Insulation Market Size By Product (Fiberglass/Glass Wool, Mineral Wool, Plastic Foam [Expanded Polystyrene, Extruded Polystyrene], By Application (Residential Construction, Industrial, HVAC & OEM, Non-residential Construction) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Oct 2019  |  Report ID: GMI2579  |  Authors: Kiran Pulidindi, Soumalya Chakraborty

Report Format: PDF   |   Pages: 290   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Insulation Market size was valued at over USD 51 billion in 2018 and is estimated to exhibit around 6% CAGR from 2019 to 2026.
 

Insulation Market

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Insulation is done on any surface of a building or construction that improves the properties associated with the structure, including acoustic, fire, and impact resistance. The insulating materials are available in varied product types including plastic foams, mineral wools, and fiberglass wools. Based on applications, the materials are used in types of buildings and structures, including residential and non-residential sectors.
 

Proliferating usage of recycled materials for insulating materials production will positively drive the insulation market demand. The fiberglass used in such materials utilizes around 50% of the recycled glass depending upon the specific requirement of the manufacturer. According to the North American Insulation Manufacturers Association, around 1.2 billion kilograms of recycled glass was used in manufacturing thermal and acoustical padding for residential as well as industrial air handling in 2013.
 

Insulation Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: USD 51.10 Billion
Historical Data for: 2016 to 2018 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 5.9% 2026 Value Projection: USD 81.69 Billion
Pages: 290 Tables, Charts & Figures: 228
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): Armacell International S.A., Atlas Roofing Corporation, BASF, Beijing New Building Material Group, Bondor Indonesia, Byucksan Corporation, CertainTeed Corporation, Dow Chemical Company, Duro-Last Roofing, Inc., EcoFoam/Insulations, Huamei Group, Huntsman International, Johns Manville, Kaneka Corporation, KCC Corporation, Kingspan Group, Knauf Gips KG, Kumho Petrochemical, Lloyd Insulations (India), Luyang Energy Saving Materials, Mag-Isover, Nichias Corporation, Owens Corning Corp., Paroc, Polyglass, Recticel Insulation, ROCKWOOL International A/S, Sae Rom Panel, Shengquan Group, Shinwoo Industrial Company Limited, Superlon Worldwide, Supreme Petrochem Limited, SY Panel Company Limited, UP Twiga Fiberglass
Growth Drivers:
  • Increase in construction spending in Asia Pacific
  • Construction to remain contributing maximum to the insulation market in Europe
  • Rising energy costs and building codes increasing insulation adoption in North America
  • Stringent regulatory compliance related to thermal insulation in commercial and industrial spaces
Pitfalls & Challenges:
  • Building material compliances and emergence of green products
  • Volatile raw material prices

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Government policies and initiatives to play key role

New legislations and policies are likely to encourage adoption of modern building techniques. Development in the regulations upgrading mandatory thickness requirement in buildings have further fuelled the application of such materials. Increasing awareness regarding energy conservation in the developing countries in conjunction with rising population will positively drive the industry growth. Adoption of zero energy buildings and sustainable construction are among the key factors positively influencing the insulation market penetration. Insulation offers basic functionality such as high-performance buildings, enhanced inhabitants comfort level, and protection from the noise and fire resistance.
 

American Society of Heating, Refrigeration, & Air Conditioning Engineers (ASHRAE) have laid standard 90.1 for utilization of energy efficient products for new buildings in the U.S. Additionally, the National Insulation Association are promoting the usage of insulated pipes and ducts in commercial & high-rise residential buildings. The energy efficiency of the residential and commercial buildings is highly dependent on the effectivity of the insulating product used in these products and the operating temperature.
 

Volatile raw material prices

Crude oil is the major raw material for most of the insulating product materials. Since, the world’s crude oil production is concentrated in the Middle Eastern countries, political uncertainty in these regions has a significant impact on the global crude oil pricing and supply. The other factor that influences crude oil prices is the supply-demand balance, which makes crude oil pricing very dynamic in nature. The economic recession in North America and Europe have impacted the demand and supply balance in the crude oil business.
 

Political turmoil in the countries such as Libya and Iraq are expected to lower crude oil prices. The U.S. and Europe are keeping on hold for the sanction of Russia’s crude oil offerings. Volatile prices of crude oil directly affect raw material prices in the downstream petrochemical industry. These changes are major concern in the final pricing of finished product ranges such as polystyrenes and polyurethanes.
 

