Middle East & Africa Thermal Insulation Market Forecast to 2028

Middle East & Africa Thermal Insulation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others) and Industry Vertical (Building and Construction, Oil and Gas, Chemical, Aerospace and Defense, Automotive, Pharmaceutical, and Others)

Report Code : BMIRE00027689 | Region : LAMEA | Industry : Chemicals and Materials | Published Date : 20/Dec/2022

The MEA thermal insulation market is expected to grow from US$ 2,167.53 million in 2022 to US$ 2,704.63 million by 2028. It is estimated to grow at a CAGR of 3.8% from 2022 to 2028.

Expansion of Aerospace Industry in Emerging Economies

The aerospace industry is growing significantly with the rising activities from both the defense and civil aviation sectors. With an increasing demand for large aircraft from emerging economies, and a focus on Powered by Hour Contracts (PBH), many aerospace services and manufacturing activities are expected to be carried out over the coming years. The emerging demand for thermal insulating materials is linked to the expansion of the aerospace industry with advantages such as lower noise and vibration levels during flying hours. The rising usage of composites in commercial aircraft will promote the development of different aerostructures, resulting in significant aerospace industry potential. The growing demand for lightweight insulating materials, combined with the high demand for composite materials from the General Aviation (GA) and business jet industries to reduce cabin noise, is likely to boost the thermal insulation market growth. The enhanced user safety due to the minimal thermal conductivity of materials and growing demand for energy-efficiency boosting products across the region is expected to propel the growth of the market. Additionally, increasing commercial aircraft deliveries, passenger traffic, and adoption of low-cost composite materials is expected to fuel the market growth. The high demand for air transport, declining cost of composite materials, and surging industrialization are also projected to boost the market growth.

Market Overview

The thermal insulation market in the Middle East and Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The rural-to-urban mitigation in the developing countries of the MEA will stimulate building activity in urban areas, which has led to an increased demand for thermal insulation in residential buildings. Further, increased government regulations about the installation of thermal insulation in buildings are driving the growth of the thermal insulation market in the region. For instance, Eskom’s, South Africa’s electric public utility, developed a demand side management (DSM) plan to reduce the growth in the country’s electricity demands. The DSM plan is aimed at managing the residential energy load and encouraging people to use energy-efficient equipment. The installation of thermal insulation will reduce the energy required for electrical heating or cooling, thus supporting Eskom’s DSM. According to General Authority for Statistics (GASTAT), over 35% of the houses in Saudi Arabia have thermal insulation. The Saudi Energy Efficiency Center in 2022 urged citizens to ensure thermal insulation of buildings to save energy. Thermal insulation for buildings is compulsory in Saudi Arabia. The initiatives are aimed at cutting energy costs in the cities, which house 80% of the country’s population. The center stated that the use of thermal insulation materials could cut the electrical energy consumption of air conditioning and heating devices by 30-40%. Thus, the growing initiatives and regulations regarding energy-efficient buildings are driving the demand for thermal insulation across the region. Moreover, the large number of oil refineries present in the Middle East is having a positive impact on the thermal insulation market. In the Middle East, 13 countries have active refineries, with a total refining capacity of 12,145 million barrels per day (mbd) in 2021. Ruwais, Ras Tanura, Bandar Abbas II, Jubail II, and Mina Abdullah are a few of the largest active refineries. By 2026, 18 new refineries are expected to commence operations in the Middle East. Al-Zour, Kuwait; Siraf, Iran; Bandar Jask, Iran; and Duqm I, Oman, are a few of the largest upcoming refineries in the Middle East from 2022 to 2026. Thus, the growing oil & gas industry is providing growth opportunities for the thermal insulation market in the MEA. region.

MEA Thermal Insulation Market Revenue and Forecast to 2028 (US$ Million)

MEA Thermal Insulation Market Segmentation

The MEA thermal insulation market is segmented based on material type, industry vertical, and country.

