Insulation products Market Size
Insulation refers to insulation materials used on walls, ceilings, and floors for reducing the intensity of heat, electric current, and sound in commercial and residential buildings. The insulation Market is projected to be worth USD 40.8 billion by 2030, registering a CAGR of 6.30% during the forecast period (2022–2030).
Market Scope
The Insulation products market Size is driven by energy conservation measures taken by nations to control their emission levels. The benefits of insulation materials such as good R-value, high noise reduction coefficient, and easy installation can influence the market to a great degree. Rapid industrialization and urbanization are prime factors driving the demand for insulation materials. The growing populace and migration to cities can warrant the need for materials that require low power and save on expenses. The development of better infrastructure and regulatory support for industrial and residential sectors can fuel the market demand greatly.
Countries with tropical climates can trigger the need for thermal insulation and drive overall market growth. This can be witnessed with the construction of skyscrapers, high-rise buildings, and modern hotels.
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Competition Outlook
Dow Building Solutions, Johns Manville, Nova Chemicals Corporation, Bayer AG, Knauf Gips, CertainTeed Corporation, GAF Materials, Huntsman Corporation, Atlas Roofing Corporation, and Owens Corning are key players of the global insulation market. Prime strategies for sustaining their current position included expansions and product development.
Segmentation
The global insulation market is segmented by material and application.
Types of material include mineral wool, fiberglass, natural fibers, and plastic fibers. The mineral wool segment is expected to fetch revenues at a rapid velocity during the forecast period. This can be attributed to rising investment in the construction sector, interest in the renovation of legacy buildings, and new regulations for energy efficiency and fire safety.
By application, it is divided into residential and non-residential.
Regional Analysis
North America, Europe, APAC, and the Rest of the World (RoW) are regions considered for the prospects of the global insulation market.
APAC is expected to showcase robust growth during the forecast period. This can be attributed to the spate of foreign direct investments (FDIs) which amounted to close to USD 559 billion in 2015. Efforts to modernize urban infrastructure and policies to reinvigorate the real estate sector can bode well for the global insulation market. The development of commercial buildings in China, India, Indonesia, Taiwan, and Vietnam can induce the demand for thermal insulation materials.
North America is the second-largest region in the market followed by Europe. Preference for energy savings, investments in green buildings, and inflow of capital in the real estate sector are prime factors driving the regional market growth. The development of commercial complexes and construction in the residential sector can bode well for the global insulation market.
Europe is projected to be pivotal for the Insulation products market Size owing to efforts by countries in the European Union pledging to lower carbon emissions and energy costs. The U.K. is one of the biggest advocates for insulation material owing to the inflow of wherewithal in commercial and housing projects. Government programs such as the Energy Company Obligation (ECO) and Green Deal for promoting energy efficiency in homes can fuel the demand for insulation materials.
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