The Global Market for Insulation is Projected to Exceed $50 Billion by 2024
Spiraling Electricity Appetite and the Resulting Need
to Make Structures Highly Energy Efficient Drives Demand for Insulation
Materials, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Insulation market. The global market for Insulation is projected to exceed
$50 billion by 2024, driven by
growing focus on making homes highly energy efficient, rise in new construction
and renovation activity, and the critical need to safeguard system performance.
Insulation offers the most
effective and the easiest way for increasing the energy efficiency of
structures, including homes, plants, and pipelines, among others, by
controlling the transfer of electricity and/or heat. There are different types
of insulation materials and insulation product forms, but all of them work on
the same principle of ‘slowing heat transfer’, (heat flow into and out of a
building, a machine, pipe, duct, etc.). Performance of a particular insulation
type in reducing the heat flow is important and is the measure of the
material’s resistance to heat transfer and is quoted as an R-Value, typically
ranging between 3 and 9. The higher the R-value, the greater is the insulating
capacity or performance of the material. State of the construction industry,
governmental regulations and increasing energy prices constitute the three
important factors that wield a direct influence on the market for insulation
products worldwide. Myriad benefits of insulation that are driving its
widespread adoption in construction (residential and non-residential buildings)
and the industrial sectors over the years include increased energy efficiency;
prevention of moisture condensation; reduction in size and capacity of new
machines; improvement in process performance; protection of the environment
through lower greenhouse gas emissions; protection and safety of personnel;
protection against outbreak of fire; reduction in noise levels; optimization of
ROI, and enhanced appearance, among others.
Healthy growth is
projected for the market in the coming years driven by spiraling electricity
appetite from ballooning global population and the resulting need for
preventing energy loss, raising energy efficiency and solving climate
challenges. Increasing construction activity in developing countries and the
growing need for re-insulation in the developed markets represent another
important growth driver as the need for insulation replacements increases with
increase in the age of the building in order to maintain the same level of
operational performance. Implementation and adoption of new building codes such
as Green building certifications also spur the need for eco-friendly re-insulation.
Other factors that are poised to benefit market prospects in the near term
include favorable government support; increasing demand for roof insulation
supported by extreme weather conditions as a result of climate change and rise
in global temperatures; positive outlook for the global construction industry;
rising investments in infrastructure projects; and expanding applications in
the industrial and manufacturing sectors supported by the critical nature of
insulation in safeguarding system performance. Robust demand for high temperature insulation (HTI) materials in temperature-intensive applications for the purpose
of minimizing heat transfer, lowering energy utilization, and protecting
equipment from heat exposure, is also expected to benefit market expansion in
the coming years.
As stated by the new
market research report on Insulation,
Asia-Pacific represents the largest and the fastest growing market worldwide
with a CAGR of 6.4% over the analysis period. Strengthening construction
activity, increasing focus on home energy efficiency, rising environmental
awareness, favorable government policies, steady economic growth, and
increasing investments in the industrial and infrastructure sectors represent
key growth drivers in the region. The unpenetrated and underpenetrated nature
of building and industrial insulation in the region offers huge market
potential for current and future growth.
Key players in the market
include 3M Company, Armacell International S.A., Aspen Aerogels, Inc., BASF SE,
BASF Polyurethanes GmbH, Cabot Corporation, CNBM International Corporation, ContiTech
AG, Evonik Industries AG, Flachshaus GmbH, Fletcher Insulation, Flumroc AG,
Huntsman Corporation, Johns Manville, Knauf Insulation, LG Hausys, Promat
International, Morgan Advanced Materials, Owens Corning, Paroc Oy AB, PPG
Industries, Rockwool International A/S, Roxul, Inc., Saint-Gobain, Skamol A/S, Superglass Insulation Ltd., Dow Building
Solutions, Unifrax LLC, and URSA Insulation, S.A., among others.
The research report titled
“Insulation: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of the market, industry overview, trends, growth
drivers, latest product launches and recent industry activity. The report
provides market estimates and projections for the global and major geographic
markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea and
Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and
Rest of Latin America). Product segments analyzed in the report include Foamed
Plastics, Fiberglass, Mineral Wool, and Other Insulation. Key application areas
analyzed in the report include Non-Residential, Residential, and Others.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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