Insulation Market Size By Product (Fiberglass/Glass Wool, Mineral Wool, Plastic foam [EPS, XPS]), By Application (Residential Construction, Industrial, HVAC & OEM, Non-Residential Construction), Regional Outlook (U.S., Canada, Germany , UK, France , Italy ,Russia ,Netherlands, Spain ,Belgium ,Sweden, China, India, Japan, Australia, Malaysia, Indonesia, Thailand, South Korea, Vietnam, Brazil, Argentina, Mexico, South Africa, UAE, Saudi Arabia,), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024

Published Date: May 2018  |  Report ID: GMI2579  |  Authors: Kiran Pulidindi, Soumalya Chakraborty

Report Format: PDF   |   Pages: 350   |   Base Year: 2017

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Insulation Market size was valued at over USD 45 billion in 2017 and is anticipated to witness over 6% CAGR up to 2024.

Europe Insulation Market Share, By Volume & Value 2017 & 2024

Europe Insulation Market Share, By Volume & Value 2017 & 2024

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Increasing consumer awareness regarding energy conservation and rising electricity bills is expected to propel the demand for insulation materials over the forecasted time frame. Growing construction of energy-efficient buildings to minimize natural resources depletion with the adoption of new and innovative technology is anticipated to drive insulation market growth. According to the U.S. Environmental Protection Agency’s Energy Star Program, the addition of insulation in households can save up to 15% of heating and cooling costs.

Rapid urbanization and industrialization in China, India, Japan, Brazil, and South Africa will also support industry growth. Strong application outlook with increasing infrastructural development to accommodate growing population fueling the overall product demand. Surge in demand for schools, hospitals, and other commercial buildings will create new business opportunities for industry participants. Favorable government policies supporting adoption of alternative methods in building construction to reduce the energy consumption will also provide a positive business outlook for manufacturers over the forecasted period.

Increasing demand for HVAC driven by global warming and rising consumer disposable income will fuel the demand for insulating materials. Growth in centralized air conditioning systems in residential, industrial and commercial end-users will provide lucrative opportunities for glass wool, mineral wool, and plastic foam manufacturers. Factors such as flame resistance, water-resistance, and sound insulation properties will drive product demand across various industries.

Government policies to reduce greenhouse gas emission and improvement in the energy efficiency of buildings in a cost-effective manner will provide lucrative opportunities for glass wool manufacturers. According to the European Union, buildings 40% of total primary energy demand and emits 35% of total greenhouse emission. Ongoing transition towards near-zero energy buildings in the near future is expected to drive the insulation materials demand in the forecasted period. However, stringent government regulations pertaining to plastic foam usage in building construction may hamper industry growth.

Insulation Market Report Coverage
Report Coverage Details
Base Year: 2017 Market Size in 2017: 45 Billion (USD)
Historical Data for: 2013 to 2017 Forecast Period: 2018 to 2024
Forecast Period (2018 to 2024) CAGR: 6% 2024 Value Projection: 70 Billion (USD)
Pages: 350 Tables, Charts & Figures: 405
Geographies covered (26): U.S., Canada, Germany , UK, France , Italy ,Russia ,Netherlands, Spain ,Belgium ,Sweden, China, India, Japan, Australia, Malaysia, Indonesia, Thailand, South Korea, Vietnam, Brazil, Argentina, Mexico, South Africa, UAE, Saudi Arabia,
Segments covered: Product, Application, and Region
Companies covered (34): Owens Corning, BASF, Atlas Roofing Corporation, Duro-Last Roofing, Inc., CertainTeed Corporation, The Dow Chemical Company, Huntsman International LLC, Johns Manville, Knauf Gips KG, ROCKWOOL International A/S, Recticel Insulation, Armacell Interntional S.A., Beijing New Building Material Group, Byucksan Corporation, EcoFoam/Insulutions, Huamei Group, Kaneka Corporation, KCC Corporation, Kumho Petrochemical, Kingspan Group, Lloyd Insulations (India), Luyang Energy Saving Materials, Mag-Isover, Nichias Corporation, Polyglass, Bondor Indonesia, SaeRom Panel, Shengquan Group, Shinwoo Industrial Company Limited, Superlon Worldwide, Supreme Petrochem Limited, SY Panel Compay Limited, Paroc, UP Twiga Fiberglass

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Insulation Market, By Product

