April 23, 2024
Technical Insulation Market

Technical Insulation Market is Set to Grow Significantly by Rising Industrialization

The technical insulation market provides thermal, acoustic and fire protection for various industries such as oil and gas, energy and power, industrial and commercial buildings, HVAC and others. Technical insulation products include mineral wool, cellular glass, expanded polystyrene (EPS), fiberglass, elastomeric foam and perlite among others. They are used for insulation of pipes, ducts, industrial heating and cooling equipments.

The global technical insulation market size 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 players operating in the Technical Insulation Market Size include 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 Takeaways

Key players related content: Key players such as Zotefoams Plc, Owens Corning and Kingspan Group Plc along with other players hold a significant share of the global technical insulation market. They offer a wide range of technical insulation products for industries.

Growing demand: There is growing demand for technical insulation from heating and cooling systems, equipment and piping and ductwork insulation in industries. It provides energy efficiency and saves operating costs for industries.

Global expansion: Leading players are expanding their production facilities and presence globally especially in emerging economies to tap the increasing demand. Many developing countries are also witnessing rising industrialization and infrastructural activities creating opportunities.

Market key trends
Need for energy efficient insulation systems is driving the demand for technical insulation as it reduces energy costs significantly. Industries are focused on reducing carbon footprint and opting for green insulation materials like bio-based and recyclable products. growing construction of green buildings is supporting the bio-based technical insulation growth.

Porter’s Analysis
Threat of new entrants: Entry into the technical insulation market space is difficult as it requires significant capital investments in production plants and distribution channels which discourage new entrants. Bargaining power of buyers: Buyers are fragmented in the technical insulation market reducing their bargaining power as they lack the scale to negotiate on price. Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials like fiberglass, mineral wool and cellular plastic foams are standard commodities provided by many suppliers globally. Threat of new substitutes: No real substitutes available for technical insulation currently exist that can match performance attributes. Competitive rivalry: Intense competition between major players to hold market share through product innovation, design improvements and expansion into global markets.

In terms of value, the geographical region where the technical insulation market is currently concentrated is the Asia Pacific due to the huge industrial and construction boom in countries like China and India. This region accounts for over 35% of the total market value currently. The fastest growing region for the technical insulation market in the forecast period from 2024 to 2031 is expected to be the Middle East & Africa region driven by massive infrastructure development projects, increasing industrialization and growing emphasis on energy efficiency in the building and construction sectors.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it