Global Insulation Market is Expected to Reach US$ 64.91 Bn in 2020
Transparency Market Research has published a new report titled “Insulation Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”. According to the report, the global insulation market was valued at US$ 37.87 Bn in 2013 and is anticipated to reach US$ 64.91 Bn in 2020, expanding at a CAGR of 8.0% from 2014 to 2020.
Demand for insulation is expected to be driven by the growth of the construction industry in the emerging economies of Asia Pacific and Row. The re-insulation market in the developed economies of North America and Europe is also anticipated to fuel the demand. Extensive usage of depleting resources has boosted energy prices, which in turn has created awareness for energy conservation. Insulation helps in conserving energy and reducing utility bills.
The importance of insulation has increased significantly in the last few years due to increasing awareness about greenhouse gas emission and global warming. Insulation is expected to help reduce the emission of greenhouse gases and promote healthy environment conservation approach. Technological advancements and industrial production techniques have created a demand for insulation in factories and noncommercial spaces. Moreover, the growing automobile industry and electronic industry are anticipated to drive the market for automotive insulation and electrical insulation, respectively.
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Demand for insulation materials was the largest from fiberglass, having a market share of over 42% in 2013. However, other insulating materials such as plastic foam insulation materials face considerable restraints owing to fluctuating prices of raw materials, especially crude oil. With the upgraded manufacturing techniques, environmentally-friendly insulating materials are widely manufactured and commercialized. The market for natural and eco-friendly insulation is anticipated to be highly attractive during the forecast period.
Residential construction was the largest application segment, accounting for around 48% of overall insulation market in 2013. Homeowners are becoming aware of the advantages of insulation. Insulation reduces energy consumption, which in turn reduces the monthly utility bill. Demand for insulation was the second highest in industrial application due to growth in the manufacturing industry. Insulators having a higher R-value protect industrial constructions against thermal and electrical damages. Hence, demand for such insulators is increasing in this application.
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Asia Pacific was the largest consumer of insulation materials in 2013, accounting for over 41% of the market share in the same year. The emerging economies of China and India are the top two users of construction materials owing to rapid infrastructural development. These countries significantly use insulation materials for both residential and non-residential applications. Demand for industrial insulation materials are increasing considerably in Asia Pacific as many companies have set up their production units in Southeast Asian countries. Additionally, the market for industrial insulation in Asia Pacific is likely to witness the fastest growth rate during the forecast period. Increase in consumers’ disposable income has improved lifestyle and living conditions in the region. Thus, demand for HVAC and OEM is high in Asia Pacific, which in turn is anticipated to fuel the demand for insulation materials.
This trend is expected to continue during the forecast period. The market has been segmented below:
Insulation Market – Product Segment Analysis
• Plastic Foam
• Mineral Wool
• Other (Including cotton wool, slag wool, etc.)
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