Technical insulation is used in various industrial and manufacturing processes for maintaining the temperature of pipes, tanks, ducts, and other equipment. It prevents heat loss and gain in processes requiring heating or cooling. Technical insulation finds widespread applications in oil & gas, energy & power, automotive, chemical & petrochemical, food & beverage, and other industries. The growing demand from these end-use industries is propelling the growth of the technical insulation market.
The Global Technical Insulation Market is estimated to be valued at US$ 10.9 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the technical insulation market are Zotefoams Plc, Owens Corning, Kingspan Group Plc, Rockwool International A/S, Recticel NV/SA, Morgan Advanced Materials plc, Armacell International S.A., Aspen Aerogels, Inc., Knauf Insulation, Saint-Gobain, Palziv Inc., Neo Thermal Insulation (India) Pvt. Ltd., NMC Insulation, Armacell, Mayplas, and Proteus Waterproofing Limited.
Key opportunities: Rising energy costs and stringent regulations regarding energy efficiency are offering significant growth opportunities for Technical Insulation Market Size manufacturers. The growing adoption of non-fibrous and flexible insulation materials is another opportunity.
Global expansion: Leading players are expanding their global footprint by capitalizing on opportunities in emerging economies like Asia Pacific and Latin America. Strategic collaborations and acquisitions are helping companies strengthen distribution networks worldwide.
Market drivers: Rising demand from various end-use industries is a key growth driver. Besides this, factors such as increasing energy costs, stringent energy efficiency laws, growth of the oil & gas industry, and expansion of power generation capacity are propelling the technical insulation market.
Technical Insulation Market is Estimated to Witness High Growth Owing to Rising Demand from Various End-Use Industries
Technical insulation finds widespread applications in oil & gas, energy & power, automotive, chemical & petrochemical, food & beverage, and other industries. It is used in these industries for maintaining the temperature of pipes, tanks, ducts, and other equipment. This prevents heat loss and gain in processes requiring heating or cooling. The growing demand from end-use industries is propelling the growth of the technical insulation market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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