Technical Insulation Market

Analysis from GMI Research finds that the Technical Insulation Market earned revenues of USD 9.1 billion in 2022 and estimated to touch USD 12.6 billion in 2030 will grow at a CAGR of 4.1% from 2023-2030.

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Major Technical Insulation Market Drivers

The global technical insulation market is predicted to propel due to rapid urbanization and industrialization, the growing need in the oil & and gas segment, rise in demand from energy and transportation industries, and growing requirement for power-efficient solutions. With the constant rise in global consumption of energy, the oil and gas market continues to serve as a primary energy source, driving activities connected to production, transportation, and exploration. For the competent and safe function of pipelines, equipment, and accommodations in the oil and gas sector, technical insulation plays a significant role. It helps in maintaining optimal temperatures, safeguarding energy loss, and delivering protection against corrosion and fire hazards. These aspects are important for confirming the integrity and consistency of oil and gas functions. The growing demand for oil and gas, specifically in emerging markets, strengthens the necessity for advanced technical insulation solutions. The growing demand from oil and gas market is a significant driving force for the global technical insulation market.

Additionally, the growing demand for efficient power and energy utilization in developing nations, propelled by rapid industrialization and urbanization, is predicted to drive the need for technical insulation. Stringent regulations about insulating materials are predicted to present a positive impact on market growth. Furthermore, technical insulation systems are increasingly used to insulate equipment and pipes in industrial procedures due to their effectiveness. The cost-effectiveness of this method makes it a favorable choice across different applications. Also, the stringent regulations rising the usage of insulation materials for energy conservation have contributed to the growth of the global technical insulation market. However, the market faces a limitation in the form of low awareness concerning technical insulation. Increased infrastructure funding in developing nations is predicted to result growth opportunities in the global technical insulation market.

The expansion of industrial and commercial sectors nationwide, along with surging need for HVAC systems, heating, plumbing, refrigeration systems, and several others, is predicted to propel the growth of the global technical insulation market size. The expansion of the commercial sector is predicted to drive the need for technical insulation for equipment and pipes. Thereby, the need for commercial acoustic insulating is predicted to witness market growth in the forecast period.

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A trend in the technical insulation market is the growing introduction of new products by companies. These firms are launching and innovating improved technical insulation technologies and products to develop their product portfolios and address the growing need in market. For example, in 2021, EM, a US-based industrial manufacturing company, introduced 3M Thinsulate Xerogel Insulation. This insulation uses Xerogel Technology for textiles, leveraging an extremely porous material that comprises more than 99% air. This composition allows it to safeguard airflow, establishing it as a highly effective thermal insulator. Moreover, in 2021, Kingspan, an Ireland-based producer specializing in high-performance insulation equipment and materials, completed the acquisition of Logstor for USD 253 million. This strategic move enables Kingspan to expand and strengthen its technical insulation business. Logstor, the acquired company, is a European provider of technical insulation solutions, specifically catering to power-connected applications and several other linked sectors.

Meanwhile, the raw material price fluctuations restrain the technical insulation market growth. This unexpected price fluctuation is predicted to be challenge for both end-users and manufacturers, adversely impacting production cost, and pricing strategies. Materials including mineral, fiberglass, foam, wool, and several other insulation components witness cost fluctuations because of disruptions in the supply chain, global economic conditions, and fluctuations in energy prices.

Whereas opportunities in the technical insulation market develop due to increase in infrastructure investment globally. Both private sector and government sector are investment in infrastructure development, including commercial buildings, energy facilities, and transportation systems, results in an increase in need for technical insulation solutions. This infrastructure upgradation is motivated by need to diminish environmental impact, adherence to safety standards, and power efficiency. Advanced insulation technologies efficiently meet this demand, creating an expanding market for insulation producers and service providers. Infrastructure funding, with the potential for significant projects in both emerging and developed economies, leads to different market opportunities for expansion and revenue growth in the global technical insulation market.

By Type, Cold-flexible insulation segment accounted for the largest market share 

The technical insulation segment market is witnessing rapid growth, primarily driven by its versatile and power-efficient characteristics. These materials best in temperature resistance, are easy to install, and demonstrate adaptability to complex spaces and shapes. Hence, they are getting prevalence in contemporary cold chain and refrigeration solutions.

By end-use industry, the transportation segment is anticipated to grow at higher CAGR 

The transportation segment is a fastest-rising end-use industry in the technical insulation market. The growth is attributed to growing emphasis on sustainability, leading to an increasing need power efficient transportation solution, within the aerospace and automotive market. The worldwide development of public transportation and continuous innovations in hybrid and electric vehicles introduce requirement for insulation to regulate temperatures in these transportation technologies. As the transportation industry focuses on efficiency and environmental responsibility, the demand for technical insulation is expected to rise, making it the fastest-growing segment in the market.

