At 3.4% CAGR, the MEA Industrial Insulation Market is projected to be worth US$ 778.50 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the MEA industrial insulation market was valued at US$ 636.00 million in 2022 and is expected to reach US$ 778.50 million by 2028, registering a CAGR of 3.4% from 2022 to 2028. Development of new products with latest technology and increased infrastructural spending in emerging economies are the critical factors attributed to the market expansion.                  

Prominent manufacturers in the industrial insulation market are developing and offering new insulation products with latest technology. Additionally, players are focusing on expanding manufacturing capacity. In July 2021, Rockwool manufacturing announced the commercial production of stone wool insulation products. The company would manufacturer ROCKWOOL’s residential, commercial, and industrial stone wool insulation. It has also expanded its manufacturing capacity. Further in March 2021, Cabot Corporation launched its ENERMAXTM 6 carbon nanotube new series. These nanotubes are the company’s latest addition to its portfolio of high-performance CNTs. It has a high aspect ratio, becoming the most conductive multi-walled product. Further, in August 2020, Owens Corning announced that it has launched its new product line, FOAMULAR NGX (next generation extruded). The new product line of extruded polystyrene (XPS) foam products would help in reducing global warming by 90% without sacrificing the product performance. All these new developments would drive the industrial insulation market growth during the forecast period.   

On the contrary, high capital cost and lack of skilled labor for installation hurdles the growth of MEA industrial insulation market.     

Based on raw material, the MEA industrial insulation market is segmented into wool, foams, fibres, and others. The foams segment held 46.2% market share in 2022, amassing US$ 293.64 million. It is projected to garner US$ 358.55 million by 2028 to expand at 3.4% CAGR during 2022–2028.    

Based on product, the MEA industrial insulation market is segmented into pipe, board, blanket, and others. The pipe segment held 45.7% market share in 2022, amassing US$ 290.79 million. It is projected to garner US$ 365.14 million by 2028 to expand at 3.9% CAGR during 2022–2028.

Based on end user, the MEA industrial insulation market is segmented into power generation, chemical and petrochemical, cement, food and beverage, and others. The power generation segment held 38.6% market share in 2022, amassing US$ 245.44 million. It is projected to garner US$ 308.23 million by 2028 to expand at 3.9% CAGR during 2022–2028.     

Based on country, the MEA industrial insulation market has been categorized into the UAE, Saudi Arabia, South Africa, and rest of MEA. Our regional analysis states that Saudi Arabia captured 38.1% market share in 2022. It was assessed at US$ 242.08 million in 2022 and is likely to hit US$ 302.48 million by 2028, exhibiting a CAGR of 3.8% during the forecast period.                  

Key players dominating the MEA industrial insulation market are Aspen Aerogels Inc., Cabot Corporation, Johns Manville, Kingspan Group, Knauf Insulation, ROCKWOOL A/S, and Saint Gobain S.A., among others.           

• In 2021, Knauf Insulation announced its approval of pipework insulation to be added to its Energy Technology List (ETL). Knauf Insulation is currently the only manufacturer of pipe insulation to be granted approval for its pipe insulation to be added to the list to meet an enhanced level of thermal performance.

• In 2020, Johns Manville announced the launch of a complete portfolio of water-repellent mineral wool products for industrial insulation market. The product launch was aimed meet the growing demand for water-repellent materials in industrial insulation market.

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