North America 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

North America 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 North America industrial insulation market is expected to grow from US$ 1,277.07 million in 2022 to US$ 1,616.60 million by 2028. It is estimated to grow at a CAGR of 4.0% from 2022 to 2028.

Strict Regulation Mandating the Use of Insulation Materials for Energy Conservation

Insulation materials provide resistance to heat flow and it also helps in lowering heating and cooling costs. Strict regulations for the mandatory use of insulation materials for energy saving purposes are the major factor contributing to the growth of the industrial insulation market. Energy saving regulations and the need for insulation materials in end-use industries such as oil and gas, chemical and petrochemical, food and beverage are driving the market growth. Additionally, standards established by various associations apply to the design of equipment in the industry, to overhaul and implement to boost the growth of the industrial insulation market across the region.

Market Overview

The North America industrial insulation market is segmented into the US, Canada, and Mexico. The market in the region is driven by highly developed industrial and power generation sector. Industrial Insulation plays an important role in nuclear power plants, fossil fuel power plants, hydroelectric power plants, solar power plants, coal-fired power plants and wind power towers. It helps maintain the temperatures of boilers that generate steam. Pipes in these facilities require insulation to maintain temperatures. In recent years, renewable electricity generation from sources other than hydropower has steadily increased in the US due to the increasing to wind and solar generating capacities. According to the US Energy Information Administration, wind energy's share of total utility-scale electricity generating capacity in the US grew from 0.2% in 1990 to about 12% in 2021, and its share of total annual utility-scale electricity generation grew from less than 1% in 1990 to about 9% in 2021. In addition, solar energy's share of total utility-scale electricity generation in the US in 2021 was about 2.8%, up from less than 0.1% in 1990. The increasing electricity generation mainly drives the demand for industrial insulation products in the region. In the chemical & petrochemical industry, many of the products created within the facilities are potentially hazardous at some stage during their manufacture, production, and transportation. The manufacturing process involves high temperatures, high pressure, and chemical reactions. In various chemical plants, different processes contain thermal challenges that the industrial insulation industry addresses by using various insulation materials available in the market. In the US, the chemicals industry is a keystone of the country’s economy. The US is one of the top chemical producers in the world, accounting for the significant share of the world production. In Canada, the chemical industry has played an important role in the country’s economy. The industry in the country focuses mainly on crude petroleum and natural gas processing. Hence, the strong presence of the chemical & petrochemical industry in the region propels the demand for industrial insulation products. Further, in the food industry, thermal insulation products are used for pipework, boilers, fryers, storage tanks, and steam distribution systems. Therefore, the increasing use of insulation products in the food & beverage industry bolsters the industrial insulation market growth in North America.

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

North America Industrial Insulation Market Segmentation

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

Based on raw material, the North America 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 North America 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 North America 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 North America industrial insulation market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US dominated the market share in 2022. Aspen Aerogels Inc., Cabot Corporation, Johns Manville, Kingspan Group, Knauf Insulation, McAllister Mills Inc., Nichias Corporation, ROCKWOOL A/S, Saint Gobain S.A., and Thomas Group are the leading companies operating in the North America industrial insulation market.

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