Asia-Pacific Industrial Insulation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Raw Material (Wool, Foams, Fibres, and Others), Product (Pipe, Board, Blanket, and Others), and End User (Power Generation, Chemical and Petrochemical,

Asia-Pacific Industrial Insulation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Raw Material (Wool, Foams, Fibres, and Others), Product (Pipe, Board, Blanket, and Others), and End User (Power Generation, Chemical and Petrochemical, Cement, Food and Beverage, and Others)

The APAC industrial insulation market is expected to grow from US$ 4,139.45 million in 2022 to US$ 5,557.44 million by 2028. It is estimated to grow at a CAGR of 5.0% from 2022 to 2028.

Development of New Products with Latest Technology

Prominent manufacturers in the industrial insulation market are developing and offering new insulation products with latest technology. Additionally, players are focusing on expanding manufacturing capacity. In July 2021, Rockwool manufacturing announced the commercial production of stone wool insulation products. The company would manufacturer ROCKWOOL’s residential, commercial, and industrial stone wool insulation. It has also expanded its manufacturing capacity. Further in March 2021, Cabot Corporation launched its ENERMAXTM 6 carbon nanotube new series. These nanotubes are the company’s latest addition to its portfolio of high-performance CNTs. It has a high aspect ratio, becoming the most conductive multi-walled product. Further, in August 2020, Owens Corning announced that it has launched its new product line, FOAMULAR NGX (next generation extruded). The new product line of extruded polystyrene (XPS) foam products would help in reducing global warming by 90% without sacrificing the product performance. All these new developments would drive the industrial insulation market growth during the forecast period.

Market Overview

The APAC industrial insulation market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. The regional market is mainly driven by increasing demand for industrial insulation products from various end-use industries, including power generation, chemical & petrochemical, and food & beverage. In addition, the growing industrial activities, increasing infrastructural spending, and strong economic growth positively influence the market growth in the region. In APAC, the demand for energy is rising due to the rapid urbanization and industrialization. The demand for power is growing in China and India. According to the recently released report by the International Energy Agency, the demand for electricity in APAC grew by 8% in 2021, from a low of 2% in 2020. This growth in demand for electricity is led mainly by China and India, both registering a significant increase of 10% each. Excluding Japan, most countries in APAC are expected to witness continued electricity demand growth up till 2024. All these factors are expected to fuel the demand for industrial insulation products in the region in the coming years. In the petrochemical plants, temperature consistency and personnel protection are essential. Various high-temperature insulation products can meet the requirements of these environments. In recent years, along with the Asia’s strong economic growth, the petrochemical demand has grown considerably in the region. There is a rising crude oil refining capacity in Asia, aimed at addressing the increasing demand for consumer goods and fuels. According to the SDG Knowledge Hub, the chemical industry in APAC represents more than 45% of global chemical manufacturing and over 69% of global jobs in the industry.

APAC Industrial Insulation Market Revenue and Forecast to 2028 (US$ Million)

APAC Industrial Insulation Market Segmentation

The APAC industrial insulation market is segmented based on raw material, product, end user, and country.

Based on raw material, the APAC industrial insulation market is segmented into wool, foams, fibres, and others. The foams segment held the largest market share in 2022.

Based on product, the APAC industrial insulation market is segmented into pipe, board, blanket, and others. The pipe segment held the largest market share in 2022.

Based on end user, the APAC industrial insulation market is segmented into power generation, chemical and petrochemical, cement, food and beverage, and others. The power generation segment held the largest market share in 2022.

Based on country, the APAC industrial insulation market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of APAC. Our regional analysis states that China dominated the market share in 2022.

Aspen Aerogels Inc., Cabot Corporation, Johns Manville, Kingspan Group, Knauf Insulation, Nichias Corporation, ROCKWOOL A/S, and Saint Gobain S.A. are the leading companies operating in the APAC industrial insulation market.

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