Technical Insulation Market Size, Industry Share And Growth Analysis For 2020-2027: Grand View Research Inc.

 Technical Insulation Market Growth & Trends

The global technical insulation market size is expected to reach USD 8.8 billion by 2027, expanding at a CAGR of 2.5%, according to a new report by Grand View Research, Inc. Increasing acceptance of technical insulation across a wide range of applications such as commercial, energy, industrial and OEM is projected to benefit industry growth.

Rapid industrialization across the globe on account of the rising population is anticipated to promote the market. In addition, rising awareness related to the benefits of technical protection of the equipment, personnel, and system is anticipated to drive the market over the forecast period.

Rapid expansion of the commercial sector across the developing economies including China, India, Indonesia, and South Korea is projected to stimulate the demand for HVAC systems, acoustic protection, refrigeration, heating and plumbing protection facilities, thereby driving the industry.

Low awareness related to technical protection coupled with the high capital investment at the initial state is estimated to restrict the expansion of the market. In addition, lack of skilled labors and high cost of raw materials are factors likely to pose a threat to the market over the forecast period.

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Technical Insulation Market Report Highlights

• The hot insulation segment accounted for USD 2.9 billion in 2019 and is projected to witness a CAGR of 2.9% from 2020 to 2027. Rising demand for hot insulation in industries, OEM, and other applications is projected to benefit segment growth
• The heating and plumbing application segment accounted for 35.4% of market share in 2019 and is projected to witness a CAGR of 2.9% from 2020 to 2027 owing to the rising demand from the industrial and commercial sector
• The industrial and OEM end-use segment is anticipated to grow at a faster rate over the forecast period and reach USD 3.4 billion in 2027 on account of the rising demand for the insulating materials due to its benefits such as protection of pipes and equipment
• In Asia Pacific, the market is projected to witness a CAGR of 3.0% from 2020 to 2027 owing to the rapid expansion of industrial and commercial sector in the economies including India, China, Indonesia, and South Korea
• China accounted for the highest market share in Asia Pacific on account of the growing number of manufacturing industries in the country.

Technical Insulation Market Segmentation

Grand View Research has segmented the global technical insulation market on the basis of type, application, end use, and region:

Technical Insulation Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Hot
• Cold-Flexible
• Cold-Rigid

Technical Insulation Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Heating & Plumbing
• HVAC
• Acoustic
• Refrigeration

Technical Insulation End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Industrial & OEM
• Energy
• Commercial Buildings

Technical Insulation Region Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
• Middle East & Africa

List of Key Players of Technical Insulation Market

• 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.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research    reports, customized research reports, and consulting services. To help clients make informed business    decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.