North America Insulation Industry, By Product 2024 (Billion Square Meters)

North America Insulation Industry, By Product 2024 (Billion Square Meters)

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Fiberglass/glass wool is expected to register over 6.5% CAGR up to 2024. Low-cost, design flexibility, non-flammable and recycle properties are anticipated to boost product demand. According to North American Insulation Manufacturers Association, U.S. manufacturers use approximately 2.2 billion pounds of recycled glass for the production of thermal and acoustical insulation to be used in residential, commercial and industrial application. Increasing necessity for high thermal insulation across industrial applications will support segment growth. In addition, these recycled insulation materials help to reduce the carbon footprints and global environmental impact.

Plastic foam is expected to hold over 50% share in 2024. Factors such as lightweight, thermal efficiency, shock absorption, durability, moisture resistance and ease of use will promulgate the demand for EPS in several applications. Positive application outlook in exterior walls with better performance and low cost is expected to drive segment growth over the projected timeframe. In addition, expansion of production capacity by major plastic foam manufacturers in Asia Pacific region will propel the overall business expansion.

Insulation Market, By Application

The non-residential application will witness over 6.0% CAGR up to 2024. Increasing demand for non-residential construction owing to the growth in education, office and public safety sector will support the insulation market expansion. According to the American Institute of Architects, spending on non-residential construction was projected to grow by 4.4% in 2019. Further, government initiatives to boost the industrial output and economic growth will boost the demand for insulating materials in the forecasted time period.

Industrial, HVAC & OEM applications generated sales over USD 24 billion in 2017. Strong demand for fiberglass and mineral wool to control and stabilize the temperature of a process by reducing heat gain or loss fueling the segment growth. Increasing necessity for insulating material across machinery, boilers, pipes, and tanks with enhanced sound insulation, moisture and fire resistance properties supporting the industrial demand. In addition, positive application outlook as coverings and linings for HVAC equipment will also boost the sales revenue of industry participants over the projected timeframe.

Regional Insights

Asia Pacific Insulation Market, 2024 (USD Billion)

Asia Pacific Insulation Market, 2024 (USD Billion)

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Asia Pacific led by China, India and Japan generated over USD 20 billion in 2017. High population growth and increasing need for residential space in urban areas across the region will promulgate the demand for insulating materials. In addition, increasing investments in manufacturing and service sector to meet the demand and increase the trade is expected to boost the demand for insulation material across industrial applications. Government initiative programs to boost the economy such as Made in India Campaign is also expected to drive the industrial expansion, thus driving the overall product demand.

North America insulation market share is expected to witness over 6% CAGR up to 2024. Majority of states in the U.S. are adopting recent mandates by the International Energy Conservation Code, which call for 30% more insulation in new housing construction than the earlier mandate. Increasing green building practices and inclination towards energy efficiency in new and existing building structures will propel the regional market growth.

Competitive Market Share

Global insulation market share is highly fragmented in nature owing to the presence of several local and regional players operating in the market. Key industry participants include Owens Corning, BASF, Atlas Roofing Corporation, Duro-Last Roofing, Inc., CertainTeed Corporation and The Dow Chemical Company. Several large and multinationals are adopting technological expertise and expanding their distribution network to capture the larger share in the market.

Manufacturers adopt several strategies to gain competitive advantage including mergers and acquisition, collaborations, joint ventures, long term contracts with raw material suppliers, capacity expansion and product & process innovation. For instance, Owens Corning acquired fire-proof stone wool insulation manufacturer Paroc, for an estimated value around USD 999.60 million in 2017. The acquisition expands Owens Corning’s mineral wool business in European market and boost sales share of the insulation operations outside the North America to 35%.


Industry Background

Insulation Market Segmentation
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Global insulation industry expansion is driven by increasing demand for industrial applications including coverings for boilers, tanks, pipes and other heavy machinery. Further rapid technological developments in the industrial sector will surge the demand for advanced insulating materials. Increasing demand for HVAC equipment’s for comfortable lifestyle with changing temperature likely to fuel industry expansion. Increasing construction activities in Asia Pacific, Middle East and Latin America will create lucrative business opportunities for industry participants to enhance their sales revenue . In addition, high consumer spending and government policies and support for sustainable living will promulgate overall industry expansion. Growing demand for refrigerators and freezers, aircraft, automotive, solar panels, coolers and fire doors will also

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