December 20, 2019
According to a new research report titled ‘Insulation Market Size By Product (Fiberglass/Glass Wool, Mineral Wool, Plastic Foam [Expanded Polystyrene, Extruded Polystyrene], By Application (Residential Construction, Industrial, HVAC & OEM, Non-residential Construction) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’ available at MarketStudyReport.com, global insulation market size will surpass USD 80 billion by the year 2026.
Stringent environmental regulations enforced by governments and other regulatory bodies will propel insulation market outlook over the next few years. Insulation material manufacturers need to ensure that their products comply with toxicity and carcinogenicity norms. Industry participants around the world are aiming to develop ecofriendly and recyclable insulating materials that in no way harm the environment or human health.
A booming global population and the subsequent rise in urbanization along with environmental changes have fueled the demand for smart and sustainable infrastructure solutions. Following effective building approaches including accurate planning, designing, and integration will be key factors promoting the growth of insulation industry.
Fiberglass/glass wool segment is projected to register the highest growth rate during the forecast period. This can be attributed to several advantages offered by the material such as low cost and convenient application compared to other materials. Excellent properties of fiberglass such as excellent absorption of sound waves and design freedom will further accelerate the product demand.
Consumer preference for insulation products greatly depends upon the application and the desired R-value. The segment growth will be largely driven by exponential growth of the residential construction sector along with escalating demand for products that effectively maintain the required insulation. Availability of an extensive range of products in different forms such as blanket form which is prominently used in residential applications will boost the product penetration.
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Asia Pacific insulation market led by China and Japan is poised to witness unprecedented growth over the projected timeframe. This can be majorly attributed to the robust demand for insulating products from the construction and industrial sectors. The Chinese government has upgraded insulation building requirements to minimize energy consumption and incorporated design standards to ensure energy-efficiency of residential buildings.
Owens Corning, Dow Chemicals, Knauf Insulation, Huntsman International, CertainTeed, Recticel Insulation, Rockwool, Armacell, and BASF are some of the major industry participants in global insulation market. Industry players are relying on merger & acquisition strategies to increase their market prominence.
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