What is the global market size of Technical Insulation Market?

Technical Insulation Market size was valued at USD 7.79 billion in 2021 and is poised to grow from USD 8.03 billion in 2022 to USD 10.25 billion by 2030, growing at a CAGR of 3.1% in the forecast period (2023-2030).

Global Technical Insulation Market Size, Share, Growth Analysis, By Type(Hot Insulation, Cold-Flexible Insulation and Cold-Rigid Insulation), By Application(Heating & Plumbing, HVAC) - Industry Forecast 2024-2031

Report ID: SQMIG20C2027 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 64 | Figures: 78

Global Technical Insulation Market Insights

Global Technical Insulations Market size was valued at USD 7.80 billion in 2022 and is poised to grow from USD 8.00 in 2023 to USD 9.74 billion in 2031, at a CAGR of 2.5% during the forecast period (2024-2031).

One of the most important properties of technical insulators is thermal conductivity. Technical insulation is widely recognised as one of the most effective and least expensive methods of carbon dioxide reduction. Cities' urbanisation has played a critical role in the global expansion and growth of the technical insulation market. The growing demand for efficient power and energy use in developing economies on account of rapid industrialization and urbanisation is expected to drive demand for technical insulation. Stringent regulations governing the use of insulating materials are expected to drive market growth. Furthermore, technical insulation is an efficient method that is increasingly being used to insulate pipes and equipment in industrial processes. Furthermore, the method is not expensive, which is a major factor promoting its use in a variety of applications.

The expansion of the commercial sector is expected to increase demand for technical insulation of pipes and equipment, which will benefit market growth. Furthermore, demand for acoustic insulation in commercial buildings is expected to drive growth in the technical insulation market over the forecast period. Volatile raw material prices, on the other hand, are expected to have a negative impact on market growth. Furthermore, low awareness of the benefits of technical insulation is expected to limit industry growth over the forecast period. Furthermore, a lack of skilled labour for installation is expected to limit the growth of the technical insulation market.

US Technical Insulation Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Technical Insulation Market Report Snapshots

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The technical insulation market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Saint-Gobain', 'Owens Corning', 'Armacell', 'Kingspan Group', 'Johns Manville', 'BASF SE', 'GAF Materials Corporation', 'Rockwool International A/S', 'Knauf Insulation', 'Fletcher Building Limited', 'Cabot Corporation', 'Paroc Group', 'Recticel NV', 'URSA Insulation S.A.', 'L'ISOLANTE K-FLEX S.p.A.', 'Morgan Advanced Materials plc', 'Aspen Aerogels, Inc.', 'Nichias Corporation', 'Thermax Limited', 'The Dow Chemical Company', 'In April 2024, Airbus Ventures reveals its investment in OROS Labs, an inventive thermal solutions firm, securing $22 million to bolster the company's growth across consumer, commercial, and government sectors. Spearheaded by Airbus Ventures, this funding round also saw contributions from REI Co-op Path Ahead Ventures, Platinum Mile Ventures, Culper Ventures, Crumpton Ventures, Iron Gate Capital Advisors, Enlightenment Capital, CTK, and the Goldwin Play Earth Fund, among others. ', 'In January 2024, Whirlpool Corporation will showcase SlimTech™ insulation, the inaugural vacuum insulated structure (VIS) technology utilized in a refrigerator within the North American market, at CES 2024. SlimTech™ insulation marks a notable advancement, offering enhanced capacity, improved performance, and potential design innovations, while also laying the groundwork for expanded sustainability choices when the appliance needs replacement. ', 'In October 2023, Freudenberg Performance Materials Apparel (Freudenberg), a prominent supplier of innovative technical solutions in the apparel sector, introduced two cutting-edge thermal insulation products crafted from recycled PET fibers with low-level Bisphenol A (BPA) into its global comfortemp range. The debut of Down Feel WA 150LB and Fiberball WB 400LB highlights Freudenberg's dedication to both innovation and sustainability in its thermal insulation brand.'

One of the major factors driving the growth of the technical insulation market is the increase in product demand for improving process performance and equipment efficiency across application industries. Furthermore, the increased emphasis on the importance of energy efficiency as a result of rising energy costs has a positive impact on market growth.

The demand for high-quality technical insulation construction materials in industries like oil and gas, food processing, power and energy, and others drives the technical insulation market's growth. Water heaters, cool boxes, reefers, refrigerated transport, and commercial units all use technical insulation, for example, In the food processing industry, cold rigid polyurethane material is required to aid in the chilling and refrigeration of foods. Furthermore, discontinuous panels are installed in food transport vehicles to control the temperature of the food materials. Furthermore, hot water storage and production in insulated boilers is an important application of technical insulation materials. Technical protection Pre insulated pipes, for example, play an important role in the chemical and petrochemical industries because they facilitate the flow of materials and energy. Other uses for technical insulation include pipe and tank insulation, livestock building insulation, vehicle construction, and insulation during industrial equipment construction, among others.

In terms of revenue, Asia Pacific held the largest market share and is expected to grow more in the forecast year. The Increasing population and rapid urbanisation in the region are expected to drive market growth over the forecast period. Furthermore, rising foreign investment in the region is expected to drive the regional market for technical insulation. The availability of raw materials at lower costs, combined with an abundant supply of raw materials in economies such as China, India, Indonesia, and South Korea, is expected to fuel the market expansion of the region's industrial and commercial sectors.

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Global Technical Insulation Market Size, Share, Growth Analysis, By Type(Hot Insulation, Cold-Flexible Insulation and Cold-Rigid Insulation), By Application(Heating & Plumbing, HVAC) - Industry Forecast 2024-2031

Global Technical Insulation Market Insights

Global Technical Insulation Market Report Snapshots

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