The global technical insulation market size is expected to surpass around US$ 8.84 billion by 2027 with a CAGR of 2.40% over forecast period 2020 to 2027
OTTAWA, Oct. 20, 2020 (GLOBE NEWSWIRE) -- The global technical insulation market was valued at US$ 7.31 billion in 2019, according to new study by Precedence Research. Read more information@ https://www.precedenceresearch.com/technical-insulation-market
Thermal conductivity is one of the key properties of the technical insulations. 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, and many other places require proper insulation to protect them from damage. Presently, government as well as organizations is working tremendously towards decreasing the rate of pollution along with enhancing the efficiency of the components used in the commercial buildings. In addition, significant rise in the construction of residential and commercial buildings on the account of rising population across the globe spur the growth of the technical insulation.
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The Asia Pacific emerged as the global leader accounting for a value share of nearly 35% in 2019 and expected to grow at a prominent rate of 3% between the years 2020 and 2027
Europe is the other key revenue contributor for the market growth due to rising OEM facilities and industrialization that boosts the need for various applications of insulation
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 cold-flexible insulation segment follows the hot insulation in terms of growth rate and estimated to witness a CAGR of nearly 2.2% due to its superior properties
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
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
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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. In addition, rapid urbanization and increasing population in the region attributed as the other major reasons responsible for the growth of technical insulation market in the region. Furthermore, China has emerged as a global manufacturing hub that has resulted in an increase in the demand for technical insulation in the commercial spaces along with industrial & OEM segments. Availability of low cost labor coupled with easy availability of raw materials projected to boost the production of insulation products in the region. On the other hand, Europe is the key contributor of revenue for the overall market growth. This is attributed to the significant growth of construction sector in the region.
Key Players & Strategies
The global players in the technical insulation market are largely focused towards expanding their production facilities across the emerging nations such as Indonesia, Brazil, and many others to capture the untapped opportunities across the region. For instance, in November 2017, ROCKWOOL Group opened up a new production facility in Romania. The new production center helped the company to cater the increasing demand for insulation materials.
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The industry participants also adopt several inorganic growth strategies that include merger & acquisition, partnership, joint venture, and collaboration to maintain their footprint on a global scale. For example, in April 2018, Owens Corning acquired Guangde SKD Rock Wool Manufacture Co. Ltd. based in China, a manufacturer of mineral wool. The acquisition assisted the company in cementing its presence in China market.
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.
Heating & Plumbing
Industrial & OEM
By Regional Outlook
Rest of the World
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