According to a study by Grand View Research, Inc.; the global insulation market is estimated to rise to a valuation of USD 93.34 billion by the end of 2024. The market is expected to expand at a CAGR of 8.4% between 2016 and 2024 (forecast period). Most of the insulation products available offer advantages such as hassle-free and quick installation and high noise reduction coefficient (NRC) value. In addition, they ensure prevention of cracks in buildings caused due to thermal stress.
Increasing emphasis on energy efficient buildings in the wake of skyrocketing cost of generating energy is one of the key growth stimulants of the market. High usage of air conditioners and refrigerators in commercial and residential buildings is followed by high energy demand, which augments the energy consumption across the globe. Insulation materials minimize the leakage of energy and thus, cut down on excess wastage of power, which boosts the efficiency of a building. Demand for insulation in the residential sector accounted for 39.1% of the overall market revenue in 2015 and is projected to amount to more than USD 36.3 billion by 2024.
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U.S. insulation market revenue by product, 2014 – 2024 (USD Million)
The insulation market size was worth USD 44.46 billion in 2015. Rising awareness among consumers regarding energy conservation and safety can provide a fillip to the market in years to come. Favorable regulatory scenario across the globe, such as new building codes implemented by the European Union mandates increased usage of insulation to cut down energy consumption, is likely to have a positive influence on the market.
Several government organizations are offering rebates to common masses for upgrading insulation set-ups at their homes and offices. For instance, in January 2017, NB Power announced a rebate program to encourage homeowners to upgrade their insulation systems. The program offers homeowners incentives to step up the R-value of their walls, basements, and attics to render their homes more energy efficient.
Rising disposable income of people around the world is also playing an important role in the development of the market. Governments, especially in developing countries, are allocating significant budgets to infrastructure development, which is anticipated to allow the market to gain remarkable momentum in coming years.
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Protean prices of crude oil are directly affecting the prices of raw materials such as styrene that is used in the manufacturing of insulations. Therefore, volatile prices of raw materials can adversely affect the growth of the market. Nevertheless, growing expenditure on R&D by key players can augur well for the market.
The worldwide insulation market has been segmented on the basis of product, application, and geography. Based on product, the market has been classified into mineral wool, foamed plastic, and fiberglass. Foamed plastic accounted for the leading share of 45.0% in 2015. The segment is poised to register a CAGR of 8.9% during the forecast period. By application, the market has been categorized into residential construction, non-residential construction, industrial, heating, ventilation, and air conditioning (HVAC), and original equipment manufacturer (OEM). Nonresidential construction is likely to exhibit the highest CAGR of 9.1% during the forecast period.
From a geographical standpoint, the market has been divided into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific was at the forefront of growth in 2015, representing 42.4% of the overall market revenue. Increasing construction of residential and commercial buildings is contributing to the growth of the regional market for insulation. Rapid industrialization coupled with growing spending in infrastructure development in countries such as India, China, Thailand, Indonesia, Malaysia, and the Philippines is supplementing the growth of the region. Owing to these factors, APAC will maintain its dominance in the market through 2024, rising at a CAGR of 9.4% over the forecast period.
Some of the prominent companies operating in the insulation market are Rockwool, Saint-Gobain, Huntsman Corporation, Johns ManvilleCorporation, andGAF Materials Corporation.
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