Technical Insulation Market (By Type: Cold-Flexible Insulation, Hot Insulation, and Cold-Rigid Insulation; By Application: HVAC, Heating & Plumbing, Refrigeration, and Acoustic; By End-Use: Energy, Industrial & OEM, and Commercial Buildings) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027
The global technical insulation market was valued at US$ 7.31 billion in 2019 and expected to reach US$ 8.84 billion by 2027, with a compound annual growth rate (CAGR) of 2.40% during the forecast period 2020 to 2027.
Rising demand for efficient use of energy and power across the emerging economies on account of rapid urbanization and industrialization estimated to fuel the demand for technical insulation in the coming years. Stringent regulations related to type of insulating used for various materials anticipated to propel the market growth. In addition, technical insulation proved to be an effective method for the insulation of pipes &equipment used in the industrial processes. Moreover, the method provides cost-effective insulation that is a major factor responsible for its rapid adoption across numerous applications.
Expansion of the commercial sector expected to promote the implementation for technical insulation for pipes and equipment that anticipated to augment the market size over the analysis timeframe. In addition, rising need for acoustic insulation in the commercial buildings is the other major factor that propels the growth of the market for technical insulation over the analysis period.
However, volatile prices of raw material foreseen to impact negatively on the market growth. In addition, less awareness about the benefits of technical insulation is the other prime factor that restricts the industry growth over the forecast duration. Similarly, lack of skilled labor for the installation estimated to limit the market growth for technical insulation.
In terms of revenue, the hot insulation segment emerged as the leading type accounting for a share of nearly 41% in 2019 and projected to register a prominent growth of nearly 3% during the foreseen period. Increasing industrialization across the globe predicted to fuel the demand for hot insulation. Increasing demand for energy conservation along with the growing initiatives to reduce the CO2 emission estimated to promote the growth of the segment. In addition, hot insulation eliminates the leakage of heat out from the equipment or systems, thereby improving the machine performance. This is anticipated to propel the industry growth over the forecast timeframe.
The cold-flexible insulation segment follows the hot insulation in terms of growth rate and estimated to encounter a CAGR of approximately 2.2% because of its superior properties that include durability, strength, and flexibility. In addition, protection from frost on the pipes &equipment at low temperatures predicted to further boost the demand for cold-flexible insulation over the upcoming period.
By application, the heating & plumbing segment held significant market share of approx. 35% in the year 2019. Furthermore, the segment expected to witness the highest growth of around 2.9% during the upcoming period. The growth of the segment is mainly attributed to the rising use of insulated pipes &equipment for industrial applications in order to avoid the heat loss projected to result in fuelling demand for technical insulation particularly in the heating &plumbing application.
On the other hand, rising implementation of HVAC systems in the commercial sector because of rising emphasis on the energy efficient system predicted to prosper the growth of the segment. In addition, the effectiveness of the HVAC system for optimizing cost & energy predicted to further augment the growth of the segment. Moreover, modern systems that include cleaning elements and air filtration can be integrated into the HVAC systems that further accelerate its growth over the analysis timeframe.
With reference to region, the Asia Pacific emerged as the global leader accounting for a value share of nearly 35% in the year 2019 and expected to grow at a prominent rate of 3% between the years 2020 and 2027. Factors such as rapid urbanization along with increasing population are the key drivers that prosper the growth of the region. Further, availability of raw materials at lower cost together with abundant supply of raw material in the emerging economies that include India, China, South Korea, and Indonesia projected to escalate the development of industrial and commercial sectors across the region. The above-mentioned factor expected to promote the market growth for technical insulation in the region.
Besides this, Europe is the other key contributor of revenue towards the market growth owing to rising OEM facilities and industrialization that likely to boost the demand for HVAC, heating & plumbing systems, refrigeration, and acoustic insulations. Furthermore, increasing construction of hotels, office spaces, health institutes, malls, and retail stores in the countries such as the UK, Germany, and Spain expected to fuel the demand for technical insulation in the region.
Key Companies & Market Share Insights
The global technical insulation industry witness intense competition among the market participants owing to significant number of merger & acquisition, partnership, along with expansion of the production facilities across the globe. For instance, in December 2019, Huntsman Corporation announced to acquire Icynene-Lapolla that operates as a manufacturer as well as distributor for spray polyurethane foam-based insulating systems.
Some of the prominent players in the technical insulation market include:
- Zotefoams Plc
- L'isolante K - Flex S.P.A.
- Owens Corning
- Etex Group SA
- Kingspan Group Plc
- Johns Manville
- Rockwool International A/S
- NMC SA
- Recticel NV/SA
- Morgan Advanced Materials plc
- Unifrax I LLC
- Armacell International S.A.
- Aspen Aerogels, Inc.
- Knauf Insulation
- Palziv Inc.
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it based on type, application, end-use, and region:
- Cold-Flexible Insulation
- Hot Insulation
- Cold-Rigid Insulation
- Heating & Plumbing
- Industrial & OEM
- Commercial Buildings
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
Frequently Asked Questions About This Report
The global technical insulation market is expected to grow at a compound annual growth rate (CAGR) of 2.40% during the forecast period 2020 to 2027.
The global technical insulation market was valued at US$ 7.31 billion in 2019 and expected to reach US$ 8.84 billion by 2027.
The hot insulation segment emerged as the leading type accounting for a share of nearly 41% in 2019 and projected to grow prominently with a rate of 3% during the foreseen period.
The Asia Pacific led the global technical insulation market in terms of revenue and expected to register the fastest growth over the forthcoming years owing to presence of several developing countries across the region.
By application, the heating & plumbing segment held significant market share of approx. 35% in 2019 attributed to the rising use of insulated pipes & equipment for industrial applications.
Some of the key players operating in the market are Zotefoams Plc, L'isolante K - Flex S.P.A., Owens Corning, Etex Group SA, Kingspan Group Plc, Johns Manville, Rockwool International A/S, NMC SA, Recticel NV/SA, Morgan Advanced Materials plc, Unifrax I LLC, Armacell International S.A., Aspen Aerogels, Inc., Knauf Insulation, Saint-Gobain, and Palziv Inc. among others.
Technical insulation refers as the least expensive and most effective methods used for the reduction of carbon dioxide emission. Rising urbanization of the cities has played a major role in the growth and expansion of the technical insulation market across the globe.
Increased spending on infrastructure development particularly in the developing economies that include India, China, South Korea, and Indonesia estimated to be the prime factor that propels the growth of the market. In addition, rapid urbanization and industrialization in different parts of the world expected to flourish the industry growth over the upcoming years. Heat insulation is a vital component in any industry to minimize the heat loss, boost the machine efficiency, and reduce the overall operating cost in an industry. Thus, technical insulation demand expected to flourish with the increase in industrialization in the coming years. Other than industrial application, technical insulation is prominently used in the commercial buildings. Office spaces, malls, shopping centers, schools