USD 58.9 billion
Insulation Products Market Size, Share, Growth Analysis, By Insulation(Thermal, Acoustic & others), By Material(Mineral Wool, Fiberglass, Stone wool, Polyurethane Foam (PUF)), By End Use(Building & Construction, Industrial, Transportation, Consumer), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2396 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
93
|Figures:
77
Insulation Products Market Insights
Global Insulation Products Market size was valued at USD 58.9 billion in 2022 and is poised to grow from USD 64.2 billion in 2023 to USD 127.92 billion by 2031, at a CAGR of 9.00% during the forecast period (2024-2031).
The buoyant construction sector stands out as a pivotal driver fueling market growth. Notably, there has been a substantial uptick in both industrial and residential construction endeavors, coupled with robust infrastructural developments, particularly pronounced in emerging economies. Concurrently, a heightened awareness among consumers regarding energy conservation practices has positively influenced market expansion.
Rapid urbanization and surging population rates have surged the demand for power and energy, prompting extensive integration of insulation materials across diverse construction projects. Moreover, there's been a notable surge in the sales of cooling appliances, including air conditioners and refrigerators, amplifying the momentum of market growth, reflecting the heightened emphasis on energy-efficient solutions within the construction industry.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Transportation
Fastest Growth
Growth Rate
9.00% CAGR
Global Insulation Products Market ($ Bn)
Country Share for North America Region (%)
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Insulation Products Market Segmental Analysis
The global insulation products market can be categorized into the following segments. Based on insulation type, the market can be categorized into thermal, acoustic & others. Based on material type, the market can be categorized into mineral wool, fiberglass, stone wool, polyurethane foam (PUF), flexible elastomeric foam (FEF), other insulations. Based on end use, the market can be categorized into building & construction, industrial, transportation, consumer. Based on region, the market can be categorized into North America, Europe, Asia Pacific, The Middle East and Africa.
Analysis by Product
The EPS (Expanded Polystyrene) insulation product segment emerged as the frontrunner in the market, contributing significantly with over 27.4% share of the global revenue in 2022. Renowned for its lightweight nature and robust, high-tensile plastic foam composition derived from rigid polystyrene pellets, Expanded Polystyrene stands as a popular insulation choice.
Forecasts indicate a robust growth trajectory for the glass wool product segment, anticipated to exhibit a CAGR of 6.4% throughout the forecast period in 2022. Glass wool, crafted from sand, boasts exceptional thermal and acoustic insulation attributes, characterized by its low weight and remarkable tensile strength. Notably, glass wool yields removable blankets as a byproduct, offering exceptional coverage for an array of industrial applications. These versatile blankets serve as ideal covers for turbines, pumps, heat exchangers, tanks, expansion joints, valves, flanges, and other irregular surfaces that generate heat in industrial settings, highlighting their multifaceted utility in enhancing thermal efficiency and safety within industrial environments.
Analysis by End-Use
In 2022, the construction sector emerged as the market leader, commanding the largest market share of 33.3% in the overall revenue for insulation products. Projections indicate a sustained growth trajectory within this sector, primarily driven by the escalating prevalence of insulation-intensive buildings within urban landscapes, surpassing their counterparts in rural areas.
In 2022, the transportation sector, encompassing automotive, marine, and aerospace industries, emerged as a pivotal end-use segment within the global insulation market. Notably, automakers are continuously striving to elevate the safety standards and comfort levels of vehicles, fueling a substantial surge in the demand for insulation within this sector.
Global Insulation Products Market By End-Use
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Insulation Products Market Regional Insights
North America plays a pivotal role in the insulation products market due to several key factors. The region boasts a thriving construction sector characterized by significant residential, commercial, and industrial developments, fueling the demand for insulation materials. Stringent regulations and standards promoting energy efficiency and sustainability have spurred the adoption of advanced insulation technologies in buildings.
