The global insulation market was valued at $52.3 billion in 2017, and it is projected to surpass $101.3 billion by 2025, progressing at a CAGR of 8.6% during the forecast period (2018–2025). Expanded polystyrene (EPS) held the largest revenue share in the market during the historical period (2014–2017), on the basis of product.
The EPS wool category is also expected to witness the fastest growth in the insulation market during the forecast period. This is mainly driven by the increasing demand for such insulation products from the industrial and residential sectors.
Growing Regulatory Support from Government Trending in Market
The provision of regulatory support for insulation, by governments in different regions, for energy efficiency, is a key trend in the insulation market. A study conducted by the United States Environmental Protection Agency (USEPA) concluded that an insulation system in a building can reduce up to 18% of cooling and heating loads, so less energy is required to heat and cool the building. This is why, tax credits are offered by the the U.S. federal government on purchase of insulation products that qualify for tax credits. Such initiatives by governments have increased the awareness among people and led to an increasing usage of home insulation.
Growing Demand for Air Conditioners and Refrigerators Key Driver for Market
The growing demand for air conditioners and refrigerators, globally, is driving the insulation market. Owing to a rise in the global temperature and population, there is a huge demand for cooling appliances. With the increase in the sale of cooling appliances, the demand for insulation products has picked up pace.
Segmentation Analysis of Insulation Market
The EPS category is expected to witness the fastest growth, in terms of value, during the forecast period, based on product, owing to its low weight, high tensile strength, recyclability, and energy-saving properties.
The residential category held the largest insulation market share in 2017, based on application. This can be ascribed to the large-scale use of insulation materials in construction activities, which are