Technical Insulation Market Growth Owing to Increasing Demand for Energy Efficient Buildings

 

Technical Insulation Market
Technical Insulation Market

Technical insulation provides thermal, fire protection and acoustical insulation for equipment and pipework in various industrial and commercial applications. It helps in improving energy efficiency of industrial processes and reducing carbon footprint. The growing need for energy efficient buildings driven by stringent regulations regarding energy conservation is a key factor propelling the demand for technical insulation worldwide.

The global technical insulation market is estimated to be valued at US$ 10.9 billion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2031.

Technical insulation products are primarily used for insulation in pipes, ducts, boilers, chillers, furnaces and other equipment in various industries such as oil & gas, energy & power, automotive, transportation, food processing and others. They reduce heat loss, energy costs and offer fire protection. The increasing focus on energy efficiency and conservation of resources has led to rise in application of Technical Insulation Market Growth across process industries. Furthermore, growing industrialization and infrastructure development activities in developing countries offer significant growth opportunities.

Key Takeaways

Key players operating in the technical insulation market are Zotefoams Plc, Owens Corning, Kingspan Group Plc, Rockwool International A/S, Recticel NV/SA, Morgan Advanced Materials plc, Armacell International S.A., Aspen Aerogels, Inc., Knauf Insulation, Saint-Gobain, Palziv Inc., Neo Thermal Insulation (India) Pvt. Ltd., NMC Insulation, Armacell, Mayplas, and Proteus Waterproofing Limited. These players are focusing on new product development and mergers & acquisitions to gain competitive edge.

The growing construction activities along with increasing spending on infrastructure development projects globally present key opportunities. Also, rapid industrialization and urbanization in developing economies of Asia Pacific and Latin America are anticipated to drive the demand for technical insulation during the forecast period.

Technical insulation solution providers are focusing on expanding their geographical footprint in high growth emerging markets through collaborations with local partners to leverage opportunities in these regions. Growing foreign investments in industrial and infrastructure projects in countries such as India, China and Brazil are encouraging global players to establish local manufacturing and distribution capabilities.

Market Drivers

Stringent energy conservation regulations- Stipulation of strict norms regarding energy efficiency in industrial facilities, commercial buildings and homes by regulatory bodies promotes the adoption of technical insulation systems that help reduce heat loss and improve energy performance.

Rising investments in process industries- Growing capital expenditures on expansion and capacity enhancement of oil & gas infrastructure, petrochemical plants, power generation units, automotive manufacturing facilities and others augments the demand for technical insulation.

Market Restraints

Volatility in raw material prices- Fluctuations in prices of key raw materials including mineral wool, PIR/PUF and elastomeric foam can increase input costs of insulation solution providers.

Complexity in large projects- Technical challenges associated with installation of insulation systems in complex and large industrial projects require specialized skills that add to project execution timelines and costs.

Segment Analysis

The technical insulation market can be divided into segments including industrial & OEM, energy, transportation and others. The industrial & OEM segment dominates the overall market and accounts for over 40% market share owing to extensive application in various industries such as power generation, oil & gas, automobile, food & beverages and others. In the industrial & OEM segment, the energy sub-segment which includes oil & gas and power generation holds the largest market share. Factors such as growth in energy infrastructure, stringent regulations to curb heat loss and implementation of energy efficiency policies drive the dominance of this sub-segment.

Global Analysis

The Asia Pacific region currently dominates the global technical insulation market and is expected to grow at the fastest rate during the forecast period. Factors such as rapid industrialization, focus on energy efficiency, growing power infrastructure and stringent regulation drive the dominance of this region. China holds the major market share in the Asia Pacific region owing to presence of vast manufacturing sector and rapid infrastructural development. North America and Europe are other major markets and have large number of key players operating in these regions. However, Asia Pacific region is expected to provide significant opportunities for market growth on account of favorable government policies and extensive investment in energy and infrastructure development projects.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

 

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