Emergence of HVAC systems is expected to provide opportunities for the technical insulation market growth
The global technical insulation market size is projected to reach nearly USD 10.8 billion by 2028. Furthermore, it is projected to gather a CAGR of above 4% over the forecast years 2018-2028. Rapid industrialization around the globe is projected to boost the demand along with the growing need of end products from the consumers. Moreover, the growing aspects and knowledge towards the advantages of technical insulation is projected to boost the demand over the forecast period. The rapid growth of the commercial sector across the emerging economies, including China, India, Indonesia and South Korea, is expected to fuel demand for HVAC systems, acoustic safety, refrigeration, heating and plumbing security facilities, thus driving the demand in the industry.
The report also outlines the various characteristics of the global technical insulation industry by assessing the market from value chain analysis. Moreover, the technical insulation market report comprises various qualitative parts of the technical insulation industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The technical insulation market has huge competition amongst the already well-known and new market players. Also, the technical insulation industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence. Low understanding of technological insulation coupled with the large expenditure of capital in the initial state is expected to limit business expansion. Moreover, the shortage of qualified labour and the high cost of raw materials are the factors expected to remain a challenge for the products over the coming years.
Man-made mineral fiber product, in terms of volume, is expected to report the highest CAGR between 2019 and 2024. This is due to the powerful thermal insulation properties of man-made mineral fibers which help to reduce energy consumption, protect against hot surfaces and also reduce fluctuations in buildings and workplaces. The product offers sound protection by lowering indoor noise levels, thereby avoiding hearing damage and noise emissions. Furthermore, they often have low absorption of heat, decreased leachate and long-term stability in insulation.
The industrial & OEM segment in the technical insulation industry is expected to be the fastest-growing end-use field. A well-insulated manufacturing facility allows the plant's machinery to utilize a low energy usage and optimum longevity. High compressive force insulation is used in construction machinery and pipes to preserve nominal thickness before and after isolation deployment. The properties of insulating products in the industry are low thermal conductivity, efficient noise mitigation, corrosion resistance and low water absorption. The above factors in the industrial segment is expected to be drive the demand for the products from various applications in the end-use market.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The Asia Pacific market for technical insulations is expected to contribute significant market revenue shares, which can be attributed to increased adoption of new technologies and growing manufacturing activities in the industrial sector. Owing to technological growth and changing economic conditions, APAC is a growing and lucrative sector for technical products of insulation. The region makes up around 61 percent of the world population, resulting in the development of the automotive, mining, and refining industries. The growing adoption of the new technology has increased the North American demand for technical insulations and is expected to experience substantial growth over the forecast period.
The major players of the global technical insulation market are Zotefoams Plc, Kingspan Group Plc, Owens Corning, ETEX Group SA, Rockwool International A/S. Moreover, the market comprises several other prominent players in the technical insulation market as Recticel NV/SA, Armacell International S.A., Morgan Advanced Materials plc, Saint-Gobain ISOVER, Aspen Aerogels, Inc., L’ISOLANTE K-FLEX S.P.A., Knauf Insulation, Johns Manville. The technical insulation market comprises well established local as well as global players. Additionally, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Technical Insulation Market
Product Type Overview, 2018-2028 (USD Billion)
- Flexible Foam
- Rigid Foam
- Man-made Mineral Fiber
Application Overview, 2018-2028 (USD Billion)
- Heating & Plumbing
- Industrial Processes
End Use Overview, 2018-2028 (USD Billion)
- Industrial & OEM
- Commercial Buildings
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America