Industrial Insulation Market, Covid-19 Outbreak, Highlights, Segment Analysis, Regional Overview, Key Players and Forecast to 2023

Market Highlights:

Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, global Industrial Insulations market was valued at USD 3,056.5 million in 2016 and is predicted to grow at flourishing CAGR of 5.64% to reach USD 5,017.4 million by the end of 2023. Growth in this market is attributed to the rising industrialization across the globe. Regions such as Asia Pacific and Latin are getting into the major focus by industry players due to rising FDI for industrial reforms. As per our analysis, Asia Pacific to be the largest market by 2025 due to the increasing awareness as well as scope for insulation.

Segment Analysis

Global Industrial Insulations Market is segmented into product type, application, and region. On the basis of type, the market is divided into Wraps /sheets, coatings, and adhesive and sealants. Wraps & sheet are further divided into aluminum butyl wrap, polymer modified bitumen membrane, metalized polymer, modified butyl rubber, and others. Coatings also sub segmented into vapor barrier, weather barrier, fire resistant, cyrogenic, abrasion resistant, condenstaion control and others coatings. Adhesive & sealants into pvc, polystyrene foam, and water based insulation and others. Wraps and sheets emerged as the industry leaders in product basis with over 80% of global share and at a significant CAGR of 5.70%. Aluminum butyl wraps are among the largely used sheets for industrial insulation owing to the properties of aluminum sheets. It has generated largest revenue USD 1141.4 in wraps and sheets segment. Insulation coatings are establishing their importance in industrial insulation and are being increasingly used by consumers. Vapor barrier coatings are among the largely used insulation coatings followed by weather barrier coatings. On the basis of adhesive and sealants, polystyrene foam adhesives are largely driving the consumption of overall segment. It has acquired largest revenue of USD 97.4 million in 2016. Altogether, industrial insulation material undertake energy efficient industrial operations and reduces due to which the market is heading towards the growth stabilization.

Regional Analysis

The global Industrial Insulations market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to the MRFR analysis, North America was the most promising region both in terms of market volume as well as market value as of 2016 and accounted for one third global market share of the global market closely followed by Europe at 30%. The region anticipated to grow both in terms of value and volume at a CAGR of 5.12% and 4.78% respectively during the forecast period. The growth of this region is highly attributed awareness regarding the insulation and presence of established end use industries.

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Key Players:

Market Research Future (MRFR) recognizes the following companies as the key players in the global Industrial Insulations Some of the key players operating in the global Industrial Insulation market are Owens Corning (U.S), Samhwa Chemicals Co., Ltd (South Korea), Thomas Insulation Corporation (U.S.), Temati (Netherlands), STI Co., Ltd (South Korea), others

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.