At 5.0% CAGR, the APAC Industrial Insulation Market is projected to be worth US$ 5,557.44 million by 2028, says Business Market Insights             

According to Business Market Insights’ research, the APAC industrial insulation market was valued at US$ 4,139.45 million in 2022 and is expected to reach US$ 5,557.44 million by 2028, registering a CAGR of 5.0% from 2022 to 2028. Increased infrastructural spending in emerging economies and development of new products with latest technology are the critical factors attributed to the market expansion.             

With increase construction activities across the region, the demand for industrial insulation is increasing, industrial insulation in infrastructures help in protection from heat, fire, and corrosion. Industrial Insulation products when used in buildings deliver superior performance, which includes air sealing, moisture control, and thermal insulation. In commercial buildings saving on energy and operating costs is crucial, and foam insulation is widely used in infrastructures it is efficient and economical. Industrial facilities and commercial buildings have unique needs when compared to single family or multi-unit residences. These large buildings have energy and utility demands and all of them can affect economic viability of building, in this case industrial insulation helps in reducing operating costs. Infrastructure spending is growing significantly over the coming decade. Development of megacities is shifting economic and demographic trends which will create enormous need for new infrastructure. Increasing focus on inclusive and sustainable industrialization with innovative infrastructure is unleashing dynamic and competitive opportunities for industrial insulation. Further, infrastructural development in economies is expected to boost the industrial activities, and this has surged the consumption of industrial insulation. An increase in spending and industrial activities are thus expected to provide major opportunities for the growth of industrial insulation market across the region.

On the contrary, high capital cost and lack of skilled labor for installation hurdles the growth of APAC industrial insulation market.   

• Based on raw material, the APAC industrial insulation market is segmented into wool, foams, fibres, and others. The foams segment held 45.1% market share in 2022, amassing US$ 1,864.85   million. It is projected to garner US$ 2,496.81 million by 2028 to expand at 5.0% CAGR during 2022–2028.   
• Based on product, the APAC industrial insulation market is segmented into pipe, board, blanket, and others. The pipe segment held 42.4% market share in 2022, amassing US$ 1,753.94 million. It is projected to garner US$ 2,417.70 million by 2028 to expand at 5.5% CAGR during 2022–2028.
• 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 32.6% market share in 2022, amassing US$ 1,350.67 million. It is projected to garner US$ 1,832.91 million by 2028 to expand at 5.2% CAGR during 2022–2028.    
• Based on country, the APAC industrial insulation market has been categorized into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 58.4% market share in 2022. It was assessed at US$ 2,416.62 million in 2022 and is likely to hit US$ 3,324.61 million by 2028, exhibiting a CAGR of 5.5% during the forecast period.                

Key players dominating the APAC industrial insulation market are Aspen Aerogels Inc., Cabot Corporation, Johns Manville, Kingspan Group, Knauf Insulation, Nichias Corporation, ROCKWOOL A/S, and Saint Gobain S.A., among others.          

• In 2021, Knauf Insulation announced its approval of pipework insulation to be added to its Energy Technology List (ETL). Knauf Insulation is currently the only manufacturer of pipe insulation to be granted approval for its pipe insulation to be added to the list to meet an enhanced level of thermal performance.

• In 2020, Johns Manville announced the launch of a complete portfolio of water-repellent mineral wool products for industrial insulation market. The product launch was aimed meet the growing demand for water-repellent materials in industrial insulation market.

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