Based on material type, the MEA thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held the largest share of the market in 2022. Based on industry vertical, the MEA thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and construction segment held the largest share of the market in 2022. Based on country, the MEA thermal insulation market is segmented into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. The Rest of MEA dominated the market in 2022. Asahi Kasei Corporation, BASF SE, Bayer AG, Dow Chemicals Company, DuPont, Johns Manville, Kingspan Group PLC, Owens Corning, ROCKWOOL A/S, and Saint Gobain S.A. are the leading companies operating in the MEA thermal insulation market.

At 3.8% CAGR, the MEA Thermal Insulation Market is speculated to be worth US$ 2,704.63 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the MEA thermal insulation market was valued at US$ 2,167.53 million in 2022 and is expected to reach US$ 2,704.63 million by 2028, registering a CAGR of 3.8% from 2022 to 2028. Increasing demand for high-temperature thermal insulation and expansion of aerospace industry in emerging economies are the critical factors attributed to the market expansion.

Growing awareness about the benefits of high-temperature insulation, including resistance to elevated temperatures and thermal shocks, low thermal conductivity, environmental benefits, and cost efficiency, is likely to propel the thermal insulation market growth over the forecast period. In addition, thermal insulation can protect equipment and help achieve extraordinarily high or low temperatures with reduced accident risks. According to insulation.org, the high-temperature application range is between 600°F and 1500°F and is commonly used in turbines, breechings, stacks, exhausts, incinerators, boilers, etc. Furthermore, 2300°F is the maximum temperature for which insulation is applied, and over 2300°F applications such as melting furnaces refractory are used. High-temperature thermal insulation is used for industrial furnaces, ovens, and pipes. These are also used in a wide range of industries and applications in thermal-processing plants. Furthermore, pipes and equipment can be insulated according to the need of the application. Thus, the demand for high-temperature thermal insulation is increasing in the region.

On the contrary, high cost of installing thermal insulation devices hurdles the growth of MEA thermal insulation market.

Based on material type, the MEA thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held 33.0% market share in 2022, amassing US$ 714.27 million. It is projected to garner US$ 909.06 million by 2028 to expand at 4.1% CAGR during 2022–2028. Based on industry vertical, the MEA thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and construction segment held 52.3% market share in 2022, amassing US$ 1,133.62 million. It is projected to garner US$ 1,438.60 million by 2028 to expand at 4.1% CAGR during 2022–2028. Based on country, the MEA thermal insulation market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. Our regional analysis states that the Rest of MEA captured 45.9% market share in 2022. It was assessed at US$ 995.77 million in 2022 and is likely to hit US$ 1,168.40 million by 2028, exhibiting a CAGR of 2.7% during the forecast period. Key players dominating the MEA thermal insulation market are Asahi Kasei Corporation, BASF SE, Bayer AG, Dow Chemicals Company, DuPont, Johns Manville, Kingspan Group PLC, Owens Corning, ROCKWOOL A/S, and Saint Gobain S.A., among others.

In 2019, Johns Manville acquired ITW Insulation Systems, a business owned by Illinois Tool Works Inc. that is known in the industry for its premium, low temperature polyisocyanurate foam insulations and metal jacketing solutions.

