According to a report,“North America Industrial Insulation Market Analysis Report By Material (Stone Wool, Glass Wool, Calcium Silicate, Cellular Glass, Aerogel), By Product (Pipe, Blanket), By Application, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., The North America industrial insulation market size is projected to reach USD 2.55 billion by 2025, progressing at a CAGR of 4.0% during the forecast period. Rising awareness regarding energy conservation and increasing energy cost are anticipated to drive the market.
Key Takeaways from the report:
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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
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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 formation of condensation, and limit pipe erosion
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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
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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
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Major companies in the market focus on improvement of their product portfolio coupled with high investments in R&D of low-cost materials that provide superior properties.
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The market exhibits extensive competitive rivalry due to presence of a large number of key players offering wide range of products to industries such as oil & gas and petrochemical. In addition, presence of a number of well-established companies is increasing entry barrier, thereby reducing the threat of new entrants.
Abundance in supply of raw materials in the industry is leading to limited change in the price. Increasing use of advanced materials for 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.
Majority of these raw materials used in the production of such materials are derivatives of crude oil or natural stone and sand. 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 the growth of the market over the forecast period.
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)
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Stone Wool
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Glass Wool
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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CMS Fibers
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Calcium Silicate
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Cellular Glass
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Foamed Plastic
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Elastomeric Foam
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Perlite
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Aerogel
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Cellulose
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Micro Silica
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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Others
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
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North America Industrial Insulation Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
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Pipe
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Board
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Blanket
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Others
North America Industrial Insulation Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
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Power Generation
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Petrochemical & Refineries
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EIP Industries
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LNG/LPG
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Other Applications
North America Industrial Insulation Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
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North America
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U.S.
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Canada
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Explore north America industrial insulation market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
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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 opportunities.
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