Competitive Landscape:
Owens Corning (U.S), Samhwa Chemicals Co., Ltd (South
Korea), Thomas Insulation Corporation (U.S.), Temati (Netherlands), STI Co.,
Ltd (South Korea), and others are some prominent players taking part in the
global industrial insulation market. Their active participation in transforming
the market output. Strategic moves introduced by these companies are effective
in securing their individual growth. These tactical measures often include
merger, tie-up, acquisition, innovation, and others. MRFR recorded some of
these latest changes to understand how the market can proceed in the coming
years.
Regional Analysis:
North America had 33.08% of the global market share in 2016,
which made it the market leader. The region is also showing signs of progress.
The industrial state of the US is expected to bolster the regional market
growth in the coming years.
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Market Overview:
The global report on the industrial insulation market has a
robust discussion of various factors that can improve the market outcome in the
coming years. Among these factors, the rising demand from industrial
manufacturing will take the front seat. This is mainly due to the rising
investment from both government and private organizations. Its effective use in
reducing the transferring of heat is expected to bolster the increase in the
intake of the product.
Market Research Future (MRFR) studied its connection with
various end users to understand the growth prospect. Its valuation is slated to
grow past USD 5,017.4 million, with a CAGR of 5.64% during the forecast period
of 2018 to 2023.
Segmentation:
The study comprising details of the industrial insulation
market has been discussed on the basis of a segmentation based on product type
and application. These segments have data that have been analyzed using
scientific methods by MRFR experts to understand how the market can be explored
using better ways.
By type, the global discussion of the industrial
insulation market has been segmented into coatings, wraps /sheets, and
adhesive and sealants. The wraps & sheet segment has been further analyzed
on the basis of polymer modified bitumen membrane, modified butyl rubber,
metalized polymer, aluminum butyl wrap, and others. The coatings segment
includes weather barrier, condensation control, vapor barrier, cryogenic,
abrasion-resistant, fire-resistant, and others. The adhesive & sealant
segment includes polystyrene foam, PVC, water-based insulation and
others.
By application, the global market study includes discussions
on LNG, power generation, chemical processes, storage tanks, boilers, heat
exchangers, other hot & cold process equipment. The power generation
segment would bolster the global market by increasing its intake in the coming
years. In various chemical processes, this technology gets significant traction
owing to which the market can influence the outcome.
Industry News:
In July 2020, Johns Manville (JM), a company with a credible
reputation as the manufacturer of energy-efficient building and industrial
insulation products, announced the launch of a holistic portfolio of adding v-groove
pipe, water-repellent, industrial board, mineral wool industrial insulation
materials, and blankets and fittings. The company is specifically focusing on
expanding its portfolio of MinWool-1200® water-repellent products. This is to
support the growing demand from various end user industries who are looking for
excellent water-repellent products.
During the COVID-19 pandemic outbreak, quite a few
manufacturing industries suffered huge losses due to lockdowns, halt in
production, and disruption in the supply chain. These factors impacted the
revenue generation process. As a countermeasure, industries have temporarily
reduced their investments to maintain a proper balance in their profit margin,
which can affect the global industrial insulation market.
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