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection

3.2.2 Primary Interviews

3.2.3 Hypothesis Formulation

3.2.4 Macro-economic Factor Analysis

3.2.5 Developing Base Number

3.2.6 Data Triangulation

3.2.7 Country Level Data

4. MEA Thermal Insulation Market Landscape

4.1 Market Overview

4.2 MEA PEST Analysis

4.3 Expert Opinion

5. MEA Thermal Insulation Market — Key Market Dynamics

5.1 Market Drivers

5.1.1 Increase in demand for lightweight thermal insulation

5.1.2 Growth in the building and construction industry

5.2 Market Restraints

5.2.1 High cost of installing thermal insulation

5.3 Market Opportunities

5.3.1 Expansion of aerospace industry in emerging economies

5.4 Future Trends

5.4.1 Increasing demand for high-temperature thermal insulation

5.5 Impact Analysis of Drivers and Restraint

6. Thermal Insulation Market – MEA Analysis

6.1 MEA Thermal Insulation Market –Revenue and Forecast to 2028

7. MEA Thermal Insulation Market Analysis – By Material Type

7.1 Overview

7.2 MEA Thermal Insulation Market, By Material Type (2021 and 2028)

7.3 Fiber Glass

7.3.1 Overview

7.3.2 Fiber Glass: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.4 Plastic Foam

7.4.1 Overview

7.4.2 Plastic Foam: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.5 Stone Wool:

7.5.1 Overview

7.5.2 Stone Wool: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.6 Calcium Silicate:

7.6.1 Overview

7.6.2 Calcium Silicate: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.7 Cellular Glass:

7.7.1 Overview

7.7.2 Cellular Glass: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

7.8 Others:

7.8.1 Overview

7.8.2 Others: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8. MEA Thermal Insulation Market Analysis – By Industry Vertical

8.1 Overview

8.2 MEA Thermal Insulation Market, By Industry Vertical (2021 and 2028)

8.3 Building and Construction

8.3.1 Overview

8.3.2 Building and Construction: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.4 Oil and Gas

8.4.1 Overview

8.4.2 Oil and Gas: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.5 Chemical

8.5.1 Overview

8.5.2 Chemical: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.6 Aerospace and Defense

8.6.1 Overview

8.6.2 Aerospace and Defense: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.7 Automotive

8.7.1 Overview

8.7.2 Automotive: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.8 Pharmaceutical

8.8.1 Overview

8.8.2 Pharmaceutical: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

8.9 Others

8.9.1 Overview

8.9.2 Others: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Mn)

9. MEA Thermal Insulation Market – Country Analysis

9.1 Overview

9.1.1 MEA: Thermal Insulation Market, by Key Country

9.1.1.1 South Africa: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1 South Africa: Thermal Insulation Market, by Material Type

9.1.1.1.2 South Africa: Thermal Insulation Market, by Industry Vertical

9.1.1.2 Saudi Arabia: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1 Saudi Arabia: Thermal Insulation Market, by Material Type

9.1.1.2.2 Saudi Arabia: Thermal Insulation Market, by Industry Vertical

9.1.1.3 UAE: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1 UAE: Thermal Insulation Market, by Material Type

9.1.1.3.2 UAE: Thermal Insulation Market, by Industry Vertical

9.1.1.4 Rest of the MEA: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.4.1 Rest of the MEA: Thermal Insulation Market, by Material Type

