According to the latest report by IMARC Group, titled “Insulation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global insulation market experienced steady growth during 2011-2018. Insulation is the process of hindering heat, sound and electricity from entering or escaping a physical space. It acts as a barrier to the heat flow, which enables an insulated room to remain warm in the winter while cooler during summers. Insulating residential spaces aid in providing year-round comfort to the users while eliminating the issue of condensation within homes. It also absorbs sounds that assist in minimizing unwanted noise caused by appliances or other sources. Apart from this, insulation helps in reducing energy costs, minimizing emissions of pollutants and protecting spaces from fire threats.
Global Insulation Market Trends:
At present, there is an increase in the construction of buildings, especially in the industrial, residential and infrastructural sector, across the globe. This can be attributed to the rising global population and inflating income levels of individuals, which, in turn, is positively impacting the sales of insulators. In addition to this, shifting preference of the consumers towards energy conservation and sustainable development, along with rising demand for green construction, is providing a thrust to the market growth. Furthermore, enhanced research and development (R&D) activities by manufacturers to introduce efficient product variants are expected to impact the market growth favorably. For instance, efficient product variants, such as R10 insulated vinyl siding and Polymeric Vacuum Insulation Spheres (PVIS), are gaining traction among consumers. Boosting sales of air conditioners and the implementation of stringent building codes in various countries are some of the other factors that are expected to contribute to the market growth in the coming years. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 6.5% during 2019-2024.
- On the basis of the material type, the market has been divided into mineral wool, polyurethane, polyethylene, polyvinyl chloride, polystyrene, calcium silicate and others.
- Based on the function, the market has been categorized into thermal, electric, acoustic and others.
- On the basis of the form, the market has been segregated into pipe, foam, blanket, board and others.
- Based on the end use industry, the market has been classified into power, chemical and petrochemical, oil and gas, construction, automotive, food and beverage, and others.
- On the geographical front, the market has been divided into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the key players operating in the market. Some of these players include GAF Materials LLC, Knauf Insulation, Johns Manville Corporation, 3M Company, Owens Corning Corporation, Saint Gobain Group, Recticel NV, Kingspan Holdings (Ireland) Limited, URSA Insulation S.A., ROCKWOOL International A/S, Atlas Roofing Corporation, BASF Polyurethanes GmbH, Byucksan Corporation, and Bridgestone Corporation.
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