Selbyville, Delaware , July 22, 2021 (GLOBE NEWSWIRE) -- According to credible sources, global building insulation market is expected to display growth at a CAGR of 3.06% in terms of revenue and 2.59% based on volume over the forecast period 2021-2028. In 2020, the market garnered $28.31 billion and is estimated to reap $38.41 billion by 2028.
The study also covers the market segmentations including the material type, application range, and end user spectrum along with geographical overview, thereby revealing the remunerative prospects for investment in the upcoming years.
Moreover, it elaborates on the business profiles of prominent players for comprehending the competitive scenario and articulating profitable strategies for revenue generation. Lastly, the impact of COVID-19 pandemic is assessed to tackle the market uncertainties and to enable companies to stand strong during and after this global crisis.
Increasing renovation activities of old buildings, preference for environmentally friendly construction practices, and supportive government regulations are the major factors driving the market growth. Moreover, expanding construction industry is generating lucrative prospects for the business scenario.
On the downside, fluctuating raw material prices, along with lack of workforce are restraining the market progression.
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Summarizing regional markets:
North America
As cited by experts, North America building insulation market share is anticipated to register a CAGR of 2.92% over the forecast timeline. Rising concerns associated with energy cost and loss of energy has shifted inclination to construction of energy-efficient residential & commercial buildings in the U.S. This factor, along with favorable government initiatives like tax credits for green buildings adhering to the standards are augmenting the market outlook. In the United States, the rising expenditure has led the construction sector to be among the largest globally. The positive trends in the residential segment are adding to the growth of the construction sector in the country. Furthermore, the growing concerns pertaining to the energy cost, coupled with the loss of energy, have led to an increase in energy-efficient residential and commercial buildings. For instance, under the New York State Green Building Construction Act, all buildings that comply with green building standards are eligible for a tax credit. Hence, such initiatives are likely to support the growth of the construction sector, in turn, fueling the evolution of the building insulation market.
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Middle East & Africa
Middle East & Africa Building Insulation industry revenues is estimated to bolster at 3.23% CAGR through 2028, owing to flourishing construction sector backed by private & public investments as well as growing hospitality segment. Moreover, increased competition level among mortgage lender, in consort with government's efforts to enhance transport, residential, and infrastructure projects are primarily stimulating the industry scenario. In the United Arab Emirates, several commercial projects are moving through the construction pipeline, helping in sustaining elevated growth rates. Here, commercial infrastructure is emerging as a major outperformer in the sector as the government aims to develop high-value service industries. Furthermore, Abu Dhabi’s share in the construction sector is estimated to grow in the next few years as the government strives to expand the economic base beyond oil. Additionally, the commercial infrastructure aims to attract a high number of tourists in the country each year. Hence, all these factors are likely to supplement the growth of the building insulation market over the forecast period.
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Latin America
The report cites that Latin America building insulation market forecast is likely to display a yearly growth rate of 3.79% over the forecast timeframe, owing to favorable government initiatives to boost construction sector in the region. Additionally, all housing agencies, including government as well as private, promote projects and look for private investments to exclude the housing deficit in the country thus strengthening the housing sector and fostering the demand for building insulation. Mexico is striving towards undertaking environmentally friendly initiatives similar to other developing and developed countries. Besides, the construction industry is following green building activities, which is supplementing the growth of the studied market. Moreover, the country has joined the World Green Building Council, which increases construction activities across the country. Here, the country has adopted best practices from the European nations to benefit from green buildings. Hence, the green building initiatives are likely to offer new opportunities to the building insulation market in Mexico in the upcoming years.
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Europe
Estimates suggest that Europe building insulation industry size is predicted to grow with a CAGR of 2.99% over 2021-2028. Various schemes promoting homeownership, strong incentives to encourage new housing acquisition along with energy transition tax reduction, zero interest eco-loan, and numerous household renovation projects are the factors augmenting the market outlook. Moreover, development of residential buildings and recent launch of highway investment plan in France is impelling the construction sector, resulting in amplified demand for building insulation material. In the United Kingdom, the residential construction sector is likely to grow significantly, owing to the government’s announcement on providing an additional housing stimulus package. Furthermore, the favorable financing options offered to buyers have raised house prices in recent years, which significantly augmented the construction sector value across the country. This rise in construction activities is anticipated to increase the demand for building insulation materials, in turn, widening the scope and growth of the building insulation market in the country.
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Asia Pacific
Asia Pacific is likely to emerge as lucrative avenue for worldwide building insulation market with regional growth rate of 3.14% during the forecast period. Booming population, in tandem with governmental programs ranging from support for infrastructural development, be it commercial, residential, or sports arena to establishment of smart cities are positively swaying the business dynamics in APAC. The construction sector in China is anticipated to observe substantial growth over the next few years, owing to technological advancements. Based on investment opportunities, the construction sector offers several growth prospects to domestic and international companies. Moreover, new market trends are emerging in the sector, which is driven by enhancing economic conditions. Hence, all these factors are likely to fuel the growth of the Chinese building insulation market in the near future.
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Global Building Insulation Market, by End-User Spectrum (Revenue, USD Million, 2021-2028)
- Residential End-Users
- Commercial End-Users
Global Building Insulation Market, by Application Range (Revenue, USD Million, 2021-2028)
- Wall
- Floor
- Ceiling & Attic
- Others
Global Building Insulation Market, by Material Type (Revenue, USD Million, 2021-2028)
- Wool Insulation
- Rock Wool
- Glass Wool
- Slag Wool
- Plastic Foams
- Polyurethane Foam
- Extruded Polystyrene Foam (XPS)
- Expanded Polystyrene Foam (EPS)
Global Building Insulation Market, Regional Terrain (Revenue, USD Million, 2021-2028)
Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- ASEAN countries
- South Korea
- Rest of Asia Pacific
Latin America
- Mexico
- Brazil
- Rest of LATAM
North America
- U.S.
- Canada
Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Russia
- Rest of Europe
Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- Turkey
- South Africa
- Rest of Middle East & Africa
Global Building Insulation Market, Competitive Dashboard (Revenue, USD Million, 2021-2028)
- Compagnie de Saint-Gobain S.A.
- The Dow Chemical Company
- Rockwool International A/S
- Paroc Group Oy
- Owens Corning
- Knauf Insulation Inc.
- Kingspan Group plc
- Huntsman Corporation
- Johns Manville Corporation (Berkshire Hathaway Inc.)
- GAF Materials Corporation
- Beijing New Building Material (Group) Co., Ltd.
- BASF SE
Related Report:
Related Report:
Insulation Market Size, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026
Global Insulation Market is expected to exceed USD 80 billion by 2026, as per new research report. The proliferating real-estate investments globally is driving the market share. Insulation is done on any surface of a building or construction that improves the properties associated with the structure, including acoustic, fire, and impact resistance. The insulating materials are available in varied product types including plastic foams, mineral wools, and fiberglass wools. Based on applications, the materials are used in types of buildings and structures, including residential and non-residential sectors.
Asia Pacific is set to dominate the insulation market share over the study period. This can be attributed to the increasing demand in China owing to rapidly growing construction and industrial markets. The Chinese government has updated insulation building requirements to reduce energy consumption and implemented design standards for energy efficiency of public, green, and residential buildings. Japan significantly contributes towards the market growth over the study period. Rising population along with mandatory regulations will escalate the regional share over the forecast time span.
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