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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 |
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 fastest-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. |
"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 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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Company Profiling
Competitive Benchmarking
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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.
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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