Fort Collins, Colorado, Oct. 24, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Insulation Market size was valued at USD 64.4 Billion in 2022 and is expected to reach a market size of USD 127.6 Billion by 2032 at a CAGR of 7.2%.
Rising awareness regarding cost savings is a major factor contributing to market growth. Insulation helps avoid investing in expensive heating and cooling devices, leading to electricity and fuel cost savings. Insulation reduces the heat loss in cold weather and heat surplus in warm weather, thereby controlling internal ventilation. According to the U.S. Department of Energy, a family in the U.S. spends around USD 2200 annually on energy. Still, energy-efficient home upgrades can reduce these costs by 30%.
Additionally, the rising construction activities are also supplementing market expansion. These new construction have minimum insulation requirements, leading to a surge in demand for insulation. Further, the increasing demand for consumers for energy-efficient homes is also leading to builders using additional insulation to meet the energy efficiency regulations of such homes. According to the National Association of Home Builders, 79% of consumers want a star rating for their entire home.
The rising demand for different types of industrial insulation is another factor propelling the market share. Insulation is used across various industries, such as power generation, oil & gas, and automotive industries. In the power generation industry, it helps steam boilers to maintain their temperature for an extended period. In the oil and gas industry, thermal insulations are required for pipes, pumps, exhaust, and burners, and acoustic insulations are required for compressors and high-pressure piping systems. Thus, insulations find applications across various verticals, leading to their increased demand.
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Segmentation Overview:
The global insulation market has been segmented into product, type, end-use, and region. The glass wool segment held a significant market share in 2022. Glass wool or fiberglass is made by weaving fine glass strands into fibers while coating them with binders. Asia Pacific held the dominant market share in 2022. This region's growing construction and automotive industry is a major contributor to the market expansion. There is a rising investment in technological advancement in the automotive sector in major economies such as China, Japan, and India. Automobile insulation is required to improve acoustic insulation and reduce the heat in the vehicle cabin.
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Insulation Market Report Highlights:
- The global insulation market growth is anticipated at a CAGR of 7.2% by 2032.
- The increase in new construction and the growing trend of energy efficiency retrofitting are major factors contributing to insulation market growth.
- Glass wool or fiberglass is made by weaving fine glass strands into fibers while coating them with binders. The insulation production uses at least 20% recycled glass, and the product manufactured is relatively inexpensive, which is responsible for the high demand.
- The automobile sector is expected to be the fastest-growing segment. Automobile insulation can help reduce the noise and vibration generated by the vehicle, leading to a pleasant experience for drivers and pedestrians.
- Some prominent players in the insulation market report include GAF Materials Corporation, Recticel Insulation, Huntsman International LLC, Johns Manville, Cellofoam North America, Inc., Knauf Insulation, 3M Company, Rockwool International A/S, Lloyd Insulations, DuPont, Owens Corning, CertainTeed Corporation and Atlas Roofing Corporation among others.
Industry Trends and Insights:
- In 2023, Cavity Extraction, Leyland-based, invested ₤50,000 in drone technology to determine inefficient cavity wall insulation. The drone technology is deployed using thermal imaging technology to identify heat loss in buildings and homes.
- In 2022, Autrotherm acquired the Zentys extruded polystyrene plant. The acquisition aims to increase the variety of products for Romanian consumers and consolidate the supply chain.
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Insulation Market Segmentation:
- By Product: Glass wool, mineral wool, EPS, XPS, CMS Fibers, calcium silicate, others.
- By Type: Thermal, acoustic, electric, others.
- By End-use: Construction, industrial, HVAC & OEM, transportation, appliances, furniture and packaging.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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