The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Industrial Insulation Market.
It was estimated prior to this unanticipated outbreak Industrial Insulation Market will reach CAGR of 5.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Industrial Insulation Market Insights
Industrial Insulation Market is likely to witness an impressive CAGR of 5.0% during the forecast period. The growing demand for electricity due to the increasing population and industrialization in emerging economies is expected to govern the growth of the market, along with the rapid urbanization and stringent regulations for energy conservation in various industries such as chemical & petrochemical and cement, which are likely to boost the market demand during the next five years.
Market Share Analysis
Industrial Insulation Market Share: By Material Type
Based on the material type, the market is segmented as mineral wool, calcium silicate, plastic foams, and others. The mineral wool segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The unique properties of mineral wool such as low conductivity, noise reduction, and easy availability drive the growth of the segment. Also, its recyclability, low cost, and suitability for various end-use industries are expected to boost the demand for industrial insulation during the forecast period.
Industrial Insulation Market Share: By End-User Industry Type
Based on the end-user industry type, the market is segmented as power, chemical & pharmaceutical, oil & gas, cement, food & beverages, and others. The power industry segment is expected to remain the fastest-growing segment, owing to the increasing demand for electricity from growing population, urbanization, and industrialization in emerging economies such as China, India, and others.
Industrial Insulation Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing industrial insulation market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the widespread trend of industrial and urbanization in the region, along-with the growth of the chemical & petrochemical sector in the region, owing to the increasing demand for petrochemical-based products.