Wilmington, Delaware, United States, June 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Insulation Market is likely to experience substantial growth, expected to register a CAGR of 9.4% by 2031. A valuation of US$ 175.1 billion is anticipated at the end of the said forecast year. Additionally, the report anticipates the market to reach a valuation of US$ 85.07 billion as of 2023.
The global insulation market is driven in recent years by the expansion of the construction industry, which is likely to remain a prime driver for the market in the upcoming years. Insulating products are used to minimize the interaction between a substance and its environment.
The increasing usage of insulating products in building & construction, residential & non-residential, industrial sector, commercial buildings, and infrastructure development applications contribute to market growth. Consistent development in the automotive industry has led to large-scale use of insulation materials in automobiles for thermal, acoustic, as well as electric insulation. The rising popularity and adoption of automotive electronics are also driving the demand for acoustic insulation.
The consumer electronics industry is also likely to remain a key consumer of the global insulation market. The rising disposable income of consumers has led to rapid growth of the consumer electronics industry in recent years, whereas growing technological sophistication of smartphones has necessitated the use of electric insulation. Manufacturers are focusing on increasing their production capacities due to rising demand from consumers.
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Manufacturers are focusing on increasing their production capacities due to rising demand from consumers. There is a surging demand for consumer electronics products such as mobile phones, laptops, tablets, electronic gadgets, smart wearables, digital cameras, small and large home appliances, and television among other appliances.
Key Takeaways from the Market Study
- The insulation market was valued at US$ 77.7 billion in 2022
- By application, insulation products are most likely to be used in residential construction, rising at a CAGR of nearly 7%
- By product, fiberglass and plastic foam are expected to be the most preferred insulation materials
- From 2023 to 2031, the market is anticipated to expand over 2X
Insulation Market: Key Growth Drivers and Trends
- Demand for insulation materials and products is inclining majorly because of an expanding construction industry. A high rate of urbanization and industrialization across key markets such as India and China are revving up sales of insulation products
- Construction companies are looking to incorporate sustainable insulation materials. Hence, manufacturers of these products are employing eco-friendly base materials to provide finished products
- The automotive industry is providing significant growth opportunities for insulation products manufacturers. Large-scale insulation materials are being used in automobiles for providing thermal, acoustic, and electric insulation
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Insulation Market: Regional Profile
- The Asia-Pacific region is expected to be a highly lucrative market for insulation materials. TMR forecasts the region to account for more than 40% of the global demand in 2023. China and India are expected to be the primary revenue stimulators
- Europe is another attractive market for insulation product manufacturers, expected to account for 1/4th of the global demand. Growth can be attributed to the fact that the continent is home to some of the largest automotive industry giants
- Demand for insulation material is rising across North America, as residential applications for HVAC purposes are inclining. Industries such as oil & gas, metal and mining, and power distribution are all stimulating demand for insulation materials.
Competitive Landscape
Prominent insulation products manufacturers as profiled by Transparency Market Research include
- Atlas Roofing Corporation,
- Duro-Last Roofing, Inc.,
- CertainTeed Corporation,
- The Dow Chemical Company,
- Huntsman International LLC,
- Johns Manville,
- Knauf Gips KG,
- Owens Corning, and ROCKWOOL International A/S.
Key expansion initiatives employed by manufacturers include investments in research & development projects, mergers, acquisitions, or partnerships with existing players, as well as the introduction of new insulation material. Prominent developments with respect to insulation products are as follows:
- In April 2023, Atlas Roofing Corporation introduced the Pinnacle® Sun and Pinnacle® Impact insulation materials. These materials incorporate the 3MTM Cool Roof Technology, 3MTM Smog-Reducing Granules, Class 4 impact resistance, HP42® technology and 3M™ Scotchgard™ Protector, Pinnacle Sun and Pinnacle Impact technologies.
- In May 2023, Duro-Last Roofing Inc. and Aspire Pavers collaborated to expand the latter’s Amenity Deck Program. Aspire Pavers feature a patented grid that enables fast and easy installation with less labor.
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Market Segmentation
Product
- Fiberglass
- Plastic Foam
- Mineral Wool
- Others
Application
- Residential Construction
- Industrial, HVAC, and OEM
- Non-residential Construction
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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