Industrial Insulation Forecast to Grow Over 3% Annually Through 2023

Through 2023, demand for industrial and OEM insulation is expected to grow 3.1% per annum to 5.6 million metric tons.

More information regarding the Global Industrial & OEM Insulation study is here: https://www.freedoniagroup.com/industry-study/global-industrial-oem-insulation-3783.htm

Foamed plastic is expected to be the fastest growing major insulation material through 2023, supported by:

• continued growth in refrigerator and freezer production
• consumer preferences for quieter vehicles and appliances
• increasing commercial HVAC equipment production

Mineral wool will retain its second leading position in the industrial and OEM insulation market through 2023, supported by:

• growth in industrial machinery and pipe production
• increasingly stringent worker safety and noise pollution regulations in developed countries
• growth in power generation, chemical manufacturing, and petroleum refining activity

Demand for both thermal and acoustic insulation is projected to rise through 2023, driven by:

• growth in appliance shipments, supporting thermal insulation demand in refrigerators and freezers
• consumer demand for quieter appliances and automobiles
• increasingly stringent noise pollution and worker safety laws

Rising oil and gas and petroleum refining activity will support demand for thermal insulation going forward.