Insulation Market: Introduction
Transparency Market Research delivers key insights on the global insulation market. In terms of revenue, the global insulation market is estimated to expand at a CAGR of 9.4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global insulation market.
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The global insulation market is broadly affected by several factors, including increase in usage of insulation in the construction industry (including residential, industrial, and non-residential). The expansion of the global construction industry has led to significant growth in the usage of insulation. Increase in construction activities is projected to be the primary driver of the global insulation market. Moreover, rise in demand for residential, industrial, and non-residential applications is propelling the insulation market.
Increase in Usage of Insulation in Construction Industry: Key Driver of Global Insulation Market
- Use of insulation is dominant in the construction industry. Insulation has been witnessing rampant usage in residential construction of late. This is propelling the global insulation market. Apart from the residential sector, the industrial construction is expected to depict an extensive use of insulation products, consequently boosting the global insulation market.
- Use of insulation in residential construction dominates the market. Rising focus on reducing energy consumption coupled with the installation of efficient, recyclable, and green materials is further boosting the segment share. Proliferating customer spending coupled with increasing requirement for new homes is likely to 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, is estimated to positively influence the product penetration.
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Insulation Market: Prominent Regions
Asia Pacific holds the major share of the global insulation market. The market in the region is anticipated to expand at a CAGR of more than 8% during the forecast period The steadily growing construction and automotive industries in Asia Pacific is vital for the insulation market in the region, while the consumer electronics industry in countries such as China, India, South Korea, and Japan has also shown no signs of slowing down and could thus, play a key role in the development of the global insulation market during the forecast period.
China is a key country of the insulation market in Asia Pacific. It held significant share of the insulation market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global insulation market. Germany led the insulation market in Europe in 2020. The increase in demand for insulation in residential construction and industrial construction applications is driving the insulation market in Germany.
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Insulation Market: Major Players
The global insulation market is consolidated with the presence of key players. Prominent players operating in the global insulation market include Atlas Roofing Corporation, Duro-Last Roofing, Inc., CertainTeed Corporation, The Dow Chemical Company, Huntsman International LLC, Johns Manville, Knauf Gips KG, Owens Corning, and ROCKWOOL International A/S.
Rise in Usage of Insulation in Residential Construction Applications
- In terms of value, the residential construction application segment is estimated to dominate the global insulation market during the forecast period. Increase in demand for insulation in the construction industry is anticipated to drive the segment in the near future.
- Insulation is increasingly being used in the building & construction sector. Insulation of residential buildings is gaining popularity due to its architectural and energy efficiency benefits. Promoting energy efficiency (EE) requirements for new residential buildings has been proven an effective mandatory policy instrument to slow down the increase of energy consumption in the residential building sector.
- Insulation is becoming more common, as building designers and architects incorporate them into their designs. Furthermore, manufacturers' increased emphasis on developing, producing, and selling insulation for a variety of uses in the construction sector is expected to propel the insulation market in the near future.
Global Insulation Market: Segmentation
Insulation Market, Product
- Plastic Foam
- Mineral Wool
Insulation Market, by Application
- Residential Construction
- Industrial, HVAC, and OEM
- Non-residential Construction
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