NEWARK, Del, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The polyisocyanurate insulation market is poised to cross US$ 14,133.90 million in 2023 and is likely to attain a valuation of US$ 25,551.57 million by 2033. The polyisocyanurate insulation market share is projected to develop at a CAGR of 6.10% from 2023 to 2033.
The insulation industry is observing a rise in customization and prefabrication, which enables manufacturers to customize insulation products to match project specifications precisely. Prefabricated polyisocyanurate insulation components are becoming more widely available because they have the benefits of easier building procedures, lower labor costs, and more effective installation. Manufacturers who provide these customization choices are better positioned to stand out in this crowded market and cater to the particular requirements of specific projects.
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Increased extreme weather events are driving the demand for building-resilient insulating materials. In response, producers of polyisocyanurate insulation are creating goods that provide better defense against environmental problems, including temperature swings and moisture intrusion. These solutions position producers as suppliers of dependable, weather-resistant insulating materials while improving structures' safety and longevity.
Efficient thermal energy storage in insulating materials is becoming increasingly crucial with the development of renewable energy sources. Innovative materials that can store heat or cold for later use in HVAC systems are being developed by several producers of polyisocyanurate insulation materials. This puts businesses in a position to contribute to the ecosystem of renewable energy sources and meets consumer demand for sustainable and energy-efficient construction solutions.
Key Takeaways from the Polyisocyanurate Insulation Market Report
- In 2022, the global market size was US$ 13,295.20 million.
- The rigid foam segment accounts for 80% of the market share in 2023.
- The thermal application segment holds 73.1% of the market share in 2023.
- The market size in India is expected to rise at a 7.40% CAGR over the projected period.
- The market in Germany is projected to surge at a 4.30% CAGR through 2033.
- The market size in the United Kingdom is expected to rise at a 5.50% CAGR from 2023 to 2033.
- The market in Canada is projected to develop at a 5.20% CAGR through 2033.
- The market in China is anticipated to expand at a 7.70% CAGR over the forecast period.
"In the rapidly changing world of polyisocyanurate insulation, innovation and sustainability have emerged as dynamic forces reshaping the industry's trajectory." "The market is going through a fundamental shift, moving beyond its traditional role of providing insulation and into uncharted territory where cutting-edge technologies are poised to redefine its boundaries," says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
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Competition Analysis
The polyisocyanurate insulation market is highly competitive with well-established market leaders, local firms, and innovative startups. Key players focus on sustainability, innovation, regulation variations, and consumer preferences to gain higher profits. To be competitive in this changing landscape, the industry players are creating cutting-edge, environmentally friendly insulation products to reach a wider audience and provide exceptional customer service and customized solutions.
Recent Developments Observed by FMI
- Bitec introduced DuraPlanTM EcoSet Green adhesive in June 2023. This adhesive is designed specifically for cold-process APP-modified bitumen roof systems with up to a 3:12 slope, making it the first ultra-low-solvent adhesive in the roofing market.
- One of North America's top producers of waterproofing and roofing materials, GAF, stated that it would begin constructing its fifth polyisocyanurate (polyiso) insulation manufacturing facility in Peru, Illinois, in July 2022. Allegedly, GAF has consented to purchase over 100 acres of land in Bureau County, Illinois, to establish a 450,000-square-foot facility to manufacture the company's EnergyGuard line of goods.
Key Players in the Polyisocyanurate Insulation Market
- BASF SE
- DowDuPont Inc.
- Owens Corning Insulating Systems LLC
- SAINT-GOBAIN
- Kingspan Group plc
- Honeywell International Inc.
- Johns Manville Corporation
- Stepan Company
- IKO Industries Ltd.
- Soprema Group
- Knauf Insulation
- Atlas Roofing Corporation
- Rmax Operating LLC
- GAF Materials Corporation
- Carlisle SynTec
- Systems Hunter Panels
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Polyisocyanurate Insulation Market Segmentation
By Product Type:
- Liquid
- Spray
- Rigid Foam/Board
By Application:
- Acoustic
- Thermal
- Hybrid
By End-user:
- Building & Construction
- Residential
- Commercial
- Industrial
- Infrastructure
- Automotive
- Passenger Vehicles (PVs)
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Consumer Goods
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
Authors by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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