Insulation Market 2016-2022 Industry Analysis and Future Insights
Insulation Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Insulation Market was valued at USD 40.06 billion in 2016 and projected to reach USD 74.75 billion by 2022 growing at a CAGR of 7.06% during the forecast period 2016 to 2022.
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Insulation Market Growth Drivers and Restraints:
The global insulation market is largely driven by a burgeoning development in industries like residential, non-residential, and others. This is essential because of insulation products being used in the construction sector. Of all these types, covering in residential construction is seeing rampant use in recent times, consequently driving the global market to grow rapidly. Aside from the residential sector, even the industrial field is supposed to depict an extensive use of insulation results, consequently increasing the insulation market.
Another prominent driving factor involves the depletion of energy resources that makes it extremely necessary for using insulation products to conserve whatever service available. A growing bias regarding this factor is seen in companies and non-commercial spaces, wherein extensive use of covering has been noted to occur, consequently hitting the market.
Fast industrialization and building construction costs in emerging economies are essentially making the need for better support and insulating materials for proper use of limited energy resources. Increasing demand for advanced building materials offering more permanent and energy efficient homes will make insulation market size. Rising electricity consumption likely to prompt modern construction techniques among builders to reduce the overall operational cost.
Some of the different applications of the insulation elements market can be automotive, aerospace, marine, microelectronics devices, building & construction, clothes, oil & gas, furniture, packaging, and others. The building & construction section is estimated to control the market during the forecast period. Insulation materials such as fiberglass, metal wool, cellulose, polyurethane foam, and extended polystyrene (EPS) are used in building & construction and foundation industries to prevent energy loss from buildings. The market for insulation materials is high due to the increase in the building & construction industry. This, in turn, is projected to propel the insulation materials market.
Geographical Analysis of Insulation Market:
North America insulation market is expected to be worth over USD 16 billion by 2024. Growing promotional activities by the government concerning energy efficient housing schemes are generating strong interest in insulating products. According to the U.S. Department of Energy, American households accounts for over 50- 70% of energy loss. It has also provided guidelines for insulating systems that reduce the cost of air leakages of home, energy utilization for heating and cooling purpose at business buildings and domestics houses.
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Key Players of Insulation Market:
Key players working in the insulation market include BASF SE, Covestro AG, now DuPont, Owens Corning, Rockwool International A/S Huntsman International LLC, Kingspan Group PLC, Asahi Kasei Corporation, Saint-Gobain S.A., Johns Manville, Evonik Industries AG, Atlas Roofing Corporation, GAF Materials Corporation, and Bridgestone.
Insulation Market Segmentation:
By Product Type:
- Fiberglass
- Plastic Foam
- Mineral Wool
By Application:
- Residential Construction
- Industrial, HVAC, and OEM
- Nonresidential Construction
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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