9.1.1.4.2 Rest of the MEA: Thermal Insulation Market, by Industry Vertical

10. Industry Landscape

10.1 Overview

10.2 Merger and Acquisitions

10.3 Product News

10.4 Expansion

11. Company Profile

11.1 BASF SE

11.1.1 Key Facts

11.1.2 Business Description

11.1.3 Products and Services

11.1.4 Financial Overview

11.1.5 SWOT Analysis

11.1.6 Key Developments

11.2 Bayer AG

11.2.1 Key Facts

11.2.2 Business Description

11.2.3 Products and Services

11.2.4 Financial Overview

11.2.5 SWOT Analysis

11.2.6 Key Developments

11.3 ROCKWOOL A/S

11.3.1 Key Facts

11.3.2 Business Description

11.3.3 Products and Services

11.3.4 Financial Overview

11.3.5 SWOT Analysis

11.3.6 Key Developments

11.4 Johns Manville

11.4.1 Key Facts

11.4.2 Business Description

11.4.3 Products and Services

11.4.4 Financial Overview

11.4.5 SWOT Analysis

11.4.6 Key Developments

11.5 Saint Gobain S.A.

11.5.1 Key Facts

11.5.2 Business Description

11.5.3 Products and Services

11.5.4 Financial Overview

11.5.5 SWOT Analysis

11.5.6 Key Developments

11.6 Kingspan Group PLC

11.6.1 Key Facts

11.6.2 Business Description

11.6.3 Products and Services

11.6.4 Financial Overview

11.6.5 SWOT Analysis

11.6.6 Key Developments

11.7 Dow Chemicals Company

11.7.1 Key Facts

11.7.2 Business Description

11.7.3 Products and Services

11.7.4 Financial Overview

11.7.5 SWOT Analysis

11.7.6 Key Developments

11.8 Owens Corning

11.8.1 Key Facts

11.8.2 Business Description

11.8.3 Products and Services

11.8.4 Financial Overview

11.8.5 SWOT Analysis

11.8.6 Key Developments

11.9 Asahi Kasei Corporation

11.9.1 Key Facts

11.9.2 Business Description

11.9.3 Products and Services

11.9.4 Financial Overview

11.9.5 SWOT Analysis

11.9.6 Key Developments

11.10 DuPont

11.10.1 Key Facts

11.10.2 Business Description

11.10.3 Products and Services

11.10.4 Financial Overview

11.10.5 SWOT Analysis

11.10.6 Key Developments

12. Appendix

12.1 About The Insight Partners

12.2 Glossary of Terms

LIST OF TABLES.

Table 1. MEA Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

Table 2. MEA Thermal Insulation Market, by Country – Revenue and Forecast to 2028 (USD Million)

Table 3. South Africa Thermal Insulation Market, by Material Type – Revenue and Forecast to 2028 (USD Million)

Table 4. South Africa Thermal Insulation Market, by Industry Vertical – Revenue and Forecast to 2028 (USD Million)

Table 5. Saudi Arabia Thermal Insulation Market, by Material Type – Revenue and Forecast to 2028 (USD Million)

Table 6. Saudi Arabia Thermal Insulation Market, by Industry Vertical – Revenue and Forecast to 2028 (USD Million)

Table 7. UAE Thermal Insulation Market, by Material Type – Revenue and Forecast to 2028 (USD Million)

Table 8. UAE Thermal Insulation Market, by Industry Vertical – Revenue and Forecast to 2028 (USD Million)

Table 9. Rest of MEA Thermal Insulation Market, by Material Type – Revenue and Forecast to 2028 (USD Million)

Table 10. Rest of MEA Thermal Insulation Market, by Industry Vertical – Revenue and Forecast to 2028 (USD Million)

Table 11. Glossary of Terms

LIST OF FIGURES.

Figure 1. MEA Thermal Insulation Market Segmentation

Figure 2. MEA Thermal Insulation Market Segmentation – By Country

Figure 3. MEA Thermal Insulation Market Overview

Figure 4. MEA Thermal Insulation Market, By Material Type

Figure 5. MEA Thermal Insulation Market, By Country

Figure 6. MEA: PEST Analysis

Figure 7. Expert Opinion

Figure 8. MEA Thermal Insulation Market Impact Analysis of Drivers and Restraints

Figure 9. MEA: Thermal Insulation Market – Revenue and Forecast to 2028 (US$ Million)

Figure 10. MEA Thermal Insulation Market Revenue Share, By Material Type (2021 and 2028)

Figure 11. MEA Fiber Glass: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 12. MEA Plastic Foam: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 13. MEA Stone Wool: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 14. MEA Calcium Silicate: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 15. MEA Cellular Glass: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 16. MEA Others: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 17. MEA Thermal Insulation Market Revenue Share, By Industry Vertical (2021 and 2028)

Figure 18. MEA Building and Construction: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 19. MEA Oil and Gas: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 20. MEA Chemical: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 21. MEA Aerospace and Defense: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 22. MEA Automotive: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 23. MEA Pharmaceutical: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 24. MEA Others: Thermal Insulation Market – Revenue and Forecast To 2028 (US$ Mn)

Figure 25. MEA: Thermal Insulation Market, by Key Country – Revenue (2021) (US$ ‘Million)

Figure 26. MEA: Thermal Insulation Market Revenue Share, by Key Country (2021 and 2028)

Figure 27. South Africa: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

Figure 28. Saudi Arabia: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

Figure 29. UAE: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

Figure 30. Rest of the MEA: Thermal Insulation Market –Revenue and Forecast to 2028 (US$ Million)

● Asahi Kasei Corporation

● BASF SE

● Bayer AG

● Dow Chemicals Company

● DuPont

● Johns Manville

● Kingspan Group PLC

● Owens Corning

● ROCKWOOL A/S

● Saint Gobain S.A.

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the MEA thermal insulation market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the MEA thermal insulation market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the thermal insulation market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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