Insulation Products Market worth USD 97.81 billion by 2028, registering a CAGR of 7.56% – Report by Market Research Future (MRFR)
New York, Oct. 06, 2021 (GLOBE NEWSWIRE) — Insulation Products Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Insulation Products Market Research Report, by Insulation Type, Materials, Application and Region – Forecast till 2028”
Market Research Future’s Review on Insulation Products Market
As per the MRFR reports, the global market is projected to be worth USD 97.81 billion by 2028, registering a CAGR of 7.56% during the forecast period (2021 – 2028)., The market was valued at USD 63.15 billion in 2021.
Market Scope:
Insulation is a process of shielding or protecting. The trend of building insulation and other applications has grown substantially over the recent years. The insulation products can be used for various purposes like electricity, heat, and sound insulation. The major drivers for the insulation products market growth are the rising construction & industrial activities and growing consumer awareness regarding energy conservation.
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Market Competitive Analysis
List of the major players in the insulation products market profiled are:
- Avery Dennison Corporation
- Trelleborg AB
- Dunmore Corporation
- BASF SE
- 3M Company
- John Manville Inc.
- Knauf Insulation
- Owens Corning
- DuPont
- Sika AG
Browse In-depth Market Research Report (185 pages) on Insulation Products
https://www.marketresearchfuture.com/reports/insulation-products-market-1881
Market USP Covered
Market Drivers
The global market for insulation products has been experiencing substantial growth, mainly due to the growing consumer awareness related to energy conservation. Factors like rapid urbanization and industrialization in emerging countries such as Indonesia, Malaysia, the Philippines, India, and China boost better infrastructure requirements. Furthermore, rising demand for industrial and residential insulation and rising regulatory support are also anticipated to propel the growth of the insulation materials market.
Increasing demand for sustainable residential buildings given the rising populace and urbanization is a new application trend projected to gain traction and drive the market’s growth in the future. Moreover, the technological developments in thermal insulation like vacuum panels and increasing R&D activities to develop transparent thermal products are also likely to fuel the growth of the insulation materials market.
Additionally, manufacturing industries in countries like Mexico, Brazil, India, and China are likely to boost demand for insulation materials in the projected timeframe.
Market Restraints
Factors like limited production in some regions and volatility in the raw material prices are anticipated to impede the growth of the insulation products market.
COVID-19 Impact
The COVID-19 pandemic has had an adverse effect on the overall imports and exports of numerous commodities in various regions. Governments of several nations have imposed export restrictions that are disturbing with the supplies. Additionally, the market players face challenges such as delays in receiving raw materials that are further causing delayed shipments to the customer. Furthermore, the quality of some raw materials has declined notably, and the shipments’ orders are being majorly affected because of the non-availability of vessels and blank sailing. All these aspects are restricting the development of the insulation products market.
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Segment Analysis
The insulation products market is divided into numerous segments based on product, application, and region.
Based on product, the market is bifurcated into polyurethane, phenolic foam, PIR, cellulose, aerogel, calcium silicate, CMS fibers, XPS, EPS, mineral wool, and glass wool. The EPS segment accounted for the largest market share in 2018 and is likely to dominate the market in the forecasted period due to its high tensile strength and lightweight.
Based on application, the insulation products market is divided into packaging, furniture, appliances, transportation, HVAC & OEM, industrial, and infrastructure. The infrastructure sector segment for the maximum market share in 2018 is projected to grow significantly over the projected timeframe due to the rising number of insulation-intensive’ buildings in urban areas.
Regional Analysis
The global insulation products market is divided into North America, Asia-Pacific, Europe, South America, and Middle East Africa.
In 2018, the Asia Pacific region registered maximum market share and was likely to grow substantially in the projected era. The region’s growth is given the rising concerns regarding significant energy wastage and rising oil production in the economies of India and China.
The North American region is mainly driven by demand from power, metal and mining, manufacturing, oil and gas, and other high operational temperature.
The European market for insulation products held the second position in the global market in 2018 owing g to the factors like the presence of major insulation product manufacturers and rapid industrialization.
The Central and South American regions have displayed a gradual growth rate given Brazil’s economic and political disturbances, one of the prominent users of industrial insulation products.
The growth of the Middle East and Africa region is anticipated to be propelled by the growth of the downstream petrochemical industry allied with infrastructure development.
Segmentation of Market covered in the research:
Insulation Products Market Information by Insulation Type (Thermal, Acoustic Vacuum and Others), by Materials (Mineral Wood, Plastic foam, Fiberglass, and Others), by Application (Residential, Commercial, Industrial and Others) and by Region – Forecast to 2028
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