According to the latest report by IMARC Group, titled " Insulation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global insulation market reached a value of US$ 53.3 Billion in 2022. Insulation refers to the process of blocking the transmission of sound, heat and electricity in a physical space. This involves the utilization of insulating materials that help in reducing heat gain or loss by acting as a barrier for energy flow. Therefore, various consumer appliances, such as refrigerators and air conditioners, are extensively equipped with insulators. Along with this, these materials are also used in the manufacturing of roll pans, bumpers and wiper cowls of vehicles since their utilization aids in power-saving while minimizing noise pollution.
Global Insulation Market Trends:
The global market is primarily driven by the increasing utilization of insulation materials across the construction industry. This is supported by rising investments in infrastructural development projects across the globe. In line with this, the widespread adoption of insulating materials for soundproofing across offices, hospital settings and financial institutions is providing a boost to the market growth. Moreover, the increasing utilization of duct wrap insulation material in residential buildings to offer an aesthetic appearance to the space while acting as an insulator is also creating a positive outlook for the market. The market is further driven by an enhanced focus on sustainable development, due to which leading players are heavily investing in the manufacturing of insulation materials using recycled materials, including rockwool and cellulose. Other factors, including rapid urbanization, continuous product innovations and extensive research and development (R&D) activities conducted by key players to introduce improved quality product variants, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 73.1 Billion by 2028, expanding at a CAGR of 5.28% during 2023-2028.
- On the basis of the material type, the market has been segmented into polystyrene, mineral wool, glass wool, polyurethane, calcium silicate and others.
- Based on the function, the market has been classified into thermal, acoustic, electric, and others.
- On the basis of the form, the market has been categorized into blanket, foam, board, pipe and others.
- Based on the end-use industry, the market has been segregated into non-residential, residential, industrial & plant equipment, HVAC equipment, appliances, transport equipment and others.
- On the basis of the region, the market has been divided into Asia Pacific, Europe, North America, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players are GAF, Knauf Insulation, Johns Manville, 3M Company, Owens Corning, Saint Gobain, Recticel, Kingspan Group, URSA, Rockwool Group, Atlas Roofing Corporation, BASF Polyurethanes, Byucksan Corporation and Bridgestone Corporation.
|Base Year of the Analysis
||Material Type, Function, Form, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||GAF, Knauf Insulation, Johns Manville, 3M Company, Owens Corning, Saint Gobain, Recticel, Kingspan Group, URSA, Rockwool Group, Atlas Roofing Corporation, BASF Polyurethanes, Byucksan Corporation and Bridgestone Corporation
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