DUBLIN, Jan. 21, 2020 /PRNewswire/ -- The "Technical Insulation Market by Product Type (Flexible, Rigid, MMF), Application (Heating & Plumbing, HVAC, Refrigeration, Industrial Process, Acoustic), End-use (Industrial & OEM, Energy, Transportation, Commercial), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global technical insulation market is projected to grow from USD 7.6 billion in 2019 to USD 9.2 billion by 2024, at a CAGR of 4% between 2019 and 2024.
The major driving factors in the technical insulation market are the presence of stringent regulations regarding the insulation of equipment and pipes and growing demand in the oil & gas sector. However, volatile raw material prices are expected to restrain the growth of the market.
The growing opportunities from emerging economies will bring new growth opportunities for this market. Corrosion under insulation leading to health and safety-related incidents is a challenge expected to be faced by this market during the forecast period.The man-made mineral fibers segment is expected to grow at the highest CAGR during the forecast period.Man-made mineral fiber can be divided into stone wool, fiberglass, cellular glass, calcium silicate, microporous insulation, aerogel, and vacuum insulated panels. This segment is projected to register the highest CAGR, in terms of value, between 2019 and 2024. This is because it is used in high-temperature applications in power, oil & gas, and other industries.
Exceptional temperature sustainability, recyclability, long term stability, and availability in different forms, such as boards, pipes, foams, and blankets result in the extensive usage of these materials in diverse end-use industries, which has subsequently led to a stable rise in the use of man-made mineral fiber in the technical insulation market.Industrial & OEM segment is expected to be the largest and fastest-growing end-use industry during the forecast periodThe industrial & OEM end-use industry dominated the technical insulation market in 2018. The huge industrial base and necessity to insulate industrial plants are expected to drive this demand in the global marketplace. In industrial pipelines, high compressive strength insulation is used to maintain nominal thickness during and after installation of the insulation.
Low thermal conductivity, low water absorption, effective noise reduction, and corrosion resistance are the other properties of insulation materials required for industrial insulation. These factors are expected to drive the demand for technical insulation in the industrial segment.APAC is expected to be the largest region in the technical insulation market during the forecast period.APAC was the largest market for technical insulation in the industrial application in 2018. The large market size in the region is attributed to the growth of the manufacturing and mining industries in the region. Major manufacturing companies are shifting their base from Europe and North America to APAC due to low labor and raw-material costs.
The key companies profiled in this report are the Zotefoams Plc (UK), Owens Corning (US), Kingspan Group Plc (Ireland), ETEX Group SA (Belgium), Rockwool International A/S (Denmark), Recticel NV/SA (Belgium), Morgan Advanced Materials plc (UK), Armacell International S.A. (Luxembourg), Aspen Aerogels, Inc. (US), Knauf Insulation (Germany), L'ISOLANTE K-FLEX S.P.A. (Italy), Johns Manville (US), Saint-Gobain ISOVER (France), NMC SA (Belgium), Palziv Inc. (Israel), Unifrax I LLC (US), Durkee (Wuhan) Insulation Material Co., Ltd. (China), Huamei Energy-Saving Technology Group Co., Ltd. (China), Wincell Insulation Material Co., Ltd (China), and INTEREP SAS (France).
4 Premium Insights 4.1 Attractive Opportunities in the Technical Insulation Market4.2 Technical Insulation Market, By Material Type4.3 Technical Insulation Market, By Application and Key Countries4.4 Technical Insulation Market, By End-use Industry4.5 Technical Insulation Market, Developed vs. Developing Countries4.6 APAC: Technical Insulation Market4.7 Technical Insulation Market: Major Countries
