January 19th, 2023
The global industrial insulation market size is set to gain impetus from its possession of several beneficial properties. It is capable of protectingequipment from corrosive environments, surging efficiency of operation, preventing water condensation or vapour flow on cold surfaces, and controlling surface temperatures.This information is presented by Fortune Business Insights™ in an upcoming report, The report further states that industrialinsulations are extensively usedfor reducing wastage of energy.
Drivers & Restraints-
Rising Demand from Power Generation Sector to Augment Growth
Industrial insulations are experiencing high demand mainly from the power generation sector. Besides, their demand is rising from numerous other industries, such as chemicals & petrochemicals. They canalso remould the process economicsprovided by the most efficient insulations.However, the frequent changes in the prices of raw material are set to impact the cost of industrial insulations directly. Additionally, there are differences in the costs of various insulation materials. Hence, people are shifting slowly towards the other available alternatives. These factors may obstruct the industrial insulation market growth in the coming years.
The market is highly competitive with the presence of several companies worldwide. Most of them are adopting the strategy of mergers and acquisitions to gain competitive edge in the market. Some of the others are engaging in expanding their production capacity to surge sales. Below are two of the latest industry developments:
June 2019: A reputed producer of industrial insulation based in the U.S. and Europe called Knauf Insulation, broadened its Rock Mineral Wool production facility situated in Western Europe. It can now produce more than 110 kilotons of products.
October 2018: Saint Gobain, a provider of construction and high-performance materialsheadquartered in France announced its acquisition of Kaimann, a manufacturer of elastomeric insulation materials based in Europe. This acquisition would aid Saint Gobain in strengthening its position in the European market.
Fortune Business Insights™ provides a list of all the industrial insulation manufacturers operating in the global market. They are as follows:
American Rockwool Manufacturing, LLC
Hollingsworth & Vose Company
Rock Wool Manufacturing Company
Other key market players
Information source: https://www.fortunebusinessinsights.com/industrial-insulation-market-102350
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