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Insulation Market Growth Analysis | 2023-2028
Insulation Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The insulation market is likely to grow at a healthy CAGR of 3.3% during 2023-2028 to reach a value of USD 83.2 billion in 2028.
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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.
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.
COVID-19 Impact
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.
The key factors driving the growth of the insulation market are:
Recent Market JVs and Acquisitions:
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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:
Note: The above list does not necessarily include all the top players in the market.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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Material Type Analysis |
Fiberglass, Mineral Wool, Plastic Foam, and Others |
Plastic foam is expected to remain the largest material type in the market during the forecast period. |
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End-Use Type Analysis |
Building & Construction and Industrial |
Building & Construction is expected to remain the dominant as well as the fastest-growing end-use type in the market during the forecast period. |
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Insulation Type Analysis |
Thermal and Acoustic |
Thermal insulation is projected to remain the dominant insulation type in the market over the next five years. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to remain the largest and fastest-growing market for insulation during the forecast period. |
"The plastic foam segment accounted for the largest market share."
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.
The building & construction segment accounted for the largest market share."
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 fastest-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.
"The thermal insulation segment accounted for the largest market share."
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.
"Asia-Pacific accounted for the largest market share."
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.
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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 of 2023 to 2028. After a continuous interest in our insulation market report from the industry stakeholders, we have tried to further accentuate our research scope to the insulation market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the 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 1000 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The insulation market is segmented into the following categories:
By Material Type
By End-Use Type
By Insulation Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
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.
The insulation market is likely to reach a value of USD 83.2 billion in 2028.
The insulation market is estimated to grow at a CAGR of 3.3% in 2028.
Owens Corning, Saint-Gobain, Rockwool International, Knauf Insulation, BASF SE, and Kingspan Group are the leading players in the market.
Asia Pacific is estimated to remain dominant in the 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.
Distributors, suppliers, manufacturers, logistics organizations, and government bodies.
The key factors driving the growth of the insulation 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, and an increase in automotive production.
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