New York, United States , Sept. 07, 2023 (GLOBE NEWSWIRE) -- The Global Insulation Products Market Size is to grow from USD 63.75 Billion in 2022 to USD 123.49 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.8% during the projected period.
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Insulation products or materials are non-conducting components designed to isolate everything from its surroundings and keep it operating normally. In the construction business, insulation materials are used to prevent noise, electricity, and heat from traveling through the interior or exterior of electrical appliances and building materials. The three primary categories of insulation materials, in general, are thermal, electrical, and acoustic insulation. Insulation is an important approach for lowering electricity use in buildings and minimizing heat gain/loss. It acts as a heat flow barrier, which is essential for keeping homes warm in the winter and cool in the summer. Insulation products have recently acquired appeal in the global building and construction industries. The increasing momentum of producing energy-efficient buildings has driven up demand for insulating goods over the projection period. Increased demand for insulating goods is being driven by growth in the transportation and consumer end-use industries. Acoustic insulation is becoming increasingly popular in architecture and construction applications, which is an important trend for the worldwide insulation materials market. Furthermore, increased demand for cost-effective products and equipment, acoustic insulation in walls, and technical improvements in HVAC equipment in the construction industry are propelling the insulation product market.
Browse key industry insights spread across 200 pages with 130 Market data tables and figures & charts from the report on, "Global Insulation Products Market Size, Share, and COVID-19 Impact Analysis, By Type (Stone Wool, Glass Wool, Fiberglass, EPS, XPS, CMS Fibers, Calcium Silicate, Aerogel, Cellulose, PIR, Polyurethane Foam, Flexible Elastomeric Foam, Phenolic Foam, Others), By Industry Verticals (Construction, Industrial, HVAC & OEM, Automotive & Transportation, Appliances, Furniture, Oil & Gas, Packaging, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The glass wool segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global insulation products market is segmented into the stone wool, glass wool, fiberglass, EPS, XPS, CMS fibers, calcium silicate, aerogel, cellulose, PIR, polyurethane foam, flexible elastomeric foam, phenolic foam, and others. Among these, the glass wool segment is dominating the market with the largest revenue share of 38.6% over the forecast period. The rising demand for insulation solutions with strong thermal insulation and sound absorption characteristics from the building and construction sectors could be attributed to general development.
The construction segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of industry verticals, the global insulation products market is segmented into construction, industrial, HVAC & OEM, automotive & transportation, appliances, furniture, oil & gas, packaging, and others. Among these, the construction segment is dominating the market with the largest revenue share of 57.2% over the forecast period. This is because urban regions have a higher proportion of insulation-intensive structures than rural locations. Insulation is used in the construction industry to reduce the demand for electricity. Demand for insulating goods is increasing due to the global expansion of commercial offices, data centers, warehouses, institutional buildings, and special economic zones.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 39.7% market share over the forecast period. This can be attributed to increased crude oil output in China and India's economies, as well as growing concerns over significant energy waste and increased demand for materials used in refurbishing and remodeling. North America, on the other hand, is expected to grow the fastest throughout the forecast period, owing to significant demand from the oil and gas, manufacturing, metal and mining, electrical, and other industries that require high operating temperatures. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Insulation Products Market include Soprema Group, Huntsman Corporation, Rockwool International A/S, Cellofoam International, Recticel, Saint-Gobain ISOVER, Owens Corning Corp., Rogers Corporation, Knauf Insulation, DuPont, BASF, Evonik, China Jushi Co. Ltd., Covestro AG, Armacell International S.A., Atlas Roofing Corporation, Cellofoam North America, Inc., GAF Materials Corporation, and among others.
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Recent Developments
On February 2023, KrossLinker, a deep-tech advanced material firm focusing on energy efficiency, is designing and producing the world's most insulating nanomaterial, aerogel, which is low-cost, ecologically friendly, and scalable. KrossLinker's initial aerogel product, Cryar® Aerogel Board, is aimed at the cold-chain industry, where market growth is predicted to be positive. Cryar® is a first-of-its-kind water-based, eco-friendly Si-Aerogel composite board created using a low-energy technique. Cryar® has the best-in-class and most reliable thermal insulation performance due to the nano-porous structure of silica aerogel, making it a safe, compact, and sustainable alternative for transporting precious pharma items such as medications, vaccines, clinical trial samples, and more.
In September 2022, ROCKWOOL Technical Insulation has launched the ProRox PS 680 with FR-Tech insulation for a variety of piping systems. Next-generation insulation technology adds proven fire protection to a plant's piping network, giving personnel more time to stop the spread of fire and reach a safe location. ProRox PS 680 with FR-Tech is the most recent addition to ROCKWOOL Technical Insulation's ProRox stone wool insulation product line. Mandrel-wound stone wool insulation pipe sections are offered in ProRox PS 680. Furthermore, because the insulation is removable and reusable, it reduces maintenance costs and enables cost-effective, simplified examination.
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