Rohtak News Magazine

Technical Insulation Market worth $9.2 billion by 2024

 Breaking News
  • No posts were found

Technical Insulation Market worth $9.2 billion by 2024

June 10
23:24 2020
Technical Insulation Market worth $9.2 billion by 2024

Technical Insulation Market by Product Type (Flexible, Rigid, MMF), Application (Heating & Plumbing, HVAC, Refrigeration, Industrial Process, Acoustic), End-use (Industrial & OEM, Energy, Transportation, Commercial), and Region”
Technical Insulation Market by Product Type (Flexible, Rigid, MMF), Application (Heating & Plumbing, HVAC, Refrigeration, Industrial Process, Acoustic), End-use (Industrial & OEM, Energy, Transportation, Commercial), and Region

The technical insulation market is projected to grow from USD 7.6 billion in 2019 to USD 9.2 billion by 2024, at a CAGR of 4.0%, between 2019 and 2024. The major driving factors in the technical insulation market are the presence of stringent regulations regarding insulation of equipment and pipes and growing demand in the oil & gas sector.

To know about the assumptions considered for the study download the pdf brochure

There has been a widespread acceptance of technical insulation in various industries, such as industrial & OEM, energy, transportation, and commercial buildings. The presence of stringent regulations regarding insulation of equipment and pipes and growing demand in the oil & gas sector are expected to drive the growth of the related industries, thus, consequently augmenting the growth of the technical insulation market.

The man-made mineral fibers are projected to account for the largest share, by product type

Man-made mineral fiber can be divided into stone wool, fiberglass, cellular glass, calcium silicate, microporous insulation, aerogel, and vacuum insulated panels. This segment is projected to register the highest CAGR, in terms of value, between 2019 and 2024. This is because man-made mineral fibers have efficient thermal insulation properties, which help reduce energy consumption, protect from hot surfaces, and also reduce temperature fluctuations in buildings and workplace. These materials provide acoustic insulation by reducing the amount of noise in the workplace, thereby preventing hearing loss and noise pollution. In addition, they also provide minimal moisture absorption, reduced leachate, and long-term insulation performance.

The industrial & OEM segment is projected to be the fastest-growing end-use industry in the technical insulation market 

A well-insulated industrial plant leads to minimum energy consumption and maximum durability of the plant’s equipment. In industrial equipment and pipelines, high compressive strength insulation is used to maintain nominal thickness during and after the installation of the insulation. Low thermal conductivity, low water absorption, effective noise reduction, and corrosion resistance are the other properties of insulation materials required for technical insulation. Owing to these factors, the industrial segment is projected to be the fastest-growing end-use industry between 2019 and 2024.

Technical insulation market in APAC is projected to register the highest CAGR during the forecast period.

The APAC technical insulation market is segmented as China, India, South Korea, Japan, Australia, and Rest of APAC. APAC is an emerging and lucrative market for technical insulation, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world’s population, resulting in the growth of the manufacturing, industrial, and processing sectors.

Major players operating in the technical insulation market include Zotefoams Plc (UK), Owens Corning (US), Kingspan Group Plc (Ireland), ETEX Group SA (Belgium), Rockwool International A/S (Denmark), Recticel NV/SA (Belgium), Morgan Advanced Materials plc (UK), Armacell International S.A. (Luxembourg), Aspen Aerogels, Inc. (US), Knauf Insulation (Germany), L’ISOLANTE K-FLEX S.P.A. (Italy), Johns Manville (US), Saint-Gobain ISOVER (France), NMC SA (Belgium), Palziv Inc. (Israel), Unifrax I LLC (US), Durkee (Wuhan) Insulation Material Co., Ltd. (China), Huamei Energy-Saving Technology Group Co., Ltd. (China), Wincell Insulation Material Co., Ltd (China), and INTEREP SAS (France).

Don’t miss out on business opportunities in Technical Insulation Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/technical-insulation-market-80630490.html