January 05, 2021
According to the research report titled ‘Global Insulation products Market Size study with COVID-19 impact, by Type (Thermal insulation, Acoustic insulation, Vacuum insulation, and others), by Material (Foamed plastics, fiberglass, mineral wool, and others), by End-use industries (Residential, commercial, industrial) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global insulation products market garnered USD 54.41 billion in 2019 and is projected to record a y-o-y growth rate of 7.46% during 2020-2027.
Rising construction activities along with product role in preserving energy and regulating room temperature are the key factors propelling global insulation products market growth. According to National Investment Promotion & Facilitation Agency, the construction sector in India is witnessed 2.9% growth during 2011-2015, which surged to 5.6% during 2016-2020. Also, construction industry in Germany was remunerated at USD 427.84 billion in 2010, and increased to USD 571.51 billion in 2016, recording a 36.4% growth over the years.
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For those unversed, safeguarding an instrument from extreme conditions is referred to as insulation. Insulation products are utilized in several forms such as sound insulation, heat insulation, and electrical insulation. End-use industries use insulation like fiber insulation, blanket batts & rolls, reflective & concrete, and loose-fill & blown-in. Notably, home insulation plays an important role in controlling indoor conditions and aids in keeping the room’s temperature optimal during summers.
Despite the favorable business setup, lack of awareness is likely to impede global insulation products industry expansion over the assessment period. In addition, the outbreak of COVID-19 pandemic has adversely effected market growth due to lockdowns imposed by government in major countries like Spain, Germany, China, United States, and India.
Considering the geographical landscape, worldwide insulation products market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report states that, North America presently leads the overall market share and is poised to gain modest returns by 2027, on account of emphasis on decreasing greenhouse gas emission.
On the other hand, insulation products industry in Asia Pacific is anticipated to witness momentum in growth over the analysis timeframe, creditable to growing construction activities in the region.
Major contenders impacting global insulation products market trends are 3M Company, Trelleborg AB, BASF SE, Johns Manville Inc., Dunmore Corporation, Knuaf Insulation GmbH, Sika AG, E. I. Dupont De Nemours and Company, Owens Corning, and Avery Dennison Corporation.