At 4.0% CAGR, the North America Industrial Insulation Market is projected to be worth US$ 1,616.60 million by 2028, says Business Market Insights           

According to Business Market Insights’ research, the North America industrial insulation market was valued at US$ 1,277.07 million in 2022 and is expected to reach US$ 1,616.60 million by 2028, registering a CAGR of 4.0% from 2022 to 2028. Increasing demand from power generation sector and strict regulation mandating the use of insulation materials for energy conservation are the critical factors attributed to the market expansion.                

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. 

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

• Based on raw material, the North America industrial insulation market is segmented into wool, foams, fibres, and others. The foams segment held 43.2% market share in 2022, amassing US$ 551.71 million. It is projected to garner US$ 696.32 million by 2028 to expand at 4.0% CAGR during 2022–2028.
• Based on product, the North America industrial insulation market is segmented into pipe, board, blanket, and others. The pipe segment held 41.6% market share in 2022, amassing US$ 531.76 million. It is projected to garner US$ 690.91 million by 2028 to expand at 4.5% CAGR during 2022–2028.  
• 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 34.6% market share in 2022, amassing US$ 441.69 million. It is projected to garner US$ 566.91 million by 2028 to expand at 4.2% CAGR during 2022–2028.  
• 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 captured 84.9% market share in 2022. It was assessed at US$ 1,084.65 million in 2022 and is likely to hit US$ 1,379.79 million by 2028, exhibiting a CAGR of 4.1% during the forecast period.  

Key players dominating the North America industrial insulation market are 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, 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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