Insulation Market – Valued At USD 67 Billion By 2020, Asia Pacific Likely To Be The Fastest Growing Market

By   | September 28, 2015 |   Price: 4950  |   Category: Specialty glass Specialty Polymers
  • Thermal insulation blocks heat from escaping buildings by means of radiation and conduction. According to a recent study by Grand View Research, Inc., the global insulation market was worth around USD 37.5 billion in 2013. It is projected to reach about USD 67 billion by 2020.

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    Demand for insulation in residential as well as non-residential applications is on the rise. Mounting energy costs have made energy conservation a top priority. Various governments across the world are supporting sustainable insulation through initiatives. Europe and the U.S. have introduced regulations that promote the construction of zero-energy buildings.

    Rising construction projects in emerging economies are also fuelling the demand for thermal insulation. Ongoing research for the development of superior products is anticipated to create new opportunities for the insulation market. Elastomers, polyethylene, and other insulating materials are the derivatives of crude oil. Fluctuations in crude oil costs are likely to restrict the growth of the market.

    Grand View Research segregates insulation products into fiberglass, mineral wool, foamed plastic, and others. Fiberglass, with revenues worth more than 42%, led the insulation market in 2013. This segment is estimated to grow at a CAGR of 9% from 2014 to 2020. Fiberglass is also the highest preferred insulation material due to its cost-affordability and great compatibility.

    The segment of foamed plastic is estimated to expand at about 8.7 percent CAGR during 2014 to 2020. The insulation market applications include non-residential constructions; residential constructions; HVAC (Heating, Ventilating & Air Conditioning) and OEMs (Original Equipment Manufacturers); and industrial. Residential constructions dominated the market in 2013.

    They accounted for more than 49% of the total revenue that year. The segment is anticipated to be the fastest growing, with a CAGR of 9.9 percent, from 2014 to 2020. This can be credited to rising urbanization and incomes in emerging economies. The remaining applications are estimated to grow at a CAGR of 7.8% in the aforementioned period.

    North America and Europe have already reached maturity. However, both these regions will grow further, albeit slowly, owing to eco-friendly regulatory environments. On the other hand, the Asian Pacific insulation market is likely to witness lucrative growth, with a CAGR of 9.3%, from 2014 to 2020. A booming real estate sector in the region is the key reason for the same.

    Knauf Insulation, Saint-Gobain SA, and Johns-Manville Corporation are some of the leading market players. Rockwool International, Xtratherm SA, Celotex Ltd., Paroc Group, and BASF SE are the other participants. The market is characterized by consolidation with mergers and acquisitions.

    Insulation Market

    Information Source: Grand View Research

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