The ‘Global Insulation Market Trends, Share, Size, Analysis, Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the global insulation market, assessing the market on the basis of its segments like product, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Insulation Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 60.37 billion
- Forecast CAGR (2023-2028): 4.2%
- Forecast Market Size (2028): USD 77.88 billion
The global insulation market is witnessing a steady growth, owing to the rapid urbanisation taking place worldwide. The increasing usage of thermal insulation in cold-storage units has further bolstered the growth of the market. The transportation applications of insulation are expected to boom in the next few years, owing to the increased deployment of thermal insulation into the marine and aerospace industries for temperature control. A large number of public vehicles are adopting heat insulation and air-conditioned technologies, which further surges the demand for insulation materials.
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EPS insulation properties like a high-tensile strength and lightweight nature, are encouraging its applications in making insulated panels for facades. Another integral application of EPS is its utilisation as a cladding material. These applications coupled with the rising demand for renovation and refurbishing materials, is driving the growth of the market for insulation.
With the changing weather conditions and technological advancements, a greater adoption of HVAC systems is seen, which are combined with insulation to increase the effectiveness and lower costs of HVAC systems. Due to the better purchasing power of the consumers and availability of HVAC systems at fairly low prices, the demand for these systems is likely to increase. This increase is expected to surge the demand for insulations, ultimately providing a boost to the insulation market.
Insulation Industry Definition and Major Segments
Insulation refers to the usage of materials to stop heat, sound, and electricity from going out of an area. These are primarily used in residential spaces as well as manufacturing units to prevent moisture related damage, electrical leakages, and loss of heat and/or cooling. Insulation materials have lower thermal conductivity and save a lot of energy by maintaining interior settings.
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On the basis of product, the market is segmented into:
- Glass Wool
- Mineral Woold
- CMS Fibres
- Calcium Silicate
- PIR (Polysio)
- Phenolic Foam
Based on application, the market is divided into:
- Breakup by Type
- Residential Construction
- Non-Residential and Commercial Constructions
- Breakup by Type
- HVAC and OEM
- Breakup by Type
- Breakup by Type
On the basis of region, the market is classified into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Insulation Market Trends
With the rapid expansion and development of residential infrastructure, the insulation market is likely to witness a surging demand for insulation to prevent electrical leakages and reduce heating and cooling costs. The rising consumer awareness for energy conservation is a key trend witnessed in this market. With the growing automobile sector, there has been a rising demand for insulations for engines of the vehicles, since they produce a lot of energy and sound. Surging usage of air conditioners, microwaves, and heaters in the domestic as well as commercial front, has proliferated the demand for insulation and elevated the growth of the insulation market.
Rising concerns for sustainability and adoption of recycled materials has further induced the demand for plastic wool insulations which offer benefits like inexpensiveness and low vulnerability to moths and insects. Furthermore, it reduces carbon footprints by maintaining internal temperature and minimising the conduction of heat externally. In order to fuel economic development, emphasis on construction of roads, buildings and railway lines has increased, propelling the growth of the market for insulation. The heightened inclusion of insulations in the designs of new buildings and remodelling by architects has enhanced the position of the global insulation market.
Key Market Players
The major players in the global insulation market report are :
- Huntsman International LLC
- Johns Manville
- Cellofoam North America Inc.
- ROCKWOOL International A/S
- DuPont de Nemours, Inc.
- Owens Corning
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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