35⁰C to 815⁰C. 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.