Insulation Market, by Material Type (Fiberglass, Mineral Wool, Plastic Foam, and Others), End-Use Type (Building & Construction and Industrial), Insulation Type (Thermal and Acoustic), and Region (North America [The USA and Others], Europe [Central Europe, Western Europe, and Eastern Europe], Asia-Pacific [China and Others], and Rest of the World [The Middle East, Latin America, and Others]).
Insulation Market, by Material Type (Fiberglass, Mineral Wool, Plastic Foam, and Others), End-Use Type (Building & Construction and Industrial), Insulation Type (Thermal and Acoustic), and Region...
The insulation market is likely to register a healthy CAGR of 3.3% over the next five years to reach a value of US$ 83.2 billion by 2028.
Insulation is a material or technique used to reduce the transfer of heat, cold, or sound between different areas or objects. It is a crucial component in buildings and various systems to improve energy efficiency and comfort. It is accomplished by installing insulating materials that serve as a barrier to the flow of energy. Key insulation materials used include fiberglass, mineral wool, plastic foam (expanded polystyrene (EPS), extruded polystyrene (XPS), polyurethane, and polyisocyanurate (PIR)), phenolics, flexible insulation, etc.
An area's insulation helps save energy costs, prevent moisture condensation, and improve people's sense of safety and protection. Along with dampening noise pollution, it also helps to reduce heat loss from exposed pipes and uninsulated valves inside buildings.
The sudden outbreak of COVID-19 has brought a considerable downswing (3.7% decline in 2020) in the market due to a shrinking economy, a significant reduction in infrastructure spending, a hefty decline in vehicle production, a halt in construction activities, and a shutdown of the manufacturing plant. The market rebounded in 2021, followed by healthy growth in 2022.
Key factors driving the growth of the market are stringent energy efficiency regulations and building codes for the use of insulation materials, an increase in the need for energy-efficient equipment, an increase in construction activities, rising industrial projects, an increase in automotive production, and the prioritization of comfort in homes and workplaces.
Recent Market JVs and Acquisitions:
In April 2023, Saint-Gobain acquired Twiga Fiberglass Ltd., one of the leading glass fiber insulation manufacturers in India (Uttar Pradesh) for an enterprise value of US$ 51 million (Approx.)
In August 2022, Owens Corning acquired Natural Polymers, LLC, a manufacturer of spray foam insulation for building and construction applications, for approximately US$ 111 million (net cash acquired).
In June 2022, Xella Group sold its insulation business, URSA to ETEX. URSA is one of the leading players in Europe for extruded polystyrene (XPS) and glass mineral wool.
In March 2021, Recticel acquired FoamPartner, the Swiss-based global provider of high added-value technical foams. Recticel Flexible Foams and FoamPartner merged and formed the Recticel Engineered Foams business line.
In February 2020, Huntsman Corporation acquired Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. The company acquired the business from an affiliate of FFL Partners, LLC, for $350 million. After the acquisition, in May 2020, Huntsman Building Solutions (HBS) was launched.
In February 2018, Owens Corning acquired Paroc Group (“Paroc”), a leading producer of mineral wool insulation for building and technical applications in Europe, for an enterprise value of approximately US$ 1,061.9 million.
Segment Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Material-Type Analysis
Fiberglass, Mineral Wool, Plastic Foam, and Others
Plastic foam is anticipated to remain the dominant material type in the market.
End-Use Type Analysis
Building & Construction and Industrial
Building & Construction is projected to remain the dominant as well as the faster-growing end-use type in the market.
Insulation-Type Analysis
Thermal and Acoustic
Thermal is expected to remain the dominant insulation, whereas acoustic is likely to experience faster growth.
Regional Analysis
North America, Europe, Asia-Pacific, and The Rest of the World
Asia-Pacific and Europe are expected to remain the dominant markets over the next five years. Asia-Pacific is likely to grow at the fastest rate during the same period.
Material Trends
Based on the material type, the insulation market is segmented into fiberglass, mineral wool, plastic foam, and others. Plastic foam is expected to remain the largest material type in the market during the forecast period owing to advantages such as its high insulation value and low water absorption, resistance to mold and mildew growth, versatility, low thermal conductivity, longevity, fire resistance, and ease of installation. Among plastic foam, expanded polystyrene (EPS) is expected to remain the largest plastic foam type in the market during the forecast period.
End-UseTrends
Based on the end-use type, the market is segmented into building & construction and industrial. Building & Construction is expected to remain the dominant as well as the faster-growing end-use type in the market during the forecast period driven by changing trends toward eco-friendly buildings that provide efficient acoustic and thermal insulation for residential, commercial, and industrial uses.
Insulation Trends
Based on the insulation type, the market is segmented into thermal and acoustic insulation. Thermal insulation is projected to remain the dominant insulation type in the market over the next five years driven by the growing awareness about climate change and environmental sustainability and stringent energy efficiency regulations and building codes.
Regional Insights
In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for insulation during the forecast period. China holds the major share of the region’s market. High economic growth rate, increasing investment in the building & construction and automotive industries, and rising adoption of stricter building codes are key factors impacting the growth of insulation in the region’s market.
Europe is another big market for insulation and is expected to create sizeable opportunities in the coming five years, driven by rising awareness of green construction and smart infrastructure and higher adoption of advanced technologies.
The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete on some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the insulation market:
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What deliverables will you get in this report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Insulation Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
The insulation market is segmented into the following categories-
By Material Type
Fiberglass
Mineral Wool
Plastic Foam
Others
By End-Use Type
Building & Construction
Others
By Insulation Type
Thermal
Acoustic
By Region
North America (Country Analysis: TheUSA and Others)
Europe (Country Analysis: Central Europe, Western Europe, and Eastern Europe)
Asia-Pacific (Country Analysis: China and Others)
Rest of the World(Country Analysis: The Middle East, Latin America, and Others)
Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s insulation market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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Insulation is a material or technique used to reduce the transfer of heat, cold, or sound between different areas or objects. It is a crucial component in buildings and various systems to improve energy efficiency and comfort. It is accomplished by installing insulating materials that serve as a barrier to the flow of energy. Key insulation materials used include fiberglass, mineral wool, plastic foam (expanded polystyrene (EPS), extruded polystyrene (XPS), polyurethane, and polyisocyanurate (PIR)), phenolics, flexible insulation, etc.
Asia Pacific is estimated to remain dominant in the insulation market in the foreseeable future. China and India are likely to substantiate the market growth with the gradual adoption of stricter building codes, leading to an increase in the penetration of insulation materials in the region.
Building & Construction is expected to remain the dominant end-use type in the market during the forecast period owing to the changing trends towards eco-friendly buildings that provide efficient acoustic insulation for residential, commercial, and industrial uses.
The insulation market is estimated to grow at a CAGR of 3.3% by 2028, driven by stringent energy efficiency regulations and building codes for the use of insulation materials, an increase in the need for energy-efficient equipment, an increase in construction activities, rising industrial projects, and an increase in automotive production.
