Industrial Insulation Market Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2029
The global industrial insulation market is set to gain impetus from its possession of several beneficial properties. It is capable of protectingequipment from corrosive environments, surging efficiency of operation, preventing water condensation or vapour flow on cold surfaces, and controlling surface temperatures.This information is presented by Fortune Business Insights™ in an upcoming report, The report further states that industrialinsulations are extensively usedfor reducing wastage of energy.
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Highlights of This Report:
- Elaborate insights of crucial sustainability strategies adopted by prominent companies.
- Historical, estimated, and current sizes of the global market.
- In-depth research on the impacts of the coronavirus infection on the production of industrial insulation.
- Detailed information about themarket growth drivers, obstacles, challenges, opportunities, and dynamics.
Drivers & Restraints-
Rising Demand from Power Generation Sector to Augment Growth
Industrial insulations are experiencing high demand mainly from the power generation sector. Besides, their demand is rising from numerous other industries, such as chemicals & petrochemicals. They canalso remould the process economicsprovided by the most efficient insulations.However, the frequent changes in the prices of raw material are set to impact the cost of industrial insulations directly. Additionally, there are differences in the costs of various insulation materials. Hence, people are shifting slowly towards the other available alternatives. These factors may obstruct the industrial insulation market growth in the coming years.
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Asia Pacific to Lead Owing to Presence of a Large Number of End Users in China
The market is geographicallyfragmented into Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. Out of these, Asia Pacific is anticipated to lead throughout the forthcoming years by generating the highest industrial insulation market share. This growth is mainly attributable to the presence of a large number of end users in China. Apart from that, the government of this country has been putting forward multiple stringent laws and regulations on the manufacturersto curb emissions. Other countries, such as Thailand and India are likely to show significant growth in the near future on account of the rising usage of industrial insulationsfor economic benefits.
North America, on the other hand, is expected to show low growth backed by the fair maturity level of the local market. But, with the rising utilization of renewable energy, the demand for the products would surge in this region. Latin America would exhibit high growth stoked by the rapid improvements in the socio-economic conditions. Mexico and Brazil are the major contributors to the growth of the market in this region. The Brazilian government mentioned that it is planning to upsurge the country’s dependency on renewable sourcesfor producing electricity.
Key Players Aim to Gain Competitive Edge byAcquiring Other Enterprises
The market is highly competitive with the presence of several companies worldwide. Most of them are adopting the strategy of mergers and acquisitions to gain competitive edge in the market. Some of the others are engaging in expanding their production capacity to surge sales. Below are two of the latest industry developments:
- June 2019: A reputed producer of industrial insulation based in the U.S. and Europe called Knauf Insulation, broadened its Rock Mineral Wool production facility situated in Western Europe. It can now produce more than 110 kilotons of products.
- October 2018: Saint Gobain, a provider of construction and high-performance materialsheadquartered in France announced its acquisition of Kaimann, a manufacturer of elastomeric insulation materials based in Europe. This acquisition would aid Saint Gobain in strengthening its position in the European market.
Fortune Business Insights™ provides a list of all the industrial insulation manufacturers operating in the global market. They are as follows:
- Johns Manville
- American Rockwool Manufacturing, LLC
- Saint Gobain
- Hollingsworth & Vose Company
- Knauf Insulation
- Rock Wool Manufacturing Company
- Owens Corning
- USG Corporation
- Kingspan Group
- Cabot Corporation
- Other key market players
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