Europe 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, Cemen

Europe 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 Europe industrial insulation market is expected to grow from US$ 1,516.57 million in 2022 to US$ 1,968.72 million by 2028. It is estimated to grow at a CAGR of 4.4% from 2022 to 2028.

Increasing Demand from Power Generation Sector

Industrial insulated covers are an excellent option to save electricity, maintain process temperature, reduce heat loss, and improve workplace safety. Industrial Insulation is used in various power generation applications, including gas and steam turbines, pipelines, exhaust manifolds, diesel turbo covers, slide and flange valves, insulating sleeves, and heat exchangers where heat retention and process temperature are of concern. Therefore, the rising urbanization; industrialization; and emerging strict energy conservation regulations in various economies propel the application of industrial insulation in power generation. The energy demand rose by 0.9% in 2019, and electricity demand grew by 1.4% in 2019, according to the International Energy Agency (IEA). According to Statista overall electricity production is anticipated to grow over the next five years owing to the rising demand from the residential and commercial sectors, as well as from industrial estates with improving access to electricity in emerging economies. In several countries, demand for electricity increased in 2019. Therefore, the rising demand for energy and power generation in developed and emerging economies across the region drives the industrial insulation market growth.

Market Overview

The Europe industrial insulation market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The market in the region is mainly driven by the increasing use of industrial insulation products from many applications sectors, including power generation, chemical & petrochemical, food & beverage, and aerospace. According to the European Environment Agency (EEA), between 2005 and 2016, electricity generation increased by an average of 7.1 % per year in Iceland and 0.7 % per year in Norway. According to the Ember, in the European Union, in 2021, electricity generated from renewable sources reached a new high of 1,068 TWh, a 1% increase year-on-year, and a 9% increase compared to 2019. Renewables accounted for 37% of European Union electricity production in 2021, up from 34% in 2019. In European Union, wind and solar power have been mainly responsible for the majority of the renewable’s growth since 2019. Spain, the Netherlands, Greece, and many countries have become the new engines of European Union’s wind and solar power growth. According to the McKinsey & Company, the electricity demand is expected to increase steadily in Europe, at a CAGR of about 2% by 2035. The major factors behind the surge will be the electrification of transport and a ramp-up in the production of green hydrogen through electrolysis, requiring renewable power. Thus, rising power and electricity demand and generation in Europe mainly drives the need for industrial insulation products.

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

Europe Industrial Insulation Market Segmentation

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

Based on raw material, the Europe 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 Europe 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 Europe 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 Europe industrial insulation market has been categorized into the UK, Germany, France, Italy, Russia, and rest of Europe. Our regional analysis states that rest of Europe 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 Europe industrial insulation market.

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