Technical Insulation Market Share, Size, Trends, Industry Analysis Report, By Material Type (Hot Insulation, Cold-Flexible Insulation, Cold-Rigid Insulation); By Application; By End Use Industry; By Region; Segment Forecast, 2024 - 2032
- Published Date:Mar-2024
- Pages: 119
- Format: PDF
- Report ID: PM4441
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global technical insulation market was valued at USD 7.84 billion in 2023 and is expected to grow at a CAGR of 3.2% during the forecast period.
The increasing global population is necessitating the need for food, infrastructure, energy, and more. This is enforcing government agencies, non-government organizations, and others to step in further with efficient technologies and research and development studies, primarily on renewable and non-renewable energy sources.
One of the ways to generate higher power is from nuclear power plants, driving the establishment of these plants on a global scale. The technical insulation plays a major role in the personal protection, safety, equipment integrity, thermal efficiency, and operation of nuclear plants. In 2023, Isover Saint-Gobain introduced its new documentation on the insulation of nuclear power plants. As the research progresses on the application of technical insulation among the companies, there will be optimal growth in the market in the foreseeable future.
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- For instance, in September 2023, Saint-Gobain acquired the Building Products of Canada, a roofing shingles & wood fiber insulation panels firm based in Canada.
Moreover, the demand for technical insulation is gaining momentum in the automobile industry due to its ability to protect vehicles from the harmful noise around them. Vehicle manufacturers are working on promoting consumer safety and meeting their preferences, which may contribute to the demand for technical insulation in the future.
However, higher initial investments, limited knowledge, and higher resistance to adopting new insulation technologies are obstructing the growth of the market.
Growth Drivers
- The evolution of insulation applications in numerous fields
The evolution of technological advancements in the market unravels the various utilities of technical insulation. It is an emerging stage with applications in floor ceilings, internal wall insulation, roof insulation, HVAC insulation, and acoustic insulation due to its fire protection, thermal regulation, noise, and corrosion-free behavior.
According to the article published in Aerospace Testing International, by 2040, the zero-emissions aircraft industry is expected to grow to USD 192 Bn, according to the investment bank UBS. The increasing research studies to promote the utilization of electric vehicles, mainly electric aircraft, and advancements in motor technology are expected to assist in the growth of the technical insulation market as greater insulation is needed between high-voltage systems.
The increasing importance of graphene in construction due to its potential to improve the insulation properties of building materials and contribute to durable and sustainable buildings is showcasing the positive outlook for the technical insulation market. It makes building structures resilient by protecting them from corrosion, fire, and moisture.
Report Segmentation
The market is primarily segmented based on material type, application, end use industry and region.
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By Material Type |
By Application |
By End Use Industry |
By Region |
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By Material Type Analysis
- Cold-Flexible Insulation segment is expected to witness the highest growth during the forecast period
The cold-flexible insulation segment is projected to grow at a CAGR during the projected period, mainly driven by its energy efficiency and temperature resistance ability. Flexible insulation systems protect users from heat in the summer and cold in the winter, ensuring safety and creating a pleasant atmosphere in their buildings. These insulation systems are made up of various materials, including flexible foam, elastomers, and others, which can withstand lower temperatures and promote flexibility. These factors are collectively contributing to the growth of the market.
By Application Analysis
- Industrial Process segment accounted for the largest market share in 2023
Industrial process segment held the largest share. The ability to provide protection from extreme temperatures, corrosion, & fire is driving its importance in industrial activities, primarily pumps and ductwork insulation, tanks, and vessels, and more in oil and gas exploration activities. Furthermore, its cold flexible insulation system is driving the demand for cold storage and chilled water systems by consumers in the summer.
The HVAC (heating, ventilation, and air conditioning) segment will grow at rapid pace, on account of the rapid increase in demand for stable temperatures in households, driven by the presence of extreme temperatures more often due to global warming.
By End Use Industry Analysis
- Transportation segment held the significant market revenue share in 2023
The transportation segment held largest share in revenue share, this is due to the rising safety concerns at the transportation of goods and people from one place to another. In various transports, including automotive, marine, aircraft, and railways, insulation is integrated with its propensity to promote energy efficiency, fire protection, and thermal insulation in containers to protect the goods from unforeseen circumstances.
Regional Insights
- Asia Pacific region registered the largest share of the global market in 2023
The growth of the regional market can be influenced by the rising demand for power owing to the growing population. According to the International Energy Agency, the Republic of China, India, and South Asia are expected to witness 70% of the global rise in electricity demand during 2023–2025. This trend is expected to propel the need for the adoption of solar, nuclear, wind, and hydropower, facilitating the demand for technical insulation driven by its potential to maintain a stable temperature in industrial and workplace settings.
The Europe region is expected to be the fastest growing region with a healthy CAGR during the projected period, owing to the growing consumption of air conditioners and other household equipment. Since the last century, Europeans have been increasing their consumption of air conditioners due to the rising temperatures. According to the International Energy Agency (IEA), 130 million air conditioning units are expected to be installed by 2023, and the number of units is projected to quadruple by 2050. The rising adoption of HVAC systems in southern countries of the continent is likely to stimulate the demand for technical insulation, leading to faster growth of the technical insulation market in Europe.
Key Market Players & Competitive Insights
Major companies are emphasizing advancements in insulation systems with noise-free and cost-effective systems. The increasing expansion activities, including mergers and acquisitions, are significantly enhancing the growth of the market. For instance, in 2023, Kingspan, a provider of advanced insulation and innovative building solutions, acquired Troldtekt.
Some of the major players operating in the global market include:
- Aerofoam
- Arabian Fiberglass Insulation Company Ltd.
- Armacell
- Beijing New Building Material (Group) Co., Ltd.
- Cabot Corporation
- Dyplast Products
- GlassRock
- HUTCHINSON
- INSULCON B.V.
- Johns Manville
- Knauf Insulation
- Kingspan Group
- L'ISOLANTE K-FLEX S.p.A.
- NMC International SA
- Owens Corning
Recent Developments
- In September 2023, Kaimann received a contract to provide technical insulation services for an electric vehicle battery gigafactory in Germany.
- In May 2023, Etex announced the completion of its specialty insulation provider, Skamol, with the aim of strengthening its sustainable solutions portfolio.
- In July 2022, HOLCIM entered into an agreement to acquire a spray foam insulation company, SES Foam LLC, to expand its roofing and insulation business.
Technical Insulation Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 8.08 billion |
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Revenue forecast in 2032 |
USD 10.42 billion |
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CAGR |
3.2% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Material Type, By Application, By End Use Industry, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The key companies in Technical Insulation Market include Aerofoam, Arabian Fiberglass Insulation Company Ltd., Armacell.
The global technical insulation market is expected to grow at a CAGR of 3.2% during the forecast period.
Technical Insulation Market report covering key segments are material type, application, end use industry and region.
The key driving factors in Technical Insulation Market are The evolution of insulation applications in numerous fields.
Technical Insulation Market Size Worth $ 10.42 Billion By 2032.
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