Technical Insulation Market Size, Share, and Trends 2024 to 2034

Technical Insulation Market Size and Forecast 2024 to 2034 

The global technical insulation market size accounted for USD 8.28 billion in 2024 and is predicted to reach around USD 11.19 billion by 2034, growing at a CAGR of 3.06% from 2024 to 2034.

Technical Insulation Market Key Takeaways

• Asia Pacific contributed more than 35% of revenue share in 2023.
• By Type, the hot insulation segment has held the largest market share of 41% in 2023.
• By Application, the heating & plumbing segment generated over 35% of revenue share in 2023.

Asia Pacific Technical Insulation Market Size and Growth 2024 to 2034

The Asia Pacific technical insulation market size was valued at USD 2.73 billion in 2023 and is expected to be worth around USD 3.65 billion by 2034, at a CAGR of 3% from 2024 to 2034.

With reference to the region, the Asia Pacific emerged as the global leader accounting for a value share of nearly 35% in the year 2023 and expected to grow at a prominent rate of 3% between the years 2024 and 2034. Factors such as rapid urbanization along with increasing population are the key drivers that prosper the growth of the region. Further, the availability of raw materials at lower costs together with the abundant supply of raw materials in the emerging economies that include India, China, South Korea, and Indonesia projected to escalate the development of industrial and commercial sectors across the region. The above-mentioned factor is expected to promote the market growth for technical insulation in the region.

Besides this, Europe is the other key contributor of revenue towards the market growth owing to rising OEM facilities and industrialization that is likely to boost the demand for HVAC, heating & plumbing systems, refrigeration, and acoustic insulations. Furthermore, the increasing construction of hotels, office spaces, health institutes, malls, and retail stores in countries such as the UK, Germany, and Spain is expected to fuel the demand for technical insulation in the region.

Technical Insulation Market Growth Factors

Rising demand for efficient use of energy and power across the emerging economies on account of rapid urbanization and industrialization estimated to fuel the demand for technical insulation in the coming years. Stringent regulations related to type of insulating used for various materials anticipated to propel the market growth. In addition, technical insulation proved to be an effective method for the insulation of pipes &equipment used in the industrial processes. Moreover, the method provides cost-effective insulation that is a major factor responsible for its rapid adoption across numerous applications.

Expansion of the commercial sector expected to promote the implementation for technical insulation for pipes and equipment that anticipated to augment the market size over the analysis timeframe. In addition, rising need for acoustic insulation in the commercial buildings is the other major factor that propels the growth of the market for technical insulation over the analysis period.

However, volatile prices of raw material foreseen to impact negatively on the market growth. In addition, less awareness about the benefits of technical insulation is the other prime factor that restricts the industry growth over the forecast duration. Similarly, lack of skilled labor for the installation estimated to limit the market growth for technical insulation.

Market Scope

Type Insights

In terms of revenue, the hot insulation segment emerged as the leading type accounting for a share of nearly 41% in 2023 and projected to register a prominent growth of nearly 3% during the foreseen period. Increasing industrialization across the globe predicted to fuel the demand for hot insulation. Increasing demand for energy conservation along with the growing initiatives to reduce the CO2 emission estimated to promote the growth of the segment. In addition, hot insulation eliminates the leakage of heat out from the equipment or systems, thereby improving the machine performance. This is anticipated to propel the industry growth over the forecast timeframe.

The cold-flexible insulation segment follows the hot insulation in terms of growth rate and estimated to encounter a CAGR of approximately 2.2% because of its superior properties that include durability, strength, and flexibility. In addition, protection from frost on the pipes &equipment at low temperatures predicted to further boost the demand for cold-flexible insulation over the upcoming period.

Application Insights

The heating & plumbing segment held significant market share of approx 35% in the year 2023. Furthermore, the segment expected to witness the highest growth of around 2.9% during the upcoming period. The growth of the segment is mainly attributed to the rising use of insulated pipes &equipment for industrial applications in order to avoid the heat loss projected to result in fuelling demand for technical insulation particularly in the heating &plumbing application.

On the other hand, rising implementation of HVAC systems in the commercial sector because of rising emphasis on the energy efficient system predicted to prosper the growth of the segment. In addition, the effectiveness of the HVAC system for optimizing cost & energy predicted to further augment the growth of the segment. Moreover, modern systems that include cleaning elements and air filtration can be integrated into the HVAC systems that further accelerate its growth over the analysis timeframe.

Key Companies & Market Share Insights

The global technical insulation industry witness intense competition among the market participants owing to significant number of merger & acquisition, partnership, along with expansion of the production facilities across the globe. For instance, in December 2019, Huntsman Corporation announced to acquire Icynene-Lapolla that operates as a manufacturer as well as distributor for spray polyurethane foam-based insulating systems.

Technical Insulation Market Companies

• Zotefoams Plc
• L'isolante K - Flex S.P.A.
• Owens Corning
• Etex Group SA
• Kingspan Group Plc
• Johns Manville
• Rockwool International A/S
• NMC SA
• Recticel NV/SA
• Morgan Advanced Materials plc
• Unifrax I LLC
• Armacell International S.A.
• Aspen Aerogels, Inc.
• Knauf Insulation
• Saint-Gobain
• Palziv Inc.

Segments Covered in the Report

This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2024 to 2034. This report contains market breakdown and its revenue estimation by classifying it based on type, application, end-use, and region:

By Type

• Cold-Flexible Insulation
• Hot Insulation
• Cold-Rigid Insulation

By Application

• HVAC
• Heating & Plumbing
• Refrigeration
• Acoustic

By End-Use

• Energy
• Industrial & OEM
• Commercial Buildings

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World