Wilmington, Delaware, United States, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global insulation materials market was valued at US$ 104.4 billion in 2022. From 2023 to 2031, the market is projected to expand at a CAGR of 5.5%. The market is expected to reach US$ 167.5 billion by 2031. In the years to come, building materials that are environmentally friendly and sustainable, including insulation, will be in high demand. Developing eco-friendly insulation materials might become easier with the attention given to green building practices and certifications.
Anticipated tougher building codes and energy efficiency legislation may prompt the introduction of improved insulation materials to achieve greater performance. It is expected that governments will continue to advocate for energy-efficient building techniques. Continuous developments in materials science and technology could create more economical and effective insulating materials. Enhancing thermal performance, installation simplicity, and environmental sustainability could be the main areas of innovation.
Energy-efficient homes and offices are becoming more popular, creating a greater demand for insulation. Sustainable insulation materials have become increasingly popular since green building certifications such as LEED have become widely accepted (Leadership in Energy and Environmental Design). The industry has adopted insulation materials that adhere to stringent environmental standards and have a low ecological footprint due to growing concerns about environmental impact.
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Key Findings of the Market Report
- In 2022, North America held a share of 22.41% in the insulation materials industry.
- A share of 25.53% of insulation materials industry revenues could be attributed to Europe in 2022.
- As insulation materials industry shares increase, the aerogel segment will hold a prominent position.
- In 2022, Middle East & Africa accounted for 3.89% of global market share.
- Latin America held 4.56% of the market share in 2022.
Global Insulation Materials Market: Growth Drivers
- Building codes and regulations have become more stringent as energy efficiency and sustainability have become increasingly important. Building insulation materials reduce building energy consumption and assist in meeting these requirements. Due to significant growth in the construction industry, particularly in emerging markets, insulation materials have become more in demand. With more buildings being constructed, energy efficiency and comfort are becoming increasingly important.
- As climate change concerns and the need for carbon emissions reductions flourish, insulation materials are becoming increasingly popular to improve buildings' energy efficiency. Governments and organizations around the world are promoting sustainable construction practices. Innovative insulation materials have been developed based on ongoing research and development work in materials science and technology. As a result, a wide range of industries have adopted this technology.
- Energy-efficient buildings have become more popular with the growing adoption of alternative energy sources, such as solar and wind. Heating and cooling systems are less dependent on insulation materials, maintaining a stable indoor environment. Many governments through tax credits, incentives, and rebates can subsidize energy-efficient materials, including insulation. As a result, insulation materials are in high demand.
Global Insulation Materials Market: Regional Landscape
- North America is expected to dominate the insulation material market. Building codes and regulations in North America have tightened up, especially around energy efficiency. Buildings of all types, including commercial, residential, and industrial, must comply with these regulations that aim to reduce their energy consumption. The market for insulating materials has been significantly influenced by retrofitting and rehabilitation of existing structures. Insulation materials are in higher demand as building owners attempt to improve their structures for energy efficiency.
- The market for insulating materials has benefited greatly from the residential construction industry. The demand for insulating materials in new home building and renovations is rising as the housing market expands and homeowners become more cost-conscious.
- Energy efficiency, a consistent indoor temperature, and compliance with environmental laws are among the reasons commercial and industrial applications use insulation materials. As the commercial and industrial sectors have expanded, the market has benefited.
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Global Insulation Materials Market: Key Players
Insulation materials are a fragmented market, with several large, medium, and small manufacturers worldwide. Companies merge and acquire, partner, create joint ventures, and collaborate to grow their global market share.
- BASF SE
- Covestro AG
- Dow
- Huntsman International LLC
- John Manville
- CERTAINTEED
- Bayer
- JSP Corporation
- Borealis
- The Woodbridge Group
- Owen Corning
- Knauf Insulation
- Korff Isolmatic GmbH
- Others
Key Developments
- In July 2023, Borouge PLC significantly contributed significantly to the Jiangsu Rudong offshore wind transmission program, the country's largest HVDC wind transmission program. Borouge has been integral to the safe and efficient transfer of electricity in China’s rapidly growing offshore wind market with its polymeric insulation materials, which use Borealis’ proprietary Borlink technology.
- In January 2023, KNAUF Insulation debuted an online condensation risk assessment tool tailored to the insulation industry. By allowing architects and specifiers to calculate U-values in less than five minutes, the solution will enable them to assess the risk of interstitial condensation.
Global Insulation Materials Market: Segmentation
By Type
- Polyurethane Spray Foam
- Fibrous Insulation
- Fiberglass
- Mineral Wool
- Plastic Fibers
- Cellulose
- Others
- Rigid Foam Insulation
- Expanded polystyrene (EPS)
- Extruded polystyrene (XPS)
- Polyisocyanurate (Polyiso, ISO)
- Polyurethane (PU)
- Others
- Aerogel Insulation
- Others
By Category
- Blanket Batt Insulation and Roll Insulation
- Foam Board or Rigid Foam
- Insulated Concrete Forms
- Loose-Fill and Blown-In Insulation
- Loose-Fill and Blown-In Insulation
- Spray Foam and Foamed-In-Place Insulation
- Structural Insulated Panels (SIPS)
- Others
By Density
- Up to 100 Kg/m3
- >100 to 200 Kg/m3
- >200 to 500 Kg/m3
- >500 to 700 Kg/m3
- >700 Kg/m3
By End Use
- Building & Construction
- Residential
- Commercial
- Infrastructure
- Electrical & Electronics
- Packaging
- Food & Beverages
- Automotive
- Oil & Gas
- Consumer Goods
- Aerospace
- Marine
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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