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By Application, the industrial process segment captures the maximum share in the market

The industrial process has an important role in maintaining operational and safety efficiency in different industrial applications. Technical insulation industrial process is preventing equipment and labor from high temperatures, fire threats, and corrosion. This ensures the continuous functioning of critical industrial processes. The ongoing growth of industrial and manufacturing activities, along with stringent regulatory standards, drives the growing demand for technical insulation. In an environment prioritizing energy efficiency and safety in the evolving industrial sector, due to which industrial process segment is predicted to dominate the market growth in the forecast period.

By Region, Asia Pacific region expected to grow at fastest CAGR in future.

The Asia Pacific region dominated the market growth as APAC promptly expanding commercial, residential, and industrial segment. This is characterized by a growing manufacturing energy, and construction market that requires efficient insulation solutions for enhanced safety and power efficiency. In addition, due to low labor cost and production cost, there is an increase in establishment and relocation of manufacturing facilities across the region. Also, the rise in environmental concern and stringent regulations promoting energy conservation has also led to increased adoption of advanced insulation products and technologies. Hence, due to these factors the APAC technical insulation market is predicted to grow and in the forecast period.

Furthermore, the growing foreign investment in Asia Pacific region is predicted to surge the technical insulation market. The accessibility of cost-effective raw materials, coupled with an abundant supply in economies including China, India, Indonesia, and South Korea, is expected to develop the commercial and industrial segments. This, in turn, is predicted to foster the need for technical insulation and leads to market growth.

Top Market Players

Various notable players operating in the market include Zotefoams Plc, Owens Corning, Rockwool International A/S, Kingspan Group Plc, Recticel NV/SA, Morgan Advanced Materials plc, Armacell International S.A., Aspen Aerogels, Inc., Knauf Insulation, Saint-Gobain, Palziv Inc. among others.

 Key Developments: 

• • In 2023, Saint-Gobain successfully acquired U.P. Twiga Fiberglass Ltd. to fulfill the strong need for thermal and acoustic comfort together with power-efficient solutions.
  • In 2023, Saint-Gobain acquired Termica San Luis to reinforce its existence in the market of insulation and develop a variety of solutions for clients.
  • In 2022, Saint-Gobain announced an investment of €120 million through ISOVER, an insulation subsidiary, to surge its production potential of insulation across France, and support the hastening of the power renovation market.

• • In 2020, Imerys Group, a France based company offering mineral-based specialities, has acquired Hyderabad Industries Ltd’s thermal insulation business. HIL is a part of the CK Birla Group that has one of the largest manufacturing capacity of calcium silicate insulation products in India and South-East Asia. This acquisition is expected to strengthen the geographical reach of the Imerys Group in the Asia-Pacific market.
  • In 2018, Owens Corning acquired Guangde SKD Rock Wool Manufacture in Guangde, China. This acquisition would help Owens Corning in expanding its technology portfolio and strengthening the geographical reach in the Asia-Pacific technical insulation market.
  • In 2018, Owens Corning acquired the Paroc Group, one of the leading producers of mineral wool insulation for thermal, fire and acoustic applications in residential and commercial construction in Europe. This acquisition is projected to enhance the product portfolio of Owens Corning and its customer reach in European market.

Segments covered in the Report:

The Global Technical Insulation Market has been segmented on the basis of Material Type, Application, End-Use Industry. Based on the Material Type, the market is segmented into Hot Insulation, Cold-Flexible Insulation, Cold-Rigid Insulation. Based on the Application, the market is segmented into Industrial Process, Heating and Plumbing, Acoustic, HVAC, Refrigeration. Based on the End-Use Industry, the market is segmented into Energy, Industrial & OEM.

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Report Coverage	Details
Market Revenues (2022)	USD 9.1 Billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Material Type, By Application, By End-Use Industry and  By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Owens Corning, Rockwool International A/S, Kingspan Group Plc, Morgan Advanced Materials Plc, ETEX Group, Armacell International S.A., Aspen Aerogels, Inc., Zotefoams Plc, NMC International SA, and Group Recticel among others among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Technical insulation Market, By Material Type

• • Hot Insulation
  • Cold-Flexible Insulation
  • Cold-Rigid Insulation

Global Technical insulation Market, By Application

• • Industrial Process
  • Heating and Plumbing
  • Acoustic
  • HVAC
  • Refrigeration

Global Technical insulation Market, By End-Use Industry

• • Industrial & OEM
  • Energy
  • Transportation
  • Commercial Buildings

Global Technical Insulation Market by Region

• • North America Technical Insulation Market (Option 1: As a part of the free 25% customization)

    • By Material Type
    • By Application
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up

  • Europe Technical insulation Market (Option 2: As a part of the free 25% customization)

    • By Material Type
    • By Application
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Technical Insulation Market (Option 3: As a part of the free 25% customization)

    • By Material Type
    • By Application
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Technical Insulation Market (Option 4: As a part of the free 25% customization)

    • By Material Type
    • By Application
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Technical Insulation Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • 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.