Insulation Market size is expected to cross valuation of USD 95 billion by 2030, according to the latest research report by Global Market Insights Inc.
The significant rise in energy costs and the implementation of stringent building codes emphasizing the construction of energy-efficient establishments to emerge as major factors fostering insulation adoption in regions such as North America. For instance, according to the U.S. Department of Energy, an average American household accounts for more than 50-70% of energy consumption. The U.S. DOE has laid down several guidelines focusing on reducing air leaks at home to substantially reduce the amount of energy utilization for cooling and heating purposes in residential and commercial settings, thus minimizing energy costs.
Emerging DIY trends to drive the demand for fiberglass/ glass wool insulation products
The fiberglass/glass wool segment accounted for more than USD 12 billion in 2021 and is likely to exhibit over 8% CAGR between 2022 and 2030. The increasing utilization of fiberglass/ glass wool in commercial and residential constructions for technical insulation and building applications may drive segment growth in the coming years. The rapid growth in DIY insulation projects coupled with the superior insulating properties and inexpensiveness of these materials may help them gain considerable impetus in insulation market during 2022-2030.
Get more details on this report - Request Free Sample PDF
Rapid expansion of the commercial construction sector
The industrial HVAC and OEM application segment to capture nearly 37% of the industry share and surpass an estimated target valuation of about 35 billion by 2030. The proliferation of the commercial construction industry globally, coupled with the growing emphasis on the efficient utilization of energy sources, may foster the demand for insulation across industrial applications. Besides, the emerging requirements to deploy solutions capable of providing consistent temperature and optimal comfort to occupants irrespective of the outside weather may strengthen the insulation market landscape in the future.
Browse key industry insights spread across 350 pages with 350 market data tables and 41 figures & charts from the report “Insulation Market Size By Product (Fiberglass/Glass Wool, Mineral Wool, Plastic foam, Others), By Application (Residential Construction, Industrial, HVAC & OEM, Non-residential Construction), COVID-19 Impact Analysis, Regional Outlook, End-user Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
Fast-paced infrastructure development in North America
The North America insulation market is projected to attain 7% gains and exceed USD 21 billion by 2030. The regional growth can be attributed to the substantial investments toward developing a robust infrastructure and rising expenditure on constructing smart insulation spaces such as music studios, corporate workplaces, and sound-quality auditoriums. Insulation material not only restrains the ill consequences of sound but also stimulates sound quality. The escalating utilization of these products to offer sound insulation across industrial spaces, shipbuilding segments, cabinets, control rooms, gyms, and workout centers may create growth prospects in the region.
New product innovations to define the competitive outlook
Major players participating in the insulation industry include Owens Corning Corp, BASF, CertainTeed Corporation, Huntsman International, Dow Chemical Company, Rockwool International A/S, Knauf Gips KG, Johns Manville, Armacell International S.A., Lloyd Insulations (India), Atlas Roofing Corporation, Duro-Last Roofing, Inc., Recticel Insulation, Paroc, UP Twiga Fiberglass, Beijing New Building Material Group, Supreme Petrochem Limited, Superlon Worldwide, SY Panel Company Limited, Shinwoo Industrial Company Limited, Sae Rom Panel, Shengquan Group, Bondor Indonesia, Polyglass, Nichias Corporation, Mag-Isover, Luyang Energy-Saving Materials, Byucksan Corporation, KCC Corporation, Kingspan Group, Huamei Group, Kaneka Corporation, Kumho Petrochemical, EcoFoam/Insulations.
These companies have been constantly focusing on building strategic associations with incumbent players and new entrants to foster new product development and expand their global reach. For example, in August 2022, Owens Corning Corp. announced the acquisition of Natural Polymers, LLC, an Illinois-based provider of spray polyurethane foam for building and construction applications, to leverage the latter's proven technology to provide sustainable, long-term solutions and deliver customers a diversified insulation product portfolio.