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.