The global insulation market size was valued at USD 55.16 billion in 2018 and is projected to reach USD 79.06 billion by 2026, exhibiting a CAGR of 4.6% during the forecast period. North America dominated the insulation market with a market share of 23.21% in 2018. We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Market Drivers
- Energy Efficiency Regulations: Increasingly stringent building codes and energy efficiency standards in developed regions are driving demand for better insulation materials.
- Urbanization and Infrastructure Development: Rapid urbanization in emerging markets, especially in Asia-Pacific, is creating huge demand for new residential and commercial buildings, boosting insulation needs.
- Sustainability Trends: Growing awareness of environmental concerns and the push toward reducing carbon footprints have led to a rise in demand for eco-friendly insulation materials like cellulose and aerogels.
Market Share by Segments:
1. By Product Type
- Fiberglass Insulation: Fiberglass holds a significant market share due to its cost-effectiveness, ease of installation, and thermal performance. It is widely used in both residential and commercial buildings.
- Mineral Wool (Rock & Slag Wool): Known for its fire resistance and soundproofing properties, mineral wool is growing in demand, especially in the industrial sector. It holds a notable portion of the insulation market.
- Plastic Foams (Expanded & Extruded Polystyrene, Polyurethane): These are widely used in industrial applications and roofing due to their superior thermal resistance and moisture control.
- Others: Includes materials like aerogels, cellulose, and cotton. While still niche, they are gaining traction due to the rise in eco-friendly building materials.
2. By Application
- Building & Construction: This segment dominates the insulation market, accounting for more than 50% of the total market share. The increasing need for energy-efficient residential, commercial, and industrial buildings is the main driver here. Government policies promoting sustainable construction also play a vital role.
- Industrial: Industries such as oil & gas, automotive, and power generation have significant insulation requirements for machinery, piping, and equipment. The industrial segment accounts for a substantial portion of the market and is expected to grow steadily.
- HVAC & Refrigeration: Insulation for HVAC systems and refrigeration units is becoming increasingly important to reduce energy consumption. This segment is gaining prominence, especially in commercial buildings and industrial plants.
REGIONAL INSIGHTS
Increasing Adoption of Sustainable Infrastructures in Asia-Pacific to Aid Growth