Industrial Insulation Market worth $3.0 Billion by 2025 - Exclusive Report by MarketsandMarkets
"Industrial Insulation Market
by Form (Pipe, Blanket, Board), Material (Mineral Wool, Calcium Silicate, Plastic Foams), End-use Industry (Power, Oil & Gas, Chemical & Petrochemical, Cement, Food & Beverage), and Region - Global Forecast to 2025", published by MarketsandMarkets, the Industrial Insulation Market size is projected to reach USD 3.0 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 5.0% during the forecast period.
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The demand for industrial insulation in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in industrial activities such as establishment and expansion of power plants, oil refineries, and so on. The capital cost for the installation of insulation materials is quite high, owing to the requirement of separate clearances, regulation citing, and skilled labor which is a major challenge for the Industrial Insulation Market. The demand for industrial insulation is rising, owing to the growing demand from increased infrastructural activities in emerging economies. This increase in demand for environment-friendly industrial insulation and the construction of green buildings provide growth opportunities to the market. On the other hand, the lack of awareness about the benefits of proper insulation is a major restraint for the market.