Global Insulation Products Market: Increasing consumer awareness regarding energy conservation is estimated to propel growth.

Published Date: 20/05/2021

The market for insulation products is estimated to grow from USD 43.85 Billion in 2016 to reach USD 62.84 Billion by 2021, at a CAGR of 7.46%.Increasing consumer awareness regarding energy conservation is estimated to propel growth. Factors such as rapid industrialization and urbanization in emerging countries such as China, India, Philippines, Malaysia, and Indonesia, drive the need for better infrastructure. Moreover, increasing regulatory support and demand for residential and industrial insulation are the factors estimated to fuel the product demand.

Insulation is an important technology to reduce energy consumption in buildings by preventing heat gain/loss through them. It acts as a barrier theat flow and is essential for keeping your home warm in winter and cool in summer. Climatic conditions influence the appropriate level and type of insulation. Materials used for insulation have low thermal conductivity, often less than 0.1W/mK. Polyurethane foam, mineral wool, polyethylene, polyvinyl chloride, expanded polystyrene, and extruded polystyrene are the various types of insulation materials. These materials have no other purpose than to save energy and protect and provide comfort to occupants.

Factors such as fluctuating raw material prices and limited production in the U.S. are estimated to hamper the overall growth in the forthcoming years. The rising presence of manufacturing industries in China, India, Brazil, and Mexico is estimated to boost the demand for fiberglass insulating material in industrial buildings thereby driving the market growth.

Funding by the U.S. Department of Energy for the development of phenolic foams is estimated to boost demand for products in North America which, in turn, is estimated to drive global growth. According to research conducted in 2016 by the Harvard School of Public Health, about 45 million residences in the U.S. were found to be living in under-insulated conditions, which represents a huge opportunity for insulation in the country.

Rising demand for sustainable residential buildings on account of the growing populace and urbanization is a recent application trend estimated to drive industrial growth. Furthermore, technological enhancements in thermal insulation like vacuum panels and R&D activities to advance transparent thermal products are expected to drive the industry growth.
The key players of Insulation products Market report include- Sika AG, Trelleborg AB, Owens Corning, BASF SE, Knauf Insulation, John Manville Inc., 3M Company, Dunmore Corporation, DuPont, and Avery Dennison Corporation.

North-America is the largest market for insulation products, followed by Europe. Increasing demand for thermal insulation in residential and commercial building & government initiatives such as Weatherization Assistance Program, which promotes the thermal insulation, are the major factor driving the North America market. Asia-Pacific is expected to expand fastest over the forecasted period because high rate of industrialization & construction activity.

Europe was the second largest region accounting for a notable market share in 2018 and is estimated to expand at a substantial CAGR over the forecast period. Moreover, the region was an early adopter of the emerging materials owing to the rapid industrialization and the presence of major insulation product manufacturers thereby leading to high product sales.

The GDP of Central and South America has exhibited a slow CAGR on account of political and economic disturbances in Brazil, which is one of the leading users of industrial insulation products. Demand for insulation materials in the Middle East and Africa is expected to be driven by the growth of the downstream petrochemical industry coupled with infrastructure development.