Petrochemical & Refineries to Lead Global Industrial Thermal Insulation Market till 2024
Expanding industrial sector coupled with increasing
government focus on improving industrial output to drive global industrial
thermal insulation market through 2024
According to TechSci Research
report, “Global Industrial Thermal Insulation Market By Material, By Product
Form, By End Use Industry, By Region, Competition, Forecast &
Opportunities, 2024”, global industrial thermal insulation market is projected to grow
at a CAGR of over 6% during
2019-2024, on the back of increasing manufacturing activities due to rising
public and private investments in oil & gas, petrochemical, energy and
industrial sectors. Moreover, increasing government focus on improving
industrial output, development of special economic zones and industrial
corridors, and subsidies and tax cuts for various manufacturing groups and
industrial corporations is expected to fuel the market in coming years. Industrial
insulation market is highly influenced by demand from oil & gas, steel,
manufacturing, power and other industries, which operate on high temperature or
radiating systems.
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In terms of end
use industry, global industrial thermal insulation market has been categorized
into petrochemical & refineries, chemical, power generation, aerospace
& defense, automotive and others. Of these, petrochemical & refineries category
held majority market share in 2018, on account of their robust presence across
the globe.
Asia-Pacific is anticipated
to register strong growth in global industrial thermal insulation market during
the forecast period, on account of rapid industrialization and expansion of
numerous end use industries such as automotive and power generation. Industrial
thermal insulation market in Asian countries such as Japan, India, South Korea,
Malaysia and China is also expected to grow, owing to increasing consumer base
as well as encouraging government regulations. Moreover, growing urbanization
and availability of inexpensive raw material, labor and land are some of the other
factors that would drive the market in coming years.
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“As a result
of increasing awareness regarding the benefits associated with the use of
industrial thermal insulation, the need for thermal insulation in industries is growing. The global
industrial thermal insulation market is anticipated to register a steady growth
over the course of next five years, owing to its demand for process control in
petrochemical & refineries, power generation and other end use industries.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Industrial
Thermal Insulation Market By Material, By Product Form, By End Use
Industry, By Region, Competition, Forecast & Opportunities, 2024”,
has
evaluated the future growth potential of global industrial thermal insulation market
and provides statistics and information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global industrial thermal insulation market.
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