The North America industrial insulation market size is projected to reach USD 2.55 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.0% during the forecast period. Rising awareness regarding energy conservation and increasing energy cost are anticipated to drive the market.
The market exhibits extensive competitive rivalry due to presence of a large number of key players offering wide range of products to industries such as oil & gas and petrochemical. In addition, presence of a number of well-established companies is increasing entry barrier, thereby reducing the threat of new entrants.
Abundance in supply of raw materials in the industry is leading to limited change in the price. Increasing use of advanced materials for production of insulation is estimated to propel the market over the forecast period. In addition, high import volumes of low cost raw materials from economies such as China are expected to emerge as a major trend.
Majority of these raw materials used in the production of such materials are derivatives of crude oil or natural stone and sand. Presence of stringent regulations in the U.S. coupled with rising concerns regarding environmental degradation due to excessive mining is likely to pose a challenge the growth of the market over the forecast period.
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Further key findings from the report suggest:
- Foamed plastics are poised to exhibit a CAGR of 3.9% in terms of revenue from 2018 to 2025, owing to its superior characteristics such as sound absorption and superior sealing ability against air leaks
- Pipes were the largest product segment and stood at a volume of 612 kilotons in 2017, on account of ability to control & stabilize process temperatures, prevent formation of condensation, and limit pipe erosion
- Petrochemicals are projected to register a CAGR of 4.1% in terms of value during the forecast period, owing to increasing shale oil exploration and presence of a number of gas refineries in the U.S. and Canada
- U.S. accounted for the leading share in the North America industrial insulation market, accounting over 85.5% of the total revenue in 2017 owing to implementation of recent IECC measures
- Major companies in the market focus on improvement of their product portfolio coupled with high investments in R&D of low-cost materials that provide superior properties.
High usage of stone wool in applications requiring high compressive strength such as HVAC ducting is estimated to propel the market over the forecast period. In addition, the product does not emit toxic gases in case it catches fire and provides effective protection against extremely high and low temperatures, thereby exhibiting high demand.
Glass wool is majorly used in heavy duty applications such as pipes that are used in industries to carry hot and cold fluids. The market for glass wool insulation is expected to expand at a CAGR of 3.8% in terms of revenue from 2018 to 2025 due to intensive use for insulating cover flanges, heat exchangers, turbines, pumps, and any irregular surface in industrial application.
Foamed plastics exhibit excellent dielectric strength and resistance to chemicals, heat, and moisture, making it a preferred material for insulation of electric component in industrial applications. Various advantages, such as cost effectiveness and resistance to dust & moisture accumulation, provided by the product is likely to boost its demand.
Cellular glass offers superior compressive strength, incombustibility, and greater thermal insulation performance. In addition, it also provides highly effective vapor barrier and is unaffected by common chemicals and highly corrosive environment, making it an ideal industrial insulation material. Rising awareness regarding their merits are poised to contribute to the growth of the segment.
Pipe insulation is projected to realize notable demand on account of superior action in control and stabilization of process temperatures. The product is also useful in prevention of formation of condensation and limits pipe corrosion. It is, thereby, anticipated to witness high demand throughout the forecast horizon.
Growing use of board-based products for applications including vessels, equipment, chillers, heat and air conditioning duct, and acoustical wall panels is estimated to spur the growth of the market. In addition the product also finds extensive use in hot & cold equipment, power & process equipment, and specialized ceiling applications.
The market for blanket insulation is expected to reach a value of USD 725.5 million by 2025. It is driven by characteristics such as excellent handling characteristics, thermal performance, and dimensional stability. Increasing use of the product for heat exchanger, storage tanks, cooling towers, air conditioning ductwork, and large diameter piping is likely to bolster the growth of the North America industrial insulation market.
Removable and reusable insulation blankets are commonly used for industrial applications, such as HVAC applications, boiler, metal, and masonry walls. These blankets are self-contained insulation systems, which lower operation costs by reducing energy consumption, and shorten down time and are hence poised to realize notable growth over the forecast period.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.