High R-value driving the fiberglass/glass wool product popularity

Global Insulation Market Share, Fiberglass/Glass Wool Vs Others, 2018 (% Share)
Global Insulation Market Share, Fiberglass/Glass Wool Vs Others, 2018 (% Share)

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The wide range of applications for fiberglass/glass wool across different building parts is driving the segment share over the study period. The segment is expected to witness a significant growth on account of cost effectiveness compared to the other insulating products. Additionally, the material is also capable of offering insulation in the range of R-8 to R-40, which makes them ideal for customized applications based on consumer requirements.
 

Mineral wool possesses superior thermal insulating properties with u-value reduced to 0.3. The product is an excellent fire insulator which can withstand temperatures of over 10,000?C. Moreover, the superior acoustic dampening properties to reduce sound produced in the industrial areas are among the major factors supporting the insulation market penetration over the projected timeframe.
 

Reduced energy consumption to propel the residential sector

Rising focus on reducing energy consumption coupled with the installation of efficient, recyclable, and green materials are further boosting the segment share. Proliferating customer spending coupled with increasing requirement for new homes will induce a positive effect on the insulation market. Increasing requirement for insulating materials in residential and commercial applications among the developed regions including North America and Europe will positively influence the product penetration.
 

Growth in construction industry combined with rising innovation towards adopting energy efficient modes will help market revenues. Domestic players are expected to compete with the international players due to a stronger customer relation required in this sector. Manufacturers are likely to develop strong distribution networks to improve their profit margins. Moreover, reducing the heating and cooling load in the building sector by implementation of glass wool, plastic foam and EPS can significantly lower the overall energy consumption.
 

Asia Pacific spending patterns and growing population

Global Insulation Market Share, By Region (2018 & 2026)
Global Insulation Market Share, By Region (2018 & 2026)

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Rising population in Asia Pacific along with proliferating development in commercial and industrial construction will support the business growth across the region. Increasing consumer preference towards energy conservation and green building initiatives in the region will further provide a positive outlook for the industry expansion. Government initiatives and supporting policies regarding the development in housing sectors such as Affordable Housing Institute (AHI) will induce positive effect on the insulation market growth.
 

Regulatory bodies including International Energy Agency, National Insulation Association and American Society of Heating, Refrigeration, & Air Conditioning Engineers (ASHRAE) are encouraging the usage of insulating products across new residential building as well as retrofitting sectors. European countries including Germany, UK, France, and Poland will witness significant growth over the forecast timeframe owing to rising construction activities. Energy Performance of Buildings Directive in Europe have set minimum performance standard for new buildings and major renovation in the building for installation of these insulating materials.
 

Strategic agreements and contracts as the chosen modes for expansion

The industry is characterized by multiple strategic initiatives including agreements and long-term contracts for supporting the growth. For instance, in June 2018, Owens Corning announced a strategic supply and cooperation agreement with CPIC in China for ensuring high volume supply of products to its customers. Few of the major players include Owens Corning, Rockwool International, Knauf Gips KG, Armacell and Huntsman International.
 

Insulation Market, by Product

  • Fiberglass/Glass Wool
  • Mineral Wool
  • Plastic foam
    • EPS
    • XPS
    • Others
  • Others

Insulation Market, by Application

  • Residential Construction
  • Industrial, HVAC & OEM
  • Non-residential Construction

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Netherlands
    • Spain
    • Belgium
    • Sweden
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Malaysia
    • Indonesia
    • Thailand
    • South Korea
    • Vietnam
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • UAE
    • Saudi Arabia

Frequently Asked Questions (FAQ) :

Insulation is done on any surface of a building or construction that improves the properties associated with the structure, including acoustic, fire, and impact resistance.
The fiberglass (glass wool) insulation drives the majority of market share owing to cost effectiveness compared to the other insulating products along with capability of offering insulation in the range of R-8 to R-40, which makes them ideal for customized applications based on consumer requirements.
This GMI report forecasts increase in construction spending, rising energy costs and stringent regulatory compliance related to thermal insulation in commercial and industrial spaces as major factors driving global industry growth.
According to Global Market Insights, Inc., the insulation industry is projected to expand at more than 6% CAGR up to 2026.

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