Pune, India, Oct. 19, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business insights™, the global insulation market size is expected to reach USD 79.06 billion by 2026, on account of the increasing number of building and construction activities worldwide. Insulation is used for maintaining the average temperature inside a building by reducing the transfer of heat between adjacent environments.
Additionally, it reduces carbon footprint by restricting heat conduction to the external environment and utilizing less energy for maintaining an average temperature. the market size was USD 55.16 billion in 2018 and is projected to exhibit a CAGR of 4.6% between 2019 to 2026.
Fire Resistant Property of Insulated Buildings to Attract High Market Revenue
Two significant factors are primarily responsible for the global insulation market growth. These include the increasing requirement for insulation in the building and construction industry to maintain the indoor temperature and to reduce the carbon footprint of the building. Secondly, insulation offers properties such as fire, impact, and acoustic resistance to building structures, and this is further anticipated to aid in the expansion of the market in the forecast period.
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Key information from the Research Report:
- Extensive information on factors estimated to affect the market growth and share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects of market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter's Five Force analysis.
- The in-depth analysis provides an insight into the market, underlining the growth rate and opportunities offered in the business.
Asia Pacific to Emerge Dominant Attributable to Government-supported Sustainable Infrastructural Development
Geographically, Asia Pacific is holding the largest insulation market share on account of the swift development of economic powerhouses that emphasizes strongly on energy-saving solutions for infrastructural development, supported by regional governments. On the other side, the markets in Europe and North America will witness significant growth in the forecast period. In 2018, North America generated a revenue of USD 12.08 billion. According to a lead analyst at Fortune Business Insights™, “This growth is attributed to the increasing awareness about advantages of insulation and rise in need for Zero-energy-buildings policies set as environmental regulations.”
Collaborative Efforts and Acquisitions to Intensify Market Competition
The competitive landscape of the market is consolidated in nature with the presence of the top ten companies. Significant insulation market manufacturers are emphasizing on expansion of regional boundaries for gaining a competitive edge in the market. Additionally, companies are also entering into strategic collaborations such as partnerships, mergers and acquisitions, contracts and agreements, joint ventures, and others. The primary objective of companies is to produce insulation systems with the help of advanced technologies and materials. Players are also trying to focus on technology up-gradation, improving operational efficiency, and are therefore making considerable investments in research and development of advanced insulation products.
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List of key players operating in the Insulation Market are:
- Cellofoam North America Inc.
- Atlas Roofing Company
- Knauf Insulation
- DuPont
- Armacell S.A.
- Owens Corning
- Bridgestone Chemitech Co., Ltd.
- Firestone Building Products
- Sound Seal
- K-FLEX S.p.A.
- Evonik
- Beijing New Building Material (Group) Co., Ltd.
- BYUCKSAN
- PT. Bondor Indonesia
- Johns Manville
- Huntsman International LLC
- Superglass Insulation Ltd.
- GAF
- Ursa
- Reciticel Group
- Luyang Energy-saving Materials Co., Ltd.
- U.P. Twiga Fiberglass Limited
- ROCKWOOL International A/S
Significant Industry Developments of Insulation Market Include:
July 2017 – The Proudfoot Company, a pioneer in noise control products for concrete-based applications situated in Connecticut, the U.S. was acquired by Sound Seal for entering new verticals of the acoustic insulation sector.
November 2019 – The manufacturing facility of Superglass located in Stirling, Scotland, was expanded for increasing the annual production capacity of glass wool insulation up to 60 KT. For this expansion, the company invested about $48 million to support the demand for insulation products across Europe.
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