The global insulation products market is driven by factors, including the increasing construction industry, and high demand for insulation products from various end-use industries
PORTLAND, Ore., Aug. 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Insulation Products Market By Type (Thermal and Acoustic & Others), By Material (Mineral Wool, Fiberglass, Stone Wool, Polyurethane Foam, Phenolic Foam, and Others Insulation), By End-Use Industry (Building and Construction, Industrial, Transportation, Consumer Goods, and Others), By Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis And Industry Forecast, 2023-2032." According to the report, the insulation products industry was valued at $62.1 billion in 2022 and is estimated to reach $102.6 billion by 2032, exhibiting a CAGR of 5.2% from 2023 to 2032.
Insulation products refer to materials or products specifically designed and used to reduce heat transfer and improve energy efficiency in buildings and other structures. These products are used to create a barrier between the interior and exterior environments, preventing the transfer of heat, cold, sound, or moisture.
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Prime Determinants of Growth:
The global insulation products market is driven by factors, including the increasing construction industry, and high demand for insulation products from various end-use industries. However, the changing price of raw materials for insulation materials is restricting the market growth. Moreover, the increased demand for insulation products for energy conservation offers remunerative opportunities for the expansion of the insulation products market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $62.1 Billion |
Market Size in 2032 | $102.6 Billion |
CAGR | 5.2 % |
No. of Pages in Report | 305 |
Segments Covered | Type, Material, End-use Industry, and Region |
Drivers | High demand for insulation products from various end-use industries |
Increasing construction industry | |
Opportunities | Increased demand for insulation products for energy conservation |
Restraints | The fluctuating cost of raw material of insulation material |
The thermal segment to maintain its lead position during the forecast period-
Based on type, the thermal segment accounted for the largest share in 2022, contributing to more than three-fifths of the global insulation products market revenue, and is expected to maintain its lead position during the forecast period. This is due to governments and international organizations increasingly focusing on energy efficiency to reduce greenhouse gas emissions and combat climate change. As a result, there were stricter building codes and regulations that mandated the use of thermal insulation in construction to improve energy efficiency. However, the acoustic and others segment would showcase the fastest CAGR of 5.3% during the forecast period.
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The others insulation segment to maintain its leadership position during the forecast period-
Based on material, the others insulation segment accounted for the largest share in 2022, holding more than one-third of the global insulation products market revenue and it is expected to maintain its leadership status during the forecast period. The same segment would cite the fastest CAGR of 5.5% during the forecast period. This is due to the growth of the construction industry in various regions also positively impacting the cellulose insulation market, as construction companies sought energy-efficient solutions for their projects.
The building and construction segment to rule the roost by 2032-
Based on end use industry, the building and construction segment held the largest market share in 2022, accounting for more than one-third of the global insulation products market revenue and is projected to rule the roost by 2032. Owing to a growing awareness of environmental issues, there is a shift towards sustainable construction practices. Insulation materials play a crucial role in improving energy efficiency and overall sustainability of buildings. Eco-friendly and recyclable insulation materials, such as cellulose, fiberglass, and mineral wool, are gaining popularity as they align with green building initiatives. However, the transportation segment is expected to grow at the highest CAGR of 5.6% during the forecast period.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global insulation products market and it is expected to maintain its dominance during the forecast period. The same region would also display the fastest CAGR of 5.5% throughout the forecast period. The growth is attributed to the fact that the region has been attracting significant foreign investments, leading to extensive infrastructure development. As new infrastructure projects are initiated, insulation materials are used to ensure that these structures meet modern energy efficiency standards and adhere to environmental regulations.
Leading Market Players: -
- Huntsman Corporation
- Kingspan Group
- BASF SE
- Owens Corning
- Saint-Gobain
- Armacell
- Wincell Insulation Co., LTD.
- LX Hausys
- ROCKWOOL A/S
- Asahi Kasei Corporation
The report provides a detailed analysis of these key players in the global insulation products market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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