23-Nov-2022 | Zion Market Research
The global insulation product market size was worth around USD 53.5 billion in 2021 and is predicted to grow to around USD 77.8 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5.5% between 2022 and 2028.
Insulation products range from bulky fiber materials like fiberglass, rock and slag wool, cellulose, and natural fibers to stiff foam boards and elegant foils. Bulky materials, but to a lesser extent in a building cavity, restrict conductive and convective heat flow. Rigid foam boards prevent heat flow by trapping air or other gases. Because they reflect radiant heat away from living spaces, highly reflective foils in radiant barriers and reflective insulation systems are widely utilized in cooling climates.
One of the key factors driving the global insulation product market expansion is the flourishing construction industry. Over time, there has been a considerable increase in industrial and residential construction projects, as well as a major increase in infrastructure development, particularly in emerging economies. Furthermore, rising consumer awareness of the importance of energy saving is favorably boosting market growth. Because of the increased need for power and energy as a result of fast urbanization and population growth, insulating products are increasingly being used in various construction projects.
The global insulation product market is segmented based on the product, end-use, and region.
The glass wool, mineral wool, EPS, XPS, CMS fiber, calcium silicate, aerogel, cellulose, PIR, phenolic foam, and polyurethane segments of the worldwide market are divided based on the product. During the projection period, it is anticipated that the polyurethane segment would account for the highest market share.
Its numerous characteristics, such as its superior thermal insulating abilities, low moisture vapor permeability, high resistance to water absorption, relatively high mechanical strength, and low density, as well as the fact that polyurethane foam is an excellent insulator, are to be held responsible for the segment's growth (minimum 90 percent). Additionally, installing it is neither too difficult nor expensive. As a result, the better properties of polyurethane foam over other materials are expected to drive demand for polyurethane foam-based insulation over the projection period.
The market is divided into segments for construction, industrial, HVAC & OEM, transportation, appliances, furniture/bedding, and packaging based on the end-use. During the anticipated period, the construction segment is anticipated to dominate the market. As more insulation-intensive structures are built in urban areas, the market is expected to grow.
To support its effort for regional air connectivity, the Indian government plans to construct some 100 airports over the next 15 years. Industrial construction is anticipated to have profitable market growth across several regions as a result of rising demand from industrial facilities. Transportation, on the other hand, includes the aviation, maritime, and automotive sectors. The industry held a sizeable market share of the global market in 2021. The demand for insulation materials in this market is primarily driven by the auto industry, which is constantly looking for ways to enhance passenger safety and comfort.
The market for insulation products is divided into five regions based on geography: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific region is projected to maintain its dominance throughout the projection period and held the greatest revenue share of more than 40% in 2021.
The expansion of the region's infrastructure is being made possible by the region's growing urbanization, industrialization, and population increase. The region's improving economic outlook and a notable rise in living standards have stimulated the development of energy-efficient insulation systems. Furthermore, by putting more of a focus on improving infrastructure and building better roads, the governments of regional economies like China, India, and Japan may change the regional market's dynamics.
The global insulation product market is dominated by players like GAF, Huntsman International LLC, Johns Manville, Cellofoam, ROCKWOOL A/S, DuPont, Owens Corning, Atlas Roofing Corporation, Saint-Gobain, Kingspan Group, BASF SE, Knauf Insulation, among others.
This review is based on a report by Zion Market Research, titled “Insulation Product Market By Product (Glass Wool, Mineral Wool, EPS, XPS, CMS Fiber, Calcium Silicate, Aerogel, Cellulose, PIR, Phenolic Foam, and Polyurethane), By End-use (Construction, Industrial, HVAC & OEM, Transportation, Appliances, Furniture/Bedding, and Packaging) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/insulation-products-market
The global insulation product market is segmented as follows:
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