Technical Insulation Market Worth $9.2 Billion by 2024 : Growing at a CAGR of 4%

Northbrook, IL -- (SBWire) -- 10/03/2021 --The report "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 size is projected to grow from USD 7.6 billion in 2019 to USD 9.2 billion by 2024, at a CAGR of 4.0%, during the forecast period

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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, 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 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.

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

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