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 - Global Forecast to 2024

The technical insulation market is projected to register a CAGR of 4.0%, in terms of value, between 2019 and 2024.

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.

However, volatile raw material prices are expected to restrain the growth of the market. The growing opportunities from emerging economies will bring new growth opportunities for this market. Corrosion under insulation leading to health and safety-related incidents is a challenges expected to be faced by this market during the forecast period.

The man-made mineral fibers segment is expected to grow at the highest CAGR during the forecast period.
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 it is used in high-temperature applications in power, oil & gas, and other industries. Exceptional temperature sustainability, recyclability, long term stability, and availability in different forms, such as boards, pipes, foams, and blankets result in the extensive usage of these materials in diverse end-use industries, which has subsequently led to a stable rise in the use of man-made mineral fiber in the technical insulation market.

Industrial & OEM segment is expected to be the largest and fastest-growing end-use industry during the forecast period
The industrial & OEM end-use industry dominated the technical insulation market in 2018. The huge industrial base and necessity to insulate industrial plants are expected to drive this demand in the global marketplace. In industrial pipelines, high compressive strength insulation is used to maintain nominal thickness during and after 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 industrial insulation. These factors are expected to drive the demand for technical insulation in the industrial segment.

APAC is expected to be the largest region in the technical insulation market during the forecast period.
APAC was the largest market for technical insulation in the industrial application in 2018. The large market size in the region is attributed to the growth of manufacturing and mining industries in the region. Major manufacturing companies are shifting their base from Europe and North America to APAC due to low labor and raw-material costs.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in technical insulation market, and information was gathered from secondary research to determine and verify the market size of several segments and subsegments.

‧ By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
‧ By Designation: C Level – 20%, D Level – 30%, and Others – 50%
‧ By Region: North America – 20%, APAC – 40%, Europe – 20%, South America- 10%, and the Middle East & Africa – 10%

The key companies profiled in this report are the 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).

Research Coverage:
This report provides detailed segmentation of the technical insulation market based on product type, application, end-use industry, and region. Product type is divided into flexible foams, rigid foams, and man-made mineral fibers. Based on application, the technical insulation market has been segmented into heating & plumbing, HVAC, refrigeration, industrial processes, and acoustic. Based on end-use industry, the market has been segmented into industrial & OEM, energy, transportation, and commercial buildings. Based on region, the market has been segmented into North America, Europe, APAC, the Middle East & Africa, and South America.

Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.

