Expanding industrial sector coupled with increasing government focus on improving industrial output to drive global industrial thermal insulation market through 2024
According to TechSci Research report, “Global Industrial Thermal Insulation Market By Material, By Product Form, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, global industrial thermal insulation market is projected to grow at a CAGR of over 6% during 2019-2024, on the back of increasing manufacturing activities due to rising public and private investments in oil & gas, petrochemical, energy and industrial sectors. Moreover, increasing government focus on improving industrial output, development of special economic zones and industrial corridors, and subsidies and tax cuts for various manufacturing groups and industrial corporations is expected to fuel the market in coming years. Industrial insulation market is highly influenced by demand from oil & gas, steel, manufacturing, power and other industries, which operate on high temperature or radiating systems.
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In terms of end use industry, global industrial thermal insulation market has been categorized into petrochemical & refineries, chemical, power generation, aerospace & defense, automotive and others. Of these, petrochemical & refineries category held majority market share in 2018, on account of their robust presence across the globe.
Asia-Pacific is anticipated to register strong growth in global industrial thermal insulation market during the forecast period, on account of rapid industrialization and expansion of numerous end use industries such as automotive and power generation. Industrial thermal insulation market in Asian countries such as Japan, India, South Korea, Malaysia and China is also expected to grow, owing to increasing consumer base as well as encouraging government regulations. Moreover, growing urbanization and availability of inexpensive raw material, labor and land are some of the other factors that would drive the market in coming years.
“As a result of increasing awareness regarding the benefits associated with the use of industrial thermal insulation, the need for thermal insulation in industries is growing. The global industrial thermal insulation market is anticipated to register a steady growth over the course of next five years, owing to its demand for process control in petrochemical & refineries, power generation and other end use industries.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Global Industrial Thermal Insulation Market By Material, By Product Form, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, has evaluated the future growth potential of global industrial thermal insulation market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global industrial thermal insulation market.
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