Pune India, Dec. 23, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the insulation market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the insulation market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as products, end-use and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global insulation market are GAF Materials Corp., Huntsman International LLC, Johns Manville, Cellofoam North America, Inc., Rockwool International A/S, DuPont, Owens Corning, Atlas Roofing Corp., Saint-Gobain S.A., Kingspan Group, BASF, Knauf Insulation among others. To achieve a substantial market share in the worldwide insulation market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The phrase "insulation" refers to the materials used to fill cavities with heat or sound absorption, heat reflection, or both. It limits the spread of sound or heat from one location to another. Thermal insulation of residential and commercial building sections reduces heat transfer and boosts efficiency. A number of materials, including plastic foam, mineral wool, glass wool, and others, are used to accomplish insulation. Insulation is the process of keeping heat, electricity, and sound from entering or leaving a physical space. Installing insulating materials that serve as an energy flow barrier makes it possible. Low thermal conductivity insulators include mineral wool, polyethylene, polystyrene, and others that come in a variety of materials. Spray foams, adhesive strips, and wood-based products like hardboard and wooden doors are all used to fill the spaces between tiles and windows. Insulating a space increases the safety and protection of occupants while lowering energy costs and moisture condensation. By reducing heat loss from exposed pipes and uninsulated valves inside buildings, it also aids in the reduction of noise pollution. A non-conducting material is used in insulation to isolate something from its surroundings while maintaining its normal state of existence. It can be used, among other things, to insulate against sound, heat, and electricity. On the other hand, the insulation market is significantly impacted by the rapidly expanding building insulation market. There are three different forms of insulation: industrial, non-residential, and residential. Insulators are useful for regulating energy use at home or at work and for reducing carbon emissions. The two primary forms of insulators are plastic foams and mineral fibers, with the latter making up the majority of them.
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Scope of Insulation market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, end-use and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | GAF Materials Corp., Huntsman International LLC, Johns Manville, Cellofoam North America, Inc., Rockwool International A/S, DuPont, Owens Corning, Atlas Roofing Corp., Saint-Gobain S.A., Kingspan Group, BASF, Knauf Insulation among others |
Segmentation Analysis
The glass wool segment is expected to be the fastest-growing segment in 2021.
The product segment is glass wool, EPS, XPS, mineral wool, CMS fiber, calcium silicate, aerogel, cellulose, PIR, phenolic foam, and polyurethane. The glass wool segment is expected to witness the highest growth rate during the forecast period. Over the forecast period, a consistent CAGR growth is anticipated for the glass wool product segment. Sand makes up of glass wool, which has excellent thermal and acoustic insulation qualities as well as low weight and high tensile strength. In industrial settings, uneven surfaces that create heat, such as turbines, pumps, heat exchangers, tanks, expansion joints, valves, and flanges, are best covered with removable blankets, a byproduct of glass wool. Extruded polystyrene foam insulation (XPS) was a substantial contributor to the market's overall revenue in 2021.
The construction segment is expected to be the fastest-growing segment in 2021.
The end-use segment is construction, industrial, transportation, HVAC & OEM, appliances, Furniture/Bedding, and packing. The construction segment is expected to witness the highest growth rate during the forecast period. The industry is expected to expand since more urban buildings are expected to need considerable insulation. Transportation and residential buildings came in second and third, respectively, and are expected to grow significantly between 2022 and 2030. The petrochemical and refining industries use insulation for a number of purposes, including condensation prevention, energy conservation, heat gain/loss reduction, maintaining a constant temperature, efficient equipment performance, and more.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the insulation include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. Due to worries over massive energy waste, rising oil output in China and India's economy, and the need for materials for refinishing and refurbishment projects. The Asia Pacific market is significantly impacted by demand from sectors with high operating temperatures, including oil & gas, manufacturing, metal & mining, and power. Additionally, companies in this area are concentrating on minimizing losses in order to improve performance by carrying out routine maintenance inspections.
Country Analysis
- Germany
Germany's insulation market size was valued at USD 0.9 billion in 2021 and is expected to reach USD 1.32 billion by 2029, at a CAGR of 5% from 2022 to 2029.
Due to the region's growing industrialization and the existence of sizable insulation product makers in Germany, it is projected that the local market will be an early adopter of emerging insulation materials. In July 2021, Owens Corniviaounced that it will acquire vliepa GmbH (Germany), a company that specializes in the coating, printing, and finishing nonwovens, paper, and film for the building materials market. Owens Corning is now better positioned to service the European building and construction industry thanks to the acquisition.
- China
China’s insulation market size was valued at USD 1.4 billion in 2021 and is expected to reach USD 2.3 billion by 2029, at a CAGR of 6.5% from 2022 to 2029. As a result of China's economy’s expanding oil production, concerns about significant energy waste, and the demand for materials in applications for renovation and rehabilitation. Additionally, businesses in this region are focusing on minimizing losses to enhance performance through regular maintenance inspections.
- India
India's insulation market size was valued at USD 1.3 billion in 2021 and is expected to reach USD 2.07 billion by 2029, at a CAGR of 6% from 2022 to 2029. Due to India's growing population, quick industrialization, and rapid economic expansion, there is an increasing demand for insulation products in both residential and non-residential construction.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by the increasing consumer awareness regarding energy conservation.
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