New York, NY -- (SBWIRE) -- 07/20/2018 -- As of 2016, the global industrial insulation market witnessed a moderate growth and is expected to grow at a significant CAGR during the forecast period 2018-2023. Europe and North America are leading the global market. However, Asia Pacific have shown potential to emerge as the global leader but is lagging behind due to low awareness about industrial insulation.
As per the analysis, the global industrial insulation market has been valued at USD 3,056.5 million in 2016 and is projected to reach USD 5,017.4 million by 2023. The global market, as a whole, is estimated to grow at a CAGR of 5.64% in terms of value and 5.30% in terms of volume.

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Expanding industrial manufacturing sector, as a result of increasing public and private investment across various industries, is the primary factor driving the growth of the global industrial insulation market. Rising number of country-level political alliances has widened the scope for such investments and is likely to drive this market further. Additionally, regulatory presence to minimize energy consumption and maximize the efficiency of industrial operations have supported the global growth. Europe and China are the concerned markets in terms of regulations and have emerged as key markets. On the other hand, high cost of industrial insulation in specific applications, such as industrial piping, is expected to limit the industrial insulation demand.
In terms of product, wrap/sheets dominated the global market by acquiring almost 82% share of the global market at a dynamic CAGR of 5.70% in 2016. With further sub-segmentation, aluminum butyl wraps are among the largely used insulation wraps/sheets and which has generated the largest revenue of USD 1,141.4 million in 2016.
In terms of application, chemical processes accounted for over 27% share of the global market and is projeced to grow at the highest CAGR of 6.80%. The chemical process has been sub-segmented with the emergence of ethylene crackers as the leader, which accounted for USD 255.6 million in 2016. Followed by chemical processes, power generation segment is expected to attain promising growth over the assessment period 2017-2023.

Regional Analysis
The global industrial insulations market is spanned across five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
As of 2016, North America was the most promising regional level industrial insulation market across the globe and the U.S. was the major contributor to this growth. The region has acquired the major shares in terms of value and volume i.e. 33% and 30%, respectively. Additionally, the U.S. has generated the largest revenue of USD 817.2 million.
European region consists of several established markets such as Germany, the U.K, Belgium, and Russia. Germany is the leading market in this region and has accounted for the largest share of 37% of country-level market share in 2017.
China and India are collectively driving the growth of the Asia Pacific market and accounted for over 50% share of the regional market in 2017. In 2017, China has accounted for USD 359.9 million at a significant CAGR of 7.17%. As per our analysis, a large number of industries are present in China and it is expected to be the most promising country-level market over the review period, 2017-2023.

Segmentation
MRFR in its report has offered a segmental analysis of the market on the basis of product type, application, and region. On the basis of the type, the market has been segmented into wraps /sheets. Based on the application, the market has been segmented into chemical processes, LNG, power generation, heat exchangers, storage tanks, boilers, and other hot & cold process equipment. On the basis of the region, the global market has been spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Key Players
Key players operating in the global industrial insulations market are Saint-Gobain (France), CeramTec (Germany), Morgan Advanced Material (U.S.), Ortech Advanced Material (U.S.), KYOCERA Corporation (Japan), Blasch Precision Ceramics (U.S.), Coors Tek Inc. (U.S.), Hitachi Chemicals (Japan), Ceradyne Inc (U.S.), and ESD SIC bv (Netherlands).

Key Findings
- Global industrial insulation market is projected to reach USD 3,418.4 million by 2023 at a CAGR of 5.65%
- North America emerged as the global leader in this market and acquired 33% of the market share in 2017
- Wraps/sheets, by product type, dominated the global market in 2016 with a significant global market share of 82% and is likely to grow at the highest CAGR of 5.70% during the forecast period. Similarly, chemical processes dominated the application segment by holding the largest share of 27% in 2017
- Asia Pacific is expected to be a highly focused market for key industry participants during the assessment period. Increasing industrial investment, industrial automation, and industrial expansion is driving the growth of this region
- Increasing country level political alliances and rising FDI to support industrialization are expected to be the vital factors to watch out for over the forecast period

Table of Content: Key Points

1 Report Prologue
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Industrial Insulation Market by Product
…Continued

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