Fireproof Insulation Market size is projected to exceed USD 40 billion by 2032, according to the latest research report by Global Market Insights Inc.
The stringent regulatory norms mandating the use of efficient thermal insulation in commercial and industrial establishments will stimulate industry value during 2023-2032. The skyrocketing fossil fuel and energy prices across the globe, coupled with the ongoing climate change, have accelerated the requirement to introduce sustainable energy infrastructure.
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The remarkable surge in energy-efficient building projects backed by stringent government regulations and building codes will boost the sales of thermal insulation materials, thus creating favorable growth prospects for the fireproof insulation market. For instance, a legislative framework established by the European Union comprising the Energy Efficiency Directive 2012/27/EU and the Energy Performance of Buildings Directive 2010/31/EU aims to achieve a significantly decarbonized and energy-efficient building stock by 2050. The directives enable businesses and consumers to make informed choices to save money and energy, which may bolster the installation of fire-resistant insulations by 2032.
Reduced energy expenditure to increase the adoption of fiberglass thermal insulations
The fiberglass product type is slated to register 3.5% CAGR and amass USD 10 billion by 2032. Fiberglass boasts superior thermal and sound insulation properties as it traps pockets of air and slows the rate of spread of heat and cold. The material is relatively cheaper and significantly reduces energy consumption in both residential and non-residential settings, providing fiberglass thermal insulations a competitive edge over their counterparts.
Browse key industry insights spread across 275 pages with 287 market data tables & 27 figures & charts from the report, “Fireproof Insulation Market By Material (Fiberglass, Mineral Wool, Cellulose, Polystyrene [Expanded Polystyrene, Extruded Polystyrene], Polyurethane), By Application (Residential, Non-residential), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032” in detail along with the table of contents:
Fast-paced urbanization to drive product demand in residential applications
The fireproof insulation market from the residential application type is estimated to attain 4% gains from 2023 to 2032. The increasing population growth and the accelerating urban migration, especially in the developed economies, have resulted in a surge in the construction of residential spaces. Besides, extending policy support focused on providing affordable and energy-efficient housing in association with strict building construction codes will propel the demand for fireproof insulations for residential purposes.
Consistent population rise to streamline North America industry growth
The North America fireproof insulation market is estimated to reach USD 11.9 billion by 2032, witnessing about 3.5% growth rate through 2032. The regional development is credited to the expanding urban populace and positive outlook of the construction sector. Based on United Nations estimations, over 55% of the world population resides in urban regions, which is expected to reach almost 68% by 2050. The strong economic landscape and the growing emphasis on building an energy-efficient infrastructure will foster growth trends in the region.
Innovative efforts to define the competitive landscape
Notable players operating in the fireproof insulation industry are Knauf Insulation, BASF SE, Gobain SA, Owens Corning Corporation, Sipla Solutions, Rockwool International A/S, GAF, Saint Kingspan Group PLC, Johns Manville, and Beijing New Building Material Co., Ltd. Companies participating in the business scenario have been leveraging novel technologies to develop breakthrough innovations and gain a viable advantage than others.