DUBLIN--(BUSINESS WIRE )--The "Phenolic Insulation Market By Application, By End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The phenolic insulation market was valued at $0.9 billion in 2021 and is projected to reach $1.6 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
Phenolic insulation is a stiff, closed-cell insulation product that performs efficiently, due to its low thermal conductivity. It is produced in big buns, which are further then constructed into pipe covers, curved segments, tank heads, and sheets. The three major components used for the production of phenolic insulation are phenolic resin, a blowing agent, and an acid catalyst; additional additives may be used to give the insulation particular characteristics.
Phenolic insulations are widely used in the building and construction industry, petrochemicals, refineries, pharmaceutical plants, and many other industries.
In addition, an increase in the use of ducts and pipes in the industrial sector is anticipated to boost the growth of the market for phenolic insulations, as they ensure high thermal insulation. Moreover, phenolic insulations are high thermal insulations, which are fireproof, with good chemical resistance, and showcase better environmental performance. These factors are expected to drive the demand for phenolic insulations during the forecast period.
However, there are some disadvantages associated with phenolic insulations. These include higher toxicity and high TVOC concentration. Furthermore, an extended amount of petroleum and natural gas are burnt for the production of phenolic insulation. These factors restrain customers from buying phenolic insulations; thus, hampering the growth of the phenolic insulation market.
On the contrary, China has developed a wide range of distinctive energy-saving materials and technologies and actively promotes their use in home construction. For instance, the use of fire-resistant polystyrene insulation plates or polyurethane insulation plates contributed to both the CCTV building fire and the Shanghai residential building fire, both of which had terrible outcomes.
The phenolic formaldehyde insulation exhibits minimum water absorption and exceptional age resistance, making it an excellent choice for use in wall insulation systems. Thus, phenolic insulation innovation and development are opening up a promising growth opportunity for the expansion of the global market.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900