North America Industrial Insulation Market Worth $2.55 Billion By 2025

The North America industrial insulation market size is projected to reach USD 2.55 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.0% during the forecast period. Rising awareness regarding energy conservation and increasing energy costs are anticipated to drive the market.
The market exhibits extensive competitive rivalry due to the presence of a large number of key players offering a wide range of products to industries such as oil & gas and petrochemical. In addition, the presence of a number of well-established companies is increasing the entry barrier, thereby reducing the threat of new entrants.
Abundance in the supply of raw materials in the industry is leading to a limited change in the price. Increasing the use of advanced materials for the production of insulation is estimated to propel the market over the forecast period. In addition, high import volumes of low-cost raw materials from economies such as China are expected to emerge as a major trend.
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The majority of these raw materials used in the production of such materials are derivatives of crude oil or natural stone and sand. The presence of stringent regulations in the U.S. coupled with rising concerns regarding environmental degradation due to excessive mining is likely to pose a challenge to the growth of the market over the forecast period.
Further key findings from the report suggest:
• Foamed plastics are poised to exhibit a CAGR of 3.9% in terms of revenue from 2018 to 2025, owing to its superior characteristics such as sound absorption and superior sealing ability against air leaks
• Pipes were the largest product segment and stood at a volume of 612 kilotons in 2017, on account of ability to control & stabilize process temperatures, prevent the formation of condensation, and limit pipe erosion
• Petrochemicals are projected to register a CAGR of 4.1% in terms of value during the forecast period, owing to increasing shale oil exploration and presence of a number of gas refineries in the U.S. and Canada
• U.S. accounted for the leading share in the North America industrial insulation market, accounting over 85.5% of the total revenue in 2017 owing to implementation of recent IECC measures
• Major companies in the market focus on the improvement of their product portfolio coupled with high investments in R&D of low-cost materials that provide superior properties.
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Grand View Research has segmented the North America industrial insulation market on the basis of material, product, application, and region:
North America Industrial Insulation Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Stone Wool
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Glass Wool
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• CMS Fibers
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Calcium Silicate
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Cellular Glass
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Foamed Plastic
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Elastomeric Foam
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Perlite
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Aerogel
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Cellulose
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Micro Silica
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
• Others
o Power Generation
o Petrochemical & Refineries
o EIP Industries
o LNG/LPG
o Other Applications
North America Industrial Insulation Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Pipe
• Board
• Blanket
• Others
North America Industrial Insulation Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Power Generation
• Petrochemical & Refineries
• EIP Industries
• LNG/LPG
• Other Applications
North America Industrial Insulation Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• North America
o The U.S.
o Canada
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunit ...

News Release: North America Industrial Insulation Market Worth $2.55 Billion By 2025
Submitted on: August 03, 2020 10:04:56 AM
Submitted by: sitakant
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