At 4.4% CAGR, the Europe Industrial Insulation Market is projected to be worth US$ 1,968.72 million by 2028, says Business Market Insights            

According to Business Market Insights’ research, the Europe industrial insulation market was valued at US$ 1,516.57 million in 2022 and is expected to reach US$ 1,968.72 million by 2028, registering  a CAGR of 4.4% from 2022 to 2028. Strict regulation mandating the use of insulation materials for energy conservation and increasing demand from power generation sector are the critical factors attributed to the market expansion.                 

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. 

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

Based on raw material, the Europe industrial insulation market is segmented into wool, foams, fibres, and others. The foams segment held 45.5% market share in 2022, amassing US$ 690.01 million. It is projected to garner US$ 893.61 million by 2028 to expand at 4.4% CAGR during 2022–2028.   

Based on product, the Europe industrial insulation market is segmented into pipe, board, blanket, and others. The pipe segment held 44.2% market share in 2022, amassing US$ 671.07 million. It is projected to garner US$ 893.32 million by 2028 to expand at 4.9% CAGR during 2022–2028.

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 34.7% market share in 2022, amassing US$ 526.19 million. It is projected to garner US$ 690.75 million by 2028 to expand at 4.6% CAGR during 2022–2028.    

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 captured 32.5% market share in 2022. It was assessed at US$ 492.97 million in 2022 and is likely to hit US$ 616.27 million by 2028, exhibiting a CAGR of 3.8% during the forecast period.           

Key players dominating the Europe 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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