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The global insulation market size was valued at USD 55.16 billion in 2018 and is projected to reach USD 79.06 billion by 2026, exhibiting a CAGR of 4.6% during the forecast period. The market growth is driven by an increase in consumer awareness about energy and environmental conservation. Additionally, considerable investments in industrial infrastructure across the globe and an increase in demand for cold storage units for food safety are playing a key role in market development. For instance, according to the Global Cold Chain Alliance (GCCA), the capacity of refrigerated warehouses increased from 580 Mn m3 in 2016 to 616 Mn m3 in 2018. Such innovations are anticipated to aid in the expansion of the market in the forecast period.
Rising Adoption of Insulation Materials in the Construction of Office Spaces
Insulation of office spaces has witnessed a sharp increase in the recent past, especially for acoustic. Acoustic insulation helps in the cancellation of noise received in the office from the surroundings. The National Institute of Building Sciences reports that the provision of a comfortable and quiet environment to the employees significantly contributes to optimizing performance, resulting in reduced absenteeism. Thus, a lot of companies have included this product in their new constructions, while also carrying out retrofitting and renovation at old infrastructures.
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Development of Do It Yourself (DIY) Insulation Products
Companies in this market have launched DIY products for consumers who cannot afford the services of technicians. These DIY products come in the form of sprays or panels, which can be easily sprayed or laid, thus decreasing the overall cost of the process. For instance, DuPont offers Froth-Pak, a spray foam-based DIY kit containing quick-cure PU foam for filling cavities and cracks in the roof. 3M offers a transparent weather tape to cover the small crevices and cracks around windows and doors. The development of similar DIY products taken up by key companies such as Knauf, Owens Corning, Ecofoam, among others, is expected to boost the market.
Need for Insulation in Building & Construction Industry Will Drive Market
The growing building & construction industry has led to a rise in the demand for insulation. In building & construction, insulation is utilized to maintain an average temperature indoors by reducing the heat transfer between adjacent environments. Further, it reduces the carbon footprint by limiting the conduction of heat to the external environment and uses less energy to maintain the interior temperature. It provides excellent properties, such as acoustic insulation market, fire, and impact resistance to the building structures. These properties are creating the need for insulation in the building & construction industry. Additionally, rapid industrialization encourages the installation of these systems in commercial buildings for energy conservation and is expected to drive the demand for the insulation industry during the forecast period.
Consumer Demand for Silent yet High-Performance Vehicles to Propel Growth
Vehicle manufacturers are continually researching on developing high-performance engines. These engines create a lot of noise during operation, making them unacceptable for the vehicle occupants to bear. Engines also generate a lot of energy, leading to heating of the environment, which may lead to catastrophic losses of energy and material. Thus, the demand for insulation products from vehicle manufacturers is growing, to proliferate the energy efficiency and reduce the noise, making the vehicle suitable for operation.
Health Concerns Regarding Usage of Few Insulation Products May Hamper Market
A critical challenge affecting growth is the health concern regarding the usage of few products. For instance, glass wool can result in irritation of eyes and respiratory system if exposed to during the laying process. Production of expanded and extruded polystyrenes is also regulated due to the emission of styrene, a carcinogen. Such health-related issues of these insulation products limit their adoption and may cause hindrance to the overall growth of the market in the forecast period.
Foamed Plastics Segment to Gain Impetus during Forecast Period
Based on components, the market is classified into mineral wools, foamed plastics, cellulose, aerogels, and others. Mineral wools are further bifurcated into glass wool and stone wool, while foamed plastics are further divided into expanded polystyrene (EPS), extruded polystyrene (XPS), polyurethane (PU), polyisocyanurate (PIR), and others. The selection of the material is based on the insulation resistance test carried out by an insulation tester. The foamed plastics segment is expected to have a significant growth owing to their adoption in building & construction and electronic applications, as they meet the defined resistance specifications.
Furthermore, foamed plastics are light in weight, which makes them attractive for application in the auto sector. Another segment observing attractive growth is aerogels, which are highly being utilized for super-insulation of cryogenic instruments due to their large insulation resistance properties.