The Asia-Pacific emerges as the third-largest market globally within the realm of insulation products. This expansive region is distinctly segmented, encompassing key countries such as China, Japan, India, South Korea, and the Rest of Asia Pacific. Notably, Asia Pacific stands out as the fastest-growing market for Insulation products, primarily propelled by the robust growth of emerging economies like India and China.
Global Insulation Products Market By Region
- Largest
- Fastest
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Insulation Products Market Dynamics
Drivers
Building & Construction Sector will Lead the Market Growth
- In recent years, insulation products have garnered significant attention within the global building and construction sector. This surge in interest is propelled by the growing trend toward constructing energy-efficient buildings, fostering heightened demand for insulation products. Forecasts predict that the Building & Construction segment will maintain its dominance in the end-use market, commanding a market share exceeding 35% throughout the forecast period.
Restraints
Poorly Mixed Chemicals Leading to Health Risk
- A notable concern surrounding insulation materials revolves around the emission of greenhouse gasses during their manufacturing processes. Polyurethane foam, in particular, is known for releasing potentially harmful greenhouse gasses, including hydrochlorofluorocarbons (HCFCs), which, while an improvement over Chlorofluorocarbons (CFCs), still exert a notable environmental impact. To address this issue, emission rates during Polyurethane Foam (PUF) manufacturing are subject to stringent monitoring and standardization.
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Insulation Products Market Competitive Landscape
The competitive environment of the global insulation products market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Owens Corning Corp
- BASF
- CertainTeed Corporation
- Huntsman International
- Dow Chemical Company
- Rockwool International A/S
- Knauf Gips KG
- Johns Manville
- Armacell International S.A
- Lloyd Insulations (India)
- Atlas Roofing Corporation
- Duro-Last Roofing Inc
- Recticel Insulation
- Paroc
- UP Twiga Fiberglass
- Beijing New Building Material Group
- Supreme Petrochem Limited
- Superlon Worldwide
- SY Panel Company Limited
- Shinwoo Industrial Company Limited
- Sae Rom Panel
Recent Developments
- In July 2023, Kingspan Group revealed its strategic move to acquire a majority stake in Steico SE, a prominent manufacturer specializing in wood fiber insulation. This acquisition plan, contingent upon regulatory approvals, is slated for execution in early 2024, signifying Kingspan's proactive efforts to expand its market presence and offerings within the insulation sector.
- In February 2023, GAF introduced its innovative Timberline Ultra HD™ shingles, designed to provide efficient insulation, robust waterproofing, and expedited installation processes. This launch underscores GAF's commitment to delivering advanced and effective insulation solutions, catering to the evolving needs of consumers seeking enhanced performance and installation convenience in roofing materials.
Insulation Products Key Market Trends
- Countries worldwide have increasingly recognized the imperative need for proactive measures to address the escalating challenge of global warming. While the concept of energy efficiency isn't novel, its widespread acceptance has notably evolved over time. Industries are actively innovating to develop more efficient, energy-conserving insulation solutions, extending their applications beyond building insulation to include automotive insulation. The overarching objective is not solely focused on curtailing energy loss but also encompasses reducing overall fuel consumption. Insulation serves a dual purpose, not only by preventing energy wastage but also by enhancing comfort levels and fortifying safety measures.
Insulation Products Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
A notable surge in investments directed towards the construction sector, particularly aimed at bolstering robust infrastructure, is poised to fuel substantial industry expansion. This surge is intricately linked to the significant global population growth and a steady influx of individuals migrating from rural to urban areas. As this trend continues, there's a burgeoning demand for ample housing and commercial spaces to accommodate this expanding population. Consequently, this escalating need for infrastructure development acts as a pivotal driver, stimulating growth across the construction industry and emphasizing the necessity for the continuous expansion and enhancement of built environments to meet the evolving demands of urban living.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 58.9 billion |
| Market size value in 2031 | USD 127.92 billion |
| Growth Rate | 9.00% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Insulation Products Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Insulation Products Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Insulation Products Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Insulation Products Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Insulation Products Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Insulation Products Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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