Report : Middle East & Africa Thermal Insulation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others) and Industry Vertical (Building and Construction, Oil and Gas, Chemical, Aerospace and Defense, Automotive, Pharmaceutical, and Others)
At 3.8% CAGR, the MEA Thermal Insulation Market is speculated to be worth US$ 2,704.63 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA thermal insulation market was valued at US$ 2,167.53 million in 2022 and is expected to reach US$ 2,704.63 million by 2028, registering a CAGR of 3.8% from 2022 to 2028. Increasing demand for high-temperature thermal insulation and expansion of aerospace industry in emerging economies are the critical factors attributed to the market expansion.
Growing awareness about the benefits of high-temperature insulation, including resistance to elevated temperatures and thermal shocks, low thermal conductivity, environmental benefits, and cost efficiency, is likely to propel the thermal insulation market growth over the forecast period. In addition, thermal insulation can protect equipment and help achieve extraordinarily high or low temperatures with reduced accident risks. According to insulation.org, the high-temperature application range is between 600°F and 1500°F and is commonly used in turbines, breechings, stacks, exhausts, incinerators, boilers, etc. Furthermore, 2300°F is the maximum temperature for which insulation is applied, and over 2300°F applications such as melting furnaces refractory are used. High-temperature thermal insulation is used for industrial furnaces, ovens, and pipes. These are also used in a wide range of industries and applications in thermal-processing plants. Furthermore, pipes and equipment can be insulated according to the need of the application. Thus, the demand for high-temperature thermal insulation is increasing in the region.
On the contrary, high cost of installing thermal insulation devices hurdles the growth of MEA thermal insulation market.
- Based on material type, the MEA thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held 33.0% market share in 2022, amassing US$ 714.27 million. It is projected to garner US$ 909.06 million by 2028 to expand at 4.1% CAGR during 2022–2028.
- Based on industry vertical, the MEA thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and construction segment held 52.3% market share in 2022, amassing US$ 1,133.62 million. It is projected to garner US$ 1,438.60 million by 2028 to expand at 4.1% CAGR during 2022–2028.
- Based on country, the MEA thermal insulation market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. Our regional analysis states that the Rest of MEA captured 45.9% market share in 2022. It was assessed at US$ 995.77 million in 2022 and is likely to hit US$ 1,168.40 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.
Key players dominating the MEA thermal insulation market are Asahi Kasei Corporation, BASF SE, Bayer AG, Dow Chemicals Company, DuPont, Johns Manville, Kingspan Group PLC, Owens Corning, ROCKWOOL A/S, and Saint Gobain S.A., among others.
- In 2019, Johns Manville acquired ITW Insulation Systems, a business owned by Illinois Tool Works Inc. that is known in the industry for its premium, low temperature polyisocyanurate foam insulations and metal jacketing solutions.
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