Tokyo, June 14, 2022 (GLOBE NEWSWIRE) -- The global insulation materials market size was valued at US$ 65.39 billion in 2021. The Asia Pacific region had the largest market share in the recent years. This region occupies the largest part of the insulation materials market. The Asia Pacific region consists of the countries like Australia, South Korea, Japan, China and India. As there is a rise in the construction industry in these regions the market for insulation material is expected to grow during the forecast period.
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Increase disposable income and the increasing population in these emerging countries have increased the sales of real estate in the recent years. There has been a tremendous growth in the construction industry in countries like Indonesia, Australia, Thailand and Vietnam. There have been residential and commercial constructions which are driving the market for insulation materials in China. There has been an increase in the construction output in this region due to the various government policies. Due to the announcement of the smart city projects and housing for all by the year 2022 by the Indian government there shall be an increased demand for insulation materials market. The construction sector is also boosted in the Indian region during the expansion of various startups which demand insulation materials.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 65.39 Billion |
| Revenue Forecast by 2030 | USD 105.6 Billion |
| CAGR | 5.47% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Roxul Inc., Huntsman International LLC, Kingspan Group, Owens Corning, BASF, GAF Materials Corporation, Johns Manville, The Dow Chemical Company, Cellofoam North America Inc., Covestro AG. |
Report Highlights
- On the basis of the product, the expanded polystyrene segment is expected to grow during the forecast period. The property of this product of being high tensile plastic foam which is extremely lightweight creates a demand in the market. The glass will segment is also expected to have a steady CAGR during the forecast.
- On the basis of the end user, the construction segment is expected to grow.The reason for the growth of this sector is the increasing number of buildings in the urban areas which are insulation intensive.
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Market Dynamics
Drivers
The increasing building and construction activities across various regions are driving the market growth. As there's an increase in the per capita income of the individuals and various economic reforms that are helping the economic growth in many Asia Pacific regions like China and India the market for insulation is expected to grow. Indian government policy which aims at 100 smart cities and housing for all by 2022 we will drive the Indian construction market during the forecast period. The Australian construction industry for the residential sector is also expected to grow during the forecast period. The increasing demand for housing has led to a growth in the market. There has been an increased amount of investment in the residential sector in the United states. The demand for insulation material is expected to improve for United States in the residential construction sector. The use of insulation materials in building and construction for walls, roof, floors and for retrofitting the existing buildings in order to improve the temperature inside the building is expected to drive the market. The major sector which is driving the growth of insulation materials is the building and construction sector.
Restraints
Demission of greenhouse gases during the manufacturing of the insulation materials is one of the major reasons that hamper the growth of this market. As there is stringent government policies in order to curb the emission of these greenhouse gases These government policies restrain the growth of the market. The release of hydro chlorofluorocarbons and chlorofluorocarbons which impact the environment by releasing extremely harmful greenhouse gases restrains the growth. There are organizations that monitor and standardize these emissions. In order to reduce the emission which are extremely hazardous there are periodic checks. The ban on the use of methylene chloride is also expected to prohibit the manufacturing process.
Opportunities
Energy efficiency is widely accepted by many nations across the globe. There has been no proactive approach in order to tackle the rising global warming across the nations. In order to have efficient energy conserving installations for automobile insulation and building insulation many governments are taking environment friendly steps. These policies aim at reducing the fuel consumption and eliminating the loss of energy. The North American and European nations have made amendments to the building laws in order to use the insulation for comfort and safety.
Challenges
Major challenge for the growth of the insulation material market is that of the prices of the raw materials. An increase in the price of raw materials which are used in manufacturing of the polyurethane foam is expected to grow. The volatility of the crude oil prices have affected the growth of this sector largely. The availability of crude oil is also another reason that hampers the production and the use of insulation material. Polymers and elastomers which are crude oil based products are dependent on the import and the production from various countries. Another challenge for the growth of the insulation material industry is the logistics. Other factors that affect the insulation materials market is the labor cost and the trading cost. There were major disruptions in the supply chain during the pandemic which led to lower production. The raw material prices were increasing during the pandemic due to various reasons.
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Recent developments
In February 2020, Parafon, the producer of stonewool based acoustic solutions was acquired by Rockwool International AS. This acquisition will help in establishing its footmarks in northern Europe and nourishing stone wool with its excellent acoustic performance in order to enhance the consumer base.
Market Segmentation
By Product
- EPS
- XPS
- Polyurethane
- Polyurethane Foam
- Polyvinyl Chloride
- Cellulose
- Glass Wool
- Mineral Wool
- Aerogel
- Calcium Silicate
- Others
By End User
- Infrastructure
- Construction
- Industrial
- HVAC
- Transportation
- Appliances
- OEM
- Others
By Distribution Channel
- Online
- Offline
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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