Insulation Market Size Is Poised To Reach $76.93 Billion By 2025: Grand View Research Inc.

 

The global insulation market size is expected to reach USD 76.93 billion by 2025, as per a new report by Grand View Research Inc. It is anticipated to expand at a CAGR of 5.7% during the forecast period. Rapid urbanization, population growth and industrialization in developing countries is estimated to boost the growth.

Moreover, government initiatives to promote energy efficiency and sustainable development through insulation technologies are estimated to fuel growth of the global insulation market. Initiatives through the Weatherization Assistance Program (WAP) by the U.S. government through federal funding to encourage the use of thermal insulation in low-income households are likely to drive the market growth in North America.

Strict insulation codes and laws effectuated by the European regulatory authorities have contributed to the rising awareness regarding rising energy costs and the need for energy efficiency. The market for industrial insulation is estimated to exhibit high growth owing to the growing thermal energy production which calls for the extensive need of insulation to maximize efficiency.

Additionally, the U.S. industrial insulation market is expected to benefit from recovering nonresidential building construction expenditures, particularly in the office and commercial segments. Rising awareness regarding environmentally friendly construction practices is expected to propel insulation use with an aim to reduce energy consumption. Funding by the U.S. Department of Energy for the development of phenolic foams is estimated to boost demand for products, which, in turn, is estimated to drive global growth. According to research conducted in 2016 by the Harvard School of Public Health, about 45 million residences in the U.S. were found to be living in under-insulated conditions, which represents a huge opportunity for insulation in the country.

Factors such as fluctuating raw material prices and limited production in the U.S. are estimated to hamper the overall growth in the forthcoming years. The rising presence of manufacturing industries in China, India, Brazil, and Mexico is estimated to boost the demand for fiberglass insulating material in industrial buildings thereby driving the market growth.

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Further key findings from the report suggest:

• EPS insulation emerged as the largest product segment with a market share of 26.69% in 2018 and is estimated to continue its dominance over the forecast period owing to its lightweight and high-tensile plastic foam insulation property
• Glass wool was the second largest product sector and is expected to expand at a CAGR of 5.5% over the forecast period owing to its thermal and acoustic insulation properties such as high tensile strength
• Infrastructure sector accounted for the largest market share in 2018 and is estimated to expand at a CAGR of 5.9 % over the forecast period owing to increasing number of insulation-intensive buildings in urban areas in comparison to rural ones
• Transportation sector, comprises automotive, marine, and aerospace, emerged as a significant application segment in the global insulation market in 2018 as automakers are constantly looking to enhance the safety and comfort vehicles
• Huntsman International LLC is a publicly traded global manufacturer and marketer of differentiated chemicals, serving various end markets including footwear, clothing, fuels and energy, construction, home life, and transportation

Prominent market players are Atlas Roofing Corporation; BASF; Bayer; Certain Teed; Cellofoam North America Inc.; Dow Building Solutions; GAF Materials Corp.; Knauf; Owens Corning Corp.; and Nova Chemicals Corp. These players are concentrating on new joint ventures, collaborations, agreements, and strategies to advance their production facilities and to gain larger market shares.

Biesanz Stone Co. and Michigan Limestone & Chemical Company are the major limestone suppliers, while Alfa Aesar and American Borate Company supply borates. Companies such as BASF, Bayer, and Dow Chemical Company dominate raw material supply for foamed plastic insulation products.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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