In terms of revenue, the Global Insulation Materials Market is expected to reach USD 87.7 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 4.90% from 2022 to 2028.
Rapid urbanization and industrialization in developing nations, as well as the rising construction industry, are some drivers driving the global market for Insulation Materials. In recent years, residential development has steadily increased in North America, Asia Pacific, and Europe. Asia-Pacific nations, including India, China, Indonesia, Singapore, and Vietnam, are all seeing an increase in residential buildings. Residential building is expanding in North America and Europe due to the high demand for homes. The Asia-Pacific area has the most significant construction industry in the world. It is increasing at a healthy rate due to urbanization, rising middle-class incomes, and population growth.
Key Highlights from Report
· Based on Type, the Expanded Polystyrene (EPS) segment dominates the Insulation Materials market with the maximum market share and will continue its dominance in the forecast period.
· Among Application Industries, the Wires & cables segment accounted for the highest CAGR in the forecast period. In 2021, the wires & cables market made up over two-thirds of the entire Insulation Materials market.
· In terms of region, Asia Pacific holds the significant market share within the Insulation Materials market. The demand for Insulation Materials is anticipated to be driven by the growing population and rising earnings in this area.
The market is expanding due to rising development and construction activity in various regions. The insulation market is anticipated to grow as personal income per capita rises, and numerous economic reforms support economic expansion in many Asia Pacific nations, including China and India. The Indian construction industry will be driven during the projected period by government policy that intends to create 100 smart cities and provide homes for everybody by 2022.
The Australian residential construction market is anticipated to expand during the forecast period. The housing market has grown as a result of rising demand. The residential market in the United States has seen a surge in investment. In the US residential construction market, the need for Insulation Materials is anticipated to increase. The market is expected to be driven by the usage of Insulation Materials during building and construction for walls, roofs, and floors and for retrofitting existing buildings. The building and construction industry is the leading industry driving the rise of insulating products.
One of the main factors impeding the growth of this market is the generation of greenhouse gases during the production of insulating materials.
The Asia Pacific region is anticipated to hold the most significant market share during the projection period. The Asia Pacific region held the most important market share of 41% in previous years. Due to rising oil production, insulating materials have seen significant use in nations like China and India. As a result, the demand for insulation in refurbishment and renovation projects has increased along with using insulation to reduce energy waste.
The Global Insulation Materials Market is Segmented as follows
- Mineral Wool/Rock Wool/ Stone Wool
- Polyurethane Foam
- Polyvinyl Chloride
- Expanded Polystyrene (EPS)
- Extruded Polystyrene (XPS)
- Others (Carbon Glass, Aerogel Silicate, Fiberglass, Perlite, Phenolic Foam & Glass Wool)
- Residential Construction
- HVAC & OEM
- Wires & Cables
- Oil & Gas
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Insulation Materials Market is
BASF SE (Germany), Bayer AG (Germany), Saint-Gobain S.A (France), Rockwool International (Denmark), Huntsman Corporation (US), Atlas Roofing Corporation (US), Bridgestone (Japan), Evonik Industries AG (Germany), GAF Materials Corporation (US), Kingspan Group PLC (Ireland), The DOW Chemical Company (US)
The Global Insulation Materials Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|