Insulation Market size to surpass USD 80 Billion by 2026
Published Date: October 22, 2019 Authors: Kiran Pulidindi, Soumalya Chakraborty
Insulation Market revenue is estimated to surpass 80 billion US$ by 2026; according to a new research report by Global Market Insights, Inc.
Insulation market is projected to depict a CAGR of around 6% over the forecast timeframe. Increasing energy cost and penetration of modern building techniques are driving the global market share across residential constructions, as well as industrial and commercial sectors. Developing countries such as India, Brazil, China, and South Africa are likely to witness significant gains with expanding regional construction sector and industrial output over forecast period.
Eco-friendly materials to pave new growth avenues over coming years
With growing focus on sustainable development by several governments, manufacturers are now looking for environment friendly substitutes in order to meet the building norms. Stringent regulations pertaining to different building and material codes may have a negative influence on the insulation market profitability and growth. Industry players must adhere to strictly monitored production processes to keep a check on toxicity and carcinogenicity of the materials and comply with the stringent emission and regulatory norms. This incurs significant expenses and time, thereby affecting the product development significantly. To counter this issue, some manufacturers are beginning to invest in recyclable and green insulating materials, that are environment friendly and do not cause damage to the human health.
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Browse key industry insights spread across 290 pages with 205 market data tables & 23 figures & charts from the report, “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” in detail along with the table of contents:
Expanded polystyrene (EPS) offers high performing insulation used in the external wall systems. The product offers enhanced U-values and minimizes the risk of water penetration and condensation. The availability of the product in various thickness ranging from 20 mm to 100 mm depending upon the building specification and customer requirement will positively drive the insulation market penetration. Extruded polystyrene (XPS) is manufactured using extrusion process resulting in closed cell structure, thereby offering a smooth skin.
Residential construction dominated the global insulation share and accounted for more than half of the market share in 2018. Increasing focus on building regulations pertaining to energy conservation is likely to propel the product consumption in new residential construction activities. This sector is likely to witness considerable growth over the forecast period owing to increasing demand for housing spaces.
The insulation market from non-residential construction, and industrial, HVAC & OEM segments is likely to witness significant growth over the forecast period. Industrial demand includes coverings for boilers, machinery, pipes, and tanks. HVAC application includes coverings and linings for HVAC equipment. Rising trend of insulation in OEM applications such as major household appliances including refrigerated transport, aircrafts, shipping, motor vehicles, fire doors, containers, solar panels, and coolers will provide strong business outlook for new industry participants.
Focus on energy conservation is driving the North American insulation market
North America will showcase considerable growth over the projected timeframe. Increasing awareness across the region regarding energy saving is leading towards popularity of thermal insulation structures in housing and commercial buildings. Energy bills get higher during extreme summers and winters owing to the necessity of maintaining a pleasant interior temperature. Increasing electricity cost is a major concern affecting overall energy usage parameters, resulting in a high product demand in the region.
Manufacturing companies are focusing on geographical expansion
The major players in insulation market share include Huntsman International, Armacell, Knauf Gips KG, Rockwool International, and Owens Corning. The companies are engaged in strategic investments for expanding their geographical presence and cater to a wide customer base. For instance, in 2017, Rockwool International announced its plans for purchasing lands in the U.S., Sweden, and Romania. This strategy was aimed at increasing the production capacity, improve efficiency, and expand their business operations geographically.