Global Technical Insulation Market: Increasing energy and power requirements in emerging economies owing to rapid industrialization and urbanization has driven the growth of the technical insulation market.

The technical insulation market size is projected to grow from USD 7.6 billion in 2020 to USD 9.2 billion by 2027, at a CAGR of 4.0 %, during the forecast period.The presence of stringent regulations regarding insulation of equipment and pipes and growing demand in the oil & gas sector are driving the technical insulation market. Increasing energy and power requirements in emerging economies owing to rapid industrialization and urbanization has driven the growth of the technical insulation market. Along with this stated factor, stringent regulations mandating the use of insulation materials for energy conservation has also led to the growth of the global technical insulation market. However, the low awareness about technical insulation is a factor restraining the growth of the technical insulation market. increased infrastructure spending in emerging economies is anticipated to offer growth opportunities in the global technical insulation market.

Expansion of the commercial sector is projected to promote the demand for technical insulation of pipes and equipment which is anticipated to benefit market growth. In addition, demand for acoustic insulation in the commercial buildings is projected to further propel growth of the market for technical insulation over the forecast period.

However, volatile raw material prices are projected to have a negative impact on market growth. In addition, low awareness about the benefits of technical insulation is anticipated to restrict industry growth over the forecast period. Moreover, lack of skilled labour for the installation is estimated to limit growth of the market for technical insulation.

Increased infrastructural spending in developing economies such as China, India, Indonesia, and South Korea is estimated to promote market growth over the forecast period. In addition, rapid industrialization across the globe is projected to further fuel the growth of the industry over the forecast period.

ZotefoamsPlc (UK), Owens Corning (US), Kingspan Group Plc (Ireland), ETEX Group SA (Belgium), Rockwool International A/S (Denmark), Recticel NV/SA (Belgium), Morgan Advanced Materials plc (UK), Armacell International S.A. (Luxembourg), Aspen Aerogels, Inc. (US), Knauf Insulation (Germany), L’ISOLANTE K-FLEX S.P.A. (Italy), Johns Manville (US), Saint-Gobain ISOVER (France), NMC SA (Belgium), Palziv Inc. (Israel), Unifrax I LLC (US), Durkee (Wuhan) Insulation Material Co., Ltd. (China), Huamei Energy-Saving Technology Group Co., Ltd. (China), Wincell Insulation Material Co., Ltd (China), and INTEREP SAS (France) are some of the players operating in the global market.

The APAC technical insulation market is segmented as China, India, South Korea, Japan, Australia, and Rest of APAC. APAC is projected to continue its dominance over the market till 2027. Increasing population and urbanization in the region are the major reasons for the growth of technical insulation market in the region. China’s emergence as a global manufacturing hub has resulted in an increase in the demand for insulation in commercial spaces and industrial & OEM segment. Cheap labour and easy availability of raw materials boost the production of insulation products in the region.

Expansion of the commercial building on account of the rising demand for office spaces, hotels, malls, health institutes, and retail stores in the economies such as Germany, the U.K., and Spain are estimated to propel the demand for technical insulation. This is anticipated to promote the market for technical insulation over the forecast period.