5 Market Overview 5.1 Introduction5.2 Market Dynamics5.2.1 Drivers18.104.22.168 Increasing Power and Energy Requirements in Emerging Economies Owing to Rapid Industrialization and Urbanization22.214.171.124 Stringent Regulations Mandating Use of Insulation Materials for Energy Conservation126.96.36.199 Growth in Oil & Gas Demand5.2.2 Restraints188.8.131.52 Fluctuation in Availability and Prices of Raw Material184.108.40.206 Low Awareness About Technical Insulation5.2.3 Opportunities220.127.116.11 Increased Infrastructure Spending in Emerging Economies5.2.4 Challenges18.104.22.168 High Capital Cost and Lack of Skilled Labor for Installation5.3 Porter's Five Forces Analysis5.4 Macroeconomic Analysis5.4.1 GDP of Major Economies in Terms of PPP5.4.2 Trends and Forecast of Oil Industry and Its Impact on Technical Insulation Market
6 Technical Insulation Market, By Material Type 6.1 Introduction6.2 Hot Insulation6.2.1 Excellent Properties of Hot Insulation to Drive the Demand for Technical Insulation Market6.2.2 Fiberglass6.2.3 Stonewool6.2.4 Calcium Silicate6.2.5 Microporous Insulation6.2.6 Aerogel6.2.7 Vacuum Insulated Panel (VIP)6.3 Cold-Flexible Insulation6.3.1 Cold-Flexible Insulation Provides Superior Physical and Mechanical Properties6.3.2 Elastomeric Foams6.3.3 Ethylene Propylene Diene Monomer (EPDM)6.3.4 Polyethylene (PE) & Xpe Foams6.3.5 Polypropylene (PP)6.3.6 Other Polyolefin (PO) & Extruded Polyolefin (XPO)6.4 Cold-Rigid Insulation6.4.1 Usage of Cold-Rigid Insulation in Commercial Buildings to Boost Consumption of Technical Insulation6.4.2 Polyurethane (Pu/Pur) and Polyisocyanurate (PIR) Foam6.4.3 Phenolic Foam6.4.4 Expanded Polystyrene (EPS)6.4.5 Extruded Polystyrene (XPS)
7 Technical Insulation Market, By Application 7.1 Introduction7.2 Industrial Processes7.2.1 Need for Temperature, Noise, and Vibration Control in Industrial Processes Expected to Drive the Technical Insulation Market7.3 Heating & Plumbing7.3.1 Technical Insulation Mainly Used for Insulating Heating & Plumbing Systems to Ensure Safety7.4 HVAC7.4.1 Excellent Acoustic and Thermal Performance of Technical Insulation Materials to Drive Consumption in HVAC Segment7.5 Acoustic7.5.1 Increasing Need for Sound Control in Pipes and Ducts Expected to Drive the Technical Insulation Market7.6 Refrigeration7.6.1 Good Water Vapor Transmission and Low Water Absorption Characteristics Boosting the Demand in Refrigeration Application
8 Technical Insulation Market, By End-Use Industry 8.1 Introduction8.2 Industrial & Oem8.2.1 Need for Energy Conservation in Industrial Facilities and Oems Drives the Technical Insulation Market8.3 Energy8.3.1 Oil & Gas22.214.171.124 Increase in Demand for Energy in Emerging Economies Driving the Technical Insulation Market in Oil & Gas Sector8.3.2 Petrochemical126.96.36.199 Rising Demand for Petrochemicals in Various Industries Driving the Consumption of Technical Insulation8.3.3 Others8.4 Transportation8.4.1 Automotive188.8.131.52 Growing Demand for Technologically Advanced Vehicles to Drive the Technical Insulation Market8.4.2 Aerospace184.108.40.206 Increasing Demand for Fuel-Efficient Aircraft to Spur the Demand for Technical Insulation8.4.3 Marine220.127.116.11 Need for Heat and Fire Protection in Boats and Ships to Drive the Technical Insulation Market8.5 Commercial Buildings8.5.1 Technical Insulation in Commercial Buildings Saves Cost and Provides Thermal Comfort
9 Technical Insulation Market, By Region 9.1 Introduction9.2 Europe9.3 APAC9.4 North America9.5 Middle East & Africa9.6 South America
10 Competitive Landscape 10.1 Introduction10.2 Competitive Leadership Mapping10.2.1 Visionary Leaders10.2.2 Innovators10.2.3 Dynamic Differentiators10.2.4 Emerging Companies10.3 Strength of Product Portfolio10.4 Business Strategy Excellence10.5 Market Ranking Analysis10.6 Competitive Scenario10.6.1 Investment & Expansion10.6.2 New Product Development/Launch10.6.3 Acquisition10.6.4 Contract & Agreement, Joint Venture, and Partnership
11 Company Profiles 11.1 Rockwool International A/S11.2 Saint-Gobain Isover11.3 Owens Corning11.4 Knauf Insulation11.5 Kingspan Group PLC11.6 Armacell International S.A.11.7 L'isolante K-Flex S.p.A.11.8 Morgan Advanced Materials PLC11.9 Etex Group S.A.11.10 Aspen Aerogels, Inc.11.11 Zotefoams PLC11.12 Johns Manville11.13 Recticel N.V./S.A.11.14 NMC S.A.11.15 Palziv Inc.11.16 Unifrax I LLC11.17 Durkee (Wuhan) Insulation Material Co. Ltd.11.18 Huamei Energy-Saving Technology Group Co. Ltd.11.19 Wincell Insulation Material Co. Ltd.11.20 Interep S.A.S.
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