Tokyo, July 21, 2022 (GLOBE NEWSWIRE) -- The global insulation market size was valued at USD 63.59 billion in 2022. The Asia Pacific region has had the largest market share which was about 43% in the recent years. Due to an increase in the number of oil production industries in China the market for insulation is expected to go up in this region. There shall be a growing demand for insulation materials for reducing the wastage of energy.
The North American region is also expected to have a great demand for insulation materials. The presence of various industries like the oil and gas industry mining industries, power industries and metal industries in the North American region the insulation market is expected to grow well in this region. These bigger manufacturers are focusing on preventing the loss of energy. In order to improve the performance of their equipments they are increasing the focus on maintaining their equipment.
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Europe will also have a good amount of revenue share in the forecast period. rapid industrialization in the European region has led to the growth of the insulation market. The presence of the major market players in the European region will drive the market growth during the forecast period. Next slide market dynamics
Key Takeaways:
- By end user, the U.S. insulation market was reached at USD 13.2 bn in 2021
- In 2021, expanded polystyrene product segment has contributed highest market share of 29%
- In 2021, the construction segment registered highest revenue share of 36% in 2021
- Asia Pacific region has garnered 43% of revenue share in 2021
Recent Developments
- A technology which shall be helpful in it developing the coatings that shall have the properties of insulation was introduced by Das Lack Enetherm which was acquired by Hempel in the year 2021
Report highlights
- On the type, the expanded polystyrene insulation product segment will dominate the market. The use of this product provides strength and its demand is expected to grow during the forecast period as it happens to be light in weight. The glass wool products segment is also expected to have a good amount of demand as it provides insulation against noise. it is also beneficial in thermal insulation.
- The construction segment will have the largest demand for insulation. Increase in the urbanization and industrialization has increased the demand for insulation in the buildings. Apart from the use of insulation in the construction industry it has also seen a great demand in the transport segment.
- Carbs insulators play a very important role in cold storage warehouses and cold storage transport. There is been no growth in the demand for cold storage transport and warehouse is due to a change in the consumption pattern of the population across the globe.
- Many appliances that I use in the household need thermal and sound insulators. Microwaves, washing machines, refrigerators and the dishwashers are some of the appliances that make use of insulation. Increased purchasing power in the hands of the consumers will create greater demand for appliances which will drive the market growth for the insulation.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 63.59 Billion |
| Revenue Forecast by 2030 | USD 105.4 Billion |
| CAGR | 6.52% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | GAF, Saint Gobain, Recticel, Kingspan Group, URSA, Rockwool Group, Knauf Insulation, Johns Manville, 3M Company, Owens Corning |
Drivers
As the building and the construction industry has expanded in the developing as well as the developed Asia and there has been no growth in the demand for different insulation products. Insulation is used in the building and construction industry to maintain the temperature of the indoors. Insulation helps introducing the transfer of heat between any two adjacent environments. Increased use of insulation is also attributed to the benefit of limiting the carbon footprint. Increased use of insulation in the construction industry is to prevent the excessive use of energy to have a controlled atmosphere inside the building.
Insulation helps in providing comfort by preventing the transfer of sound. It provides great resistance to transfer of fire as well as sound. Rapid industrialization has created a great demand for the use of insulation in urban areas which is extremely helpful in the conservation of energy. All these factors are expected to drive the market growth during the forecast period. Insulation market is also expected to grow due to its debut in the vehicle manufacturing industries. In order to reduce the sound which goes through the vehicles there is a growth in the demand for insulation. It also helps in providing better performance of the engines. It helps in solving the issue of excessive heating.
Restraints
Expanded polystyrene and the external polystyrene are used as insulation materials. The production of these materials leads to the emission of a carcinogenic product. This happens to be your major restraint in the growth of the market. Another challenge which hampers the growth of the market is the use of glass wool which is helpful in preventing any thermal exchange. Prolonged use of Glass wool may lead to different respiratory diseases. Its use also causes the ailments of the eyes. Due to all of these health issues that are associated with the use of different insulation materials will hamper the growth of the market during the forecast period.
Opportunities
The insulation market is expected to grow well during the forecast period due to the various opportunities provided by this market. it happens to be a sustainable option as it is extremely efficient in saving about 45 to 55% of the energy which is used in the cooling or heating of the houses. Due to a reduced use of energy, there shall be a reduction in the emissions of the greenhouse gases which is extremely beneficial for the environment. It helps in preventing the condensation on the ceilings as well as the walls of the houses. When a house is thermally insulated it also provides acoustic insulation as some of the materials used in insulation provide both the benefits.
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Challenges
Major challenges in the growth of the market are the unavailability of waterproof insulators. The presence of moisture in the walls and the ceilings were also affect the insulation to a great extent. But the insulation material is damp or it gets wet it may rot and catch molds. Prolonged use of insulation may also lead to different types of skin allergies. Apart from all of these reasons that hamper the growth of our market the expensive cost associated with the installation of insulation is yet another reason which happens to be yet another challenge in the growth of the market.
Market Segmentation
By Product
- Expanded polystyrene
- Glass wool
- Mineral wool
- Cellulose
- Calcium silicate
- Others
By Function
- Thermal
- Acoustic
- Electric
- Others
By Form
- Blanket
- Foam
- Board
- Pipe
- Others
By End User
- Industrial use
- Construction
- Residential
- Non-residential & Commercial
- Original equipment manufacturer
- Transportation
- Automotive
- Marine
- Aerospace
- Appliances
- Packaging
- Furniture
- Others
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