TABLE OF CONTENTS

1 INTRODUCTION 22
1.1 OBJECTIVES OF THE STUDY 22
1.2 MARKET DEFINITION 22
1.3 MARKET SCOPE 23
1.3.1 MARKET SEGMENTATION 23
1.3.2 YEARS CONSIDERED FOR THE STUDY 23
1.4 CURRENCY 24
1.5 STAKEHOLDERS 24
2 RESEARCH METHODOLOGY 25
2.1 RESEARCH DATA 25
2.1.1 SECONDARY DATA 26
2.1.1.1 Key data from secondary sources 26
2.1.2 PRIMARY DATA 27
2.1.2.1 Key data from primary sources 27
2.1.2.2 Key industry insights 28
2.1.2.3 Breakdown of primary interviews 28
2.2 MARKET SIZE ESTIMATION 29
2.2.1 BOTTOM-UP APPROACH 31
2.2.2 TOP-DOWN APPROACH 31
2.3 DATA TRIANGULATION 32
2.4 ASSUMPTIONS 33
2.5 LIMITATIONS 33
3 EXECUTIVE SUMMARY 34
4 PREMIUM INSIGHTS 39
4.1 ATTRACTIVE OPPORTUNITIES IN THE TECHNICAL INSULATION MARKET 39
4.2 TECHNICAL INSULATION MARKET, BY MATERIAL TYPE 39
4.3 TECHNICAL INSULATION MARKET, BY APPLICATION AND KEY COUNTRIES 40
4.4 TECHNICAL INSULATION MARKET, BY END-USE INDUSTRY 40
4.5 TECHNICAL INSULATION MARKET, DEVELOPED VS. DEVELOPING COUNTRIES 41
4.6 APAC: TECHNICAL INSULATION MARKET 41
4.7 TECHNICAL INSULATION MARKET: MAJOR COUNTRIES 42
?
5 MARKET OVERVIEW 43
5.1 INTRODUCTION 43
5.2 MARKET DYNAMICS 43
5.2.1 DRIVERS 44
5.2.1.1 Increasing power and energy requirements in emerging economies owing to rapid industrialization and urbanization 44
5.2.1.2 Stringent regulations mandating use of insulation materials for energy conservation 44
5.2.1.3 Growth in oil & gas demand 45
5.2.2 RESTRAINTS 45
5.2.2.1 Fluctuation in availability and prices of raw material 45
5.2.2.2 Low awareness about technical insulation 45
5.2.3 OPPORTUNITIES 46
5.2.3.1 Increased infrastructure spending in emerging economies 46
5.2.4 CHALLENGES 46
5.2.4.1 High capital cost and lack of skilled labor for installation 46
5.3 PORTER’S FIVE FORCES ANALYSIS 46
5.3.1 THREAT OF SUBSTITUTES 47
5.3.2 BARGAINING POWER OF BUYERS 47
5.3.3 THREAT OF NEW ENTRANTS 48
5.3.4 BARGAINING POWER OF SUPPLIERS 48
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 48
5.4 MACROECONOMIC ANALYSIS 49
5.4.1 GDP OF MAJOR ECONOMIES IN TERMS OF PPP 49
5.4.2 TRENDS AND FORECAST OF OIL INDUSTRY AND ITS IMPACT ON TECHNICAL INSULATION MARKET 50
6 TECHNICAL INSULATION MARKET, BY MATERIAL TYPE 51
6.1 INTRODUCTION 52
6.2 HOT INSULATION 53
6.2.1 FIBERGLASS 53
6.2.1.1 Extensive use of fiberglass in the construction industry to drive
the technical insulation market 53
6.2.2 STONEWOOL 53
6.2.2.1 Stonewool insulation is a key component in fire-resilient commercial buildings 53
6.2.3 CALCIUM SILICATE 54
6.2.3.1 Calcium silicate insulation is used for high-temperature
pipes and equipment 54
6.2.4 MICROPOROUS INSULATION 54
6.2.4.1 High demand for microporous insulation witnessed in
oil & gas sector 54
6.2.5 AEROGEL 54
6.2.5.1 Superior thermal resistance of aerogel to boost its demand 54
6.2.6 VACUUM INSULATED PANEL (VIP) 54
6.2.6.1 VIPs widely used in refrigeration and shipping containers 54
6.3 COLD-FLEXIBLE INSULATION 54
6.3.1 ELASTOMERIC FOAMS 55
6.3.1.1 Increasing usage in HVAC systems to drive the demand for of elastomeric foams 55
6.3.2 ETHYLENE PROPYLENE DIENE MONOMER (EPDM) 55
6.3.2.1 Automotive industry is major consumer of ethylene propylene
diene monomer 55
6.3.3 POLYETHYLENE (PE) & CROSS-LINKED POLYETHYLENE (XPE) FOAMS 55
6.3.3.1 PE & XPE foams widely used for its versatility, easy processability, low cost, and recyclability 55
6.3.4 POLYPROPYLENE (PP) 56
6.3.4.1 Increasing use of polypropylene in automotive industry to bring new opportunities in the technical insulation market 56
6.3.5 OTHER POLYOLEFIN (PO) & EXTRUDED POLYOLEFIN (XPO) 56
6.3.5.1 PO & XPO offer lightweight and cost-effective insulation solutions 56
6.4 COLD-RIGID INSULATION 56
