Yahoo Finance Industrial Insulation Global Market Report 2022: Ukraine-Russia War Impact
Major players in the industrial insulation market are Owens Corning, Compagnie de Saint-Gobain S. A. , Knauf Insulation, Kingspan Group PLC, Armacell International SA, Johns Manville, Nichias Corporation, Insulcon BV, Promat (ETEX Group), Aspen Aerogels Inc, Cabot Corporation, NMC Deutschland GmbH, Kaimann GmbH, Pittsburgh Corning Europe N.
New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Insulation Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368515/?utm_source=GNW
V, and GLAPOR Schaumglasdämmstoffe GmbH.
The global industrial insulation market is expected to grow from $4.07 billion in 2021 to $4.32 billion in 2022 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The industrial insulation market is expected to grow to $5.51 billion in 2026 at a CAGR of 6.3%.
The industrial insulation market consists of the sale of industrial insulation services by entities (organizations, sole traders, and partnerships) used to control the surface temperature for personal protection, prevent corrosion of cold surfaces due to condensation, and increase fire protection. Industrial insulation refers to a barrier to the progression or transmission of any form of energy through the insulated surfaces.
The main forms of industrial insulation are pipe, blanket, board, and other forms.Pipe insulation refers to materials or combinations of materials that are wrapped around a pipe to slow the flow of heat and energy.
The various materials include mineral wool, calcium silicate, plastic foam, and other materials which are used in end-use industries such as power, oil and gas, chemicals, petrochemicals, cement, food and beverage, and other end-use industries.
Asia-Pacific was the largest region in the industrial insulation market in 2021. The regions covered in this industrial insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing power and energy requirements are expected to propel the growth of the industrial insulation market going forward.Energy refers to the power integrated over time.
Industrial insulation helps energy and power by acting as a barrier to the transmission of any form of energy through the insulated surfaces.For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, annual additions to global renewable electricity capacity are expected to average around 305 GW per year between 2021 and 2026.
This suggests an acceleration of nearly 60% compared to renewables’ expansion over the last five years.Annual renewable capacity additions in the accelerated case are a quarter higher than in our main case, reaching over 380 GW on average over 2021–2026.
Therefore, an increase in power and energy requirements is driving the industrial insulation market.
Product innovation has emerged as a key trend gaining popularity in the industrial insulation market.Major companies operating in the industrial insulation market are coming up with new products to reduce energy consumption and reduce harmful impacts on the environment.
For instance, in January 2020, Owens Corning, a US-based industrial insulation provider, launched next-generation fibreglass made with safe, proven ingredients that naturally resist fire and do not support mould growth, with no formaldehyde and no fire retardants added to the fibreglass by PureFiber technology, that delivers improved recovery and stiffness for a faster install.
In May 2022, Knauf Insulation, a Belgium-based manufacturer of insulation products and solutions provider, acquired Gecsat for an undisclosed amount.The acquisition of the Romanian plant is expected to support Knauf Insulation’s growth goals and provide additional capacity to meet the growing demand for Knauf insulation solutions in the region.
Gecsat is a Romania-based mineral wool manufacturer operating in the industrial insulation market.
The countries covered in the industrial insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The industrial insulation market research report is one of a series of new reports that provides industrial insulation market statistics, including industrial insulation industry global market size, regional shares, competitors with an industrial insulation market share, detailed industrial insulation market segments, market trends and opportunities, and any further data you may need to thrive in the industrial insulation industry. This industrial insulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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