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Building & Construction Segment to Account for Maximum Markets Share
By application, the market is segmented into HVAC & OEM, transportation, packaging, building & construction, and others. Insulation is used in building & construction to reduce energy demand. According to a European Commission report for energy-efficient buildings, buildings consume more than 40% of primary energy demand. This energy can be saved by insulating the building infrastructures. Amongst the applications, the transportation segment is expected to be the fastest-growing segment. Insulation enhances the performance of the engine by reducing the heat losses and along with achieving acoustic shielding. Furthermore, automotive body parts are produced using insulating materials to maintain the ambient temperature inside the vehicle during harsh environmental conditions, further increasing the demand for insulators from the transportation application.
North America Insulation Market Size, 2018
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The findings based on our investigation indicate that Asia Pacific will hold the largest insulation market share during the forecast period. Asia Pacific is a swiftly developing economic powerhouse that strongly emphasizing the development of infrastructure and the standard of living. The governments in the region are supporting sustainable infrastructure development, which includes developing edifice with energy-saving solutions such as solar energy harnessing devices and better insulation. Several manufacturers are developing novel products by carrying out a fusion of two or more insulation materials to better suit the low thermal – high acoustic shielding requirements in the region. These factors are expected to create a very conducive environment for insulation industry growth throughout the forecast period.
The insulation market Europe is expected to hold a subsequent position in the forecast period owing to increasing awareness of the advantages in the region. Further, usage of these products in developed countries of Europe and North America is increasing for retrofitting purposes to meet the ‘zero-energy-buildings’ policies set by environmental agencies.
Key Players to Maintain their Strong Position by Adopting both Organic and Inorganic Growth Strategies
Key companies are investing considerable funds into R&D. From basic DIY products to advanced aerogels, companies are focused on meeting the requirements of the consumers, to gain a competitive edge in the market. The regulations placed by governments and environmental agencies also fuels the demand for research and development of effective, yet sustainable alternatives to the traditional materials. For instance, since July 2019, it is compulsory to carry out the ceiling and underfloor insulation in all rental properties in New Zealand with predefined specifications. Companies such as Element Materials Technology and Thermtest Inc. provide the consumers with an insulation resistance measurement service to help them comply to these regulations.
At present, the cold insulation market is consolidated, with the top ten players holding the majority of the share. The dominance of key players is reliant on their investment in research & development of advanced insulation products, improving operational efficiency, technology up-gradation, and innovative strategic partnerships and acquisitions.
At present, the key objective of market trendsetters is to create systems by using advanced materials and technologies. Coupled with new product development, large enterprises have made acquisitions with specialized product manufacturers to develop their product portfolio, along with improving their production and distribution capabilities. These are some of the crucial factors anticipated to affect the market positioning of players.
K-Flex S.p.A Focusses on Strategic Capacity Expansion of its Production and Distribution Sites to Strengthen its Stake in Developed as well as Emerging Economies
The insulation market research report offers qualitative and quantitative insights on insulating materials and services and a detailed analysis of market size & growth rate for all possible segments.
An Infographic Representation of Insulation Market
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Along with this, the report provides an elaborative analysis by dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the currently adopted trends of insulation solutions by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key insulation market trends.
Volume (Million Sq. Meters) and Value (USD Billion)
Fortune Business Insights says that the market was USD 55.16 Billion in 2018 and is projected to reach USD 79.06 Bn by 2026.
Growing at a CAGR of 4.6%, the global market will exhibit a healthy growth in the forecast period (2019-2026).
The North America market size in 2018 was $12.08 Billion.
Mineral Wools, Foamed Plastics, Expanded Polystyrene, Extruded Polystyrene, Polyurethane, Polyisocyanurate, Cellulose, Aerogels, and Others
Asia Pacific is expected to hold the highest market share in terms of revenue. The demand in Asia Pacific is very large due to flourishing automotive and HVAC & OEM industries in the region, which is expected to further lead the regional market during the forecast period
Ursa, Owens Corning, Rockwool International A/S, and Johns Manville are the key players in the market and have adopted strategies such as acquisition and product portfolio expansion for their growth in this market
The building & construction application segment is expected to be the leading segment in the market.
Some of the key driving factors for the market are the rising demand in the building floors and increasing investments by automotive manufacturers to develop high-performance vehicles with quiet engines.
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