6.4.1 POLYURETHANE (PU/PUR) AND POLYISOCYANURATE (PIR) FOAM 57
6.4.1.1 PU/PUR and PIR foams majorly used for cold pipework applications 57
6.4.2 PHENOLIC FOAM 57
6.4.2.1 Phenolic foam ideal for applications in commercial construction, military aircraft, and naval vessels 57
6.4.3 EXPANDED POLYSTYRENE (EPS) 57
6.4.3.1 Growing commercial construction industry in developing countries to boost the demand for EPS insulation 57
6.4.4 EXTRUDED POLYSTYRENE (XPS) 57
6.4.4.1 Development of green buildings to drive demand for XPS material 57
7 TECHNICAL INSULATION MARKET, BY APPLICATION 58
7.1 INTRODUCTION 59
7.2 INDUSTRIAL PROCESSES 60
7.2.1 NEED FOR TEMPERATURE, NOISE, AND VIBRATION CONTROL IN INDUSTRIAL PROCESSES EXPECTED TO DRIVE THE TECHNICAL INSULATION MARKET 60
7.3 HEATING & PLUMBING 60
7.3.1 TECHNICAL INSULATION MAINLY USED FOR INSULATING HEATING & PLUMBING SYSTEMS TO ENSURE SAFETY 60
7.4 HVAC 61
7.4.1 EXCELLENT ACOUSTIC AND THERMAL PERFORMANCE OF TECHNICAL INSULATION MATERIALS TO DRIVE CONSUMPTION IN HVAC SEGMENT 61
7.5 ACOUSTIC 62
7.5.1 INCREASING NEED FOR SOUND CONTROL IN PIPES AND DUCTS EXPECTED TO DRIVE THE TECHNICAL INSULATION MARKET 62
?
7.6 REFRIGERATION 62
7.6.1 GOOD WATER VAPOR TRANSMISSION AND LOW WATER ABSORPTION CHARACTERISTICS BOOSTING THE DEMAND IN REFRIGERATION APPLICATION 62
8 TECHNICAL INSULATION MARKET, BY END-USE INDUSTRY 64
8.1 INTRODUCTION 65
8.2 INDUSTRIAL & OEM 66
8.2.1 NEED FOR ENERGY CONSERVATION IN INDUSTRIAL FACILITIES AND OEMS DRIVES THE TECHNICAL INSULATION MARKET 66
8.3 ENERGY 66
8.3.1 OIL & GAS 67
8.3.1.1 Increase in demand for energy in emerging economies driving
the technical insulation market in oil & gas sector 67
8.3.2 PETROCHEMICAL 67
8.3.2.1 Rising demand for petrochemicals in various industries driving
the consumption of technical insulation 67
8.3.3 OTHERS 68
8.4 TRANSPORTATION 69
8.4.1 AUTOMOTIVE 69
8.4.1.1 Growing demand for technologically advanced vehicles to drive
the technical insulation market 69
8.4.2 AEROSPACE 70
8.4.2.1 Increasing demand for fuel-efficient aircraft to spur the demand for technical insulation 70
8.4.3 MARINE 70
8.4.3.1 Need for heat and fire protection in boats and ships to drive
the technical insulation market 70
8.5 COMMERCIAL BUILDINGS 71
8.5.1 TECHNICAL INSULATION IN COMMERCIAL BUILDINGS SAVES COST AND PROVIDES THERMAL COMFORT 71
9 TECHNICAL INSULATION MARKET, BY REGION 72
9.1 INTRODUCTION 73
9.2 EUROPE 75
9.2.1 RUSSIA 77
9.2.1.1 Growth of the industrial sector fueling demand in major
end-use industries 77
9.2.2 GERMANY 79
9.2.2.1 Investments in chemical & petrochemical industry driving
the technical insulation market 79
9.2.3 UK & IRELAND 80
9.2.3.1 Public and commercial building sectors to exhibit growth in
the country 80
?
9.2.4 FRANCE 81
9.2.4.1 Transition to clean economy using renewable energy expected to boost the demand for technical insulation 81
9.2.5 BENELUX 83
9.2.5.1 Free international labor market benefits the industrial sectors of BENELUX countries 83
9.2.6 NORDIC COUNTRIES 84
9.2.6.1 Significant oil & gas production drives the demand for
technical insulation 84
9.2.7 CENTRAL EUROPE EAST 86
9.2.7.1 Strong industrial sector driving technical insulation market in
the region 86
9.2.8 SPAIN 87
9.2.8.1 Growth of concentrated solar power generation expected to drive
the technical insulation market 87
9.2.9 CENTRAL EUROPE NORTH 88
9.2.9.1 Government initiatives on development of chemical & petrochemical sector are fueling the market 88
9.2.10 ITALY 90
9.2.10.1 Growing investments in petrochemical industry fueling demand for technical insulation 90
9.2.11 BALCANIC COUNTRIES 91
9.2.11.1 Huge demand from oil & gas industry to drive the market 91
9.2.12 SWITZERLAND 93
9.2.12.1 Increasing demand for technical insulation from hydroelectricity and nuclear power sectors 93
9.2.13 AUSTRIA 94
9.2.13.1 Growth of industrial sector in newer EU countries driving the Austrian chemical industry 94
9.2.14 REST OF EUROPE 96
9.3 APAC 98
9.3.1 CHINA 100
9.3.1.1 Rapid economic growth is the main driver of technical insulation market in China 100
9.3.2 JAPAN 102
9.3.2.1 Rise in export of chemical-based products expected to drive
the technical insulation market 102
9.3.3 INDIA 103
9.3.3.1 Growing urban population expected to drive the market in commercial buildings sector 103
9.3.4 SOUTH KOREA 105
9.3.4.1 Increase in export of petrochemicals and electronics propelling
the consumption of technical insulation 105
9.3.5 AUSTRALIA 106
9.3.5.1 LNG supply contracts with other economies driving the technical insulation market 106
9.3.6 REST OF APAC 107
9.4 NORTH AMERICA 109
9.4.1 US 111
9.4.1.1 US leads the demand for technical insulation in North America 111
9.4.2 CANADA 112
9.4.2.1 Abundant availability of feedstock is boosting the demand for technical insulation 112
9.4.3 MEXICO 114
9.4.3.1 Government’s clean energy initiative is expected to propel demand for technical insulation 114
9.5 MIDDLE EAST & AFRICA 116
9.5.1 SAUDI ARABIA 118
9.5.1.1 Refinery integration activities expected to drive the technical insulation market 118
9.5.2 UAE 120
9.5.2.1 Oil & gas exploration activities likely to boost the market 120
9.5.3 TURKEY 121
9.5.3.1 Growth in commercial construction activities to fuel consumption of technical insulation 121
9.5.4 SOUTH AFRICA 122
9.5.4.1 Growing urbanization and industrialization influencing the technical insulation market in South Africa 122
9.5.5 REST OF MIDDLE EAST & AFRICA 124
9.6 SOUTH AMERICA 126
9.6.1 BRAZIL 128
9.6.1.1 Growing consumption of electricity is supporting the growth of technical insulation market in Brazil 128
9.6.2 PERU 130
9.6.2.1 Development in downstream activities to strengthen the oil & gas industry in the country 130
9.6.3 COLOMBIA 131
9.6.3.1 Oil & gas exploration activities likely to drive the technical insulation market in Colombia 131
9.6.4 REST OF SOUTH AMERICA 133
10 COMPETITIVE LANDSCAPE 135
10.1 INTRODUCTION 135
10.2 COMPETITIVE LEADERSHIP MAPPING 137
10.2.1 VISIONARY LEADERS 137
10.2.2 INNOVATORS 137
10.2.3 DYNAMIC DIFFERENTIATORS 137
10.2.4 EMERGING COMPANIES 137
10.3 STRENGTH OF PRODUCT PORTFOLIO 139
10.4 BUSINESS STRATEGY EXCELLENCE 140
10.5 MARKET RANKING ANALYSIS 141
10.6 COMPETITIVE SCENARIO 142
10.6.1 INVESTMENT & EXPANSION 142
10.6.2 NEW PRODUCT DEVELOPMENT/LAUNCH 143
10.6.3 ACQUISITION 143
10.6.4 CONTRACT & AGREEMENT, JOINT VENTURE, AND PARTNERSHIP 145
11 COMPANY PROFILES 146
(Business overview, Products offered, Recent developments, SWOT analysis, MNM view)*
11.1 ROCKWOOL INTERNATIONAL A/S 146
11.2 SAINT-GOBAIN ISOVER 149
11.3 OWENS CORNING 151
11.4 KNAUF INSULATION 154
11.5 KINGSPAN GROUP PLC 157
11.6 ARMACELL INTERNATIONAL S.A. 160
11.7 L'ISOLANTE K-FLEX S.P.A. 164
11.8 MORGAN ADVANCED MATERIALS PLC 167
11.9 ETEX GROUP SA 170
11.10 ASPEN AEROGELS, INC. 172
11.11 ZOTEFOAMS PLC 175
11.12 JOHNS MANVILLE 178
11.13 RECTICEL NV/SA 180
11.14 NMC SA 182
11.15 PALZIV INC. 183
11.16 UNIFRAX I LLC 184
11.17 DURKEE (WUHAN) INSULATION MATERIAL CO., LTD. 185
11.18 HUAMEI ENERGY-SAVING TECHNOLOGY GROUP CO., LTD. 186
11.19 WINCELL INSULATION MATERIAL CO., LTD. 187
11.20 INTEREP SAS 188
*Business overview, Products offered, Recent developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.
12 APPENDIX 189
12.1 DISCUSSION GUIDE 189
12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 192
12.3 AVAILABLE CUSTOMIZATIONS 194
12.4 RELATED REPORTS 194
12.5 AUTHOR DETAILS 195