Commercial Insulation Market Size, Share & Industry Analysis, By Material Type (Foamed Plastic, Fiberglass, Mineral Wool, Others (Cellulose, Perlite, etc.)), By Application (Walls, Floor/Slab, Roof/Ceiling), By Building Type (Institutional, Office, Healthcare, Retail & Lodging, Others (Museums, Theatres, etc.)) and regional Forecast, 2024-2032

Insulating materials are known for controlling the penetration of energy in the form of heat as well as sound. In infrastructure development, insulation plays an important role in creating the barrier and isolating the inside area from the outside environment. In varied climatic conditions, insulation ensures that outside temperature does not affect the warmth or coldness of indoor space by which it reduces the need for temperature controlling appliances such as heaters and air conditioners. This factor in turn aids in energy as well as cost-saving; making the construction sustainable. Poorly insulated structures lead to increased use of heating/cooling devices which consequently results in the generation and emission of toxic greenhouse gases. Therefore, increasing awareness regarding sustainable living among the populace is likely to foster demand for insulation products including blanket, board, and rolls among others.

Building & construction industry is booming on the global level which has pushed the demand for products that can provide better protection from heat and reduce the impact of unnecessary noise. The number of establishments such as airports, railway stations, shopping malls as well as resorts & lodging facilities is increasing rapidly to cater to the increasing demand for respective services. For instance, according to the data released in 2017 by the International Council of Shopping Centers, the number of shopping centers was about 3,700 in Canada as of August 2017. Moreover, as per the same source, among the 100 largest firms in Canada, the retail real estate organizations held a share of about 14%. Therefore, an increasing number of new construction projects across various sectors in the world is driving the product demand. Moreover, to follow different industry norms, energy saving has become a critical factor at various commercial construction sites. Therefore, manufacturers are focusing on developing products that are certified to be used in green buildings to attract consumer base. For instance, commercial insulations such as Fiberglass Pipe Insulation and XPS insulation offered by Owens Corning are LEED-certified (Leadership in Energy and Environmental Design – a green building certification).

However, increasing layers of insulation increase the construction cost which is expected to hamper the market growth.

Key Players Covered:

The key companies operating in the global commercial insulation market are, Owens Corning Insulating Systems, LLC, Johns Manville- A Berkshire Hathaway Company, Knauf Insulation, Sobieski Services, Inc, USA Insulation Franchise Corporation, BASF SE, Huntsman International LLC, 3M and Compagnie de Saint-Gobain S.A.

Based on product type, the global market is segmented into, foamed plastic, fiberglass, mineral wool and others. The foam plastic is expected to hold major share which can be attributed to its widespread usage for both the applications wall as well as roofing. Moreover, it is lightweight and is available at low cost. However, fiberglass is more sustainable and therefore expected to gain momentum.

Based on the application, the market is segmented into, walls, floor/slab and roof/ceiling. The roof/ceiling segment is expected to hold a major share as heat is directly transmitted through the roof from sun rays which necessitates the use of efficient insulation at the top of the building. The wall segment is also expected to hold significant share owing to efficient acoustic insulation provided by insulating walls.

Based on the building type, the market is segmented into institutional, offices, healthcare, retails & lodging and others. The office segment is expected to hold a major share as in offices, the HVAC system (Heating, ventilation, and air conditioning) are widely used for the whole building for providing a comfortable working environment to the employees. Incorporating proper insulation will, therefore, reduce the requirement of such appliances and thereby save the huge cost spent on it. This factor, therefore, is driving demand for commercial insulations from the office segment.

Regional Analysis:

Europe is expected to hold a major share owing to the strict governmental regulations on constructing sustainable buildings. The European Union follows a ‘GreenBuilding program' to enhance the energy efficiency of non-residential buildings under which installation of insulation covering is also included. Additionally, in September 2017, the UNECE, The United Nations Economic Commission for Europe, adopted new guidelines to support the development of new standards to improve energy efficiency buildings in Europe. Furthermore, the European Union has set the target of achieving ‘net-zero greenhouse gas emissions’ by 2050. Therefore, these strong government initiatives towards sustainable buildings are in turn, expected to drive the product demand in the region.

The Asia Pacific is expected to hold significant share owing to increasing demand and thereby greater spending on construction and architectural needs. The presence of highly populous countries in the region such as China, India as well as ASEAN countries among others has created a necessity of various commercial buildings including healthcare facility centers, offices, schools & colleges as well as other recreational facilities such as theatres and gymnasiums. This factor, in turn, is positively impacting the market size in the region. For instance, according to the 'Hospital resources 2017–18: Australian hospital statistics' published in June 2019 by the Australian Institute of Health and Welfare,  in Australia, the number of public hospitals was about 693 and private hospitals were 657 in 2017-2018.

Segmentation

Key Industry Developments

• In June 2017, BASF launched its new insulation product, ‘Elastospray LWP’ which is an eco-friendly spray foam type of insulation material.


• In June 2019, Installed Building Products Inc. acquired Expert Insulation, Inc. which is one of the major companies engaged in the installation of insulation and complementary building products for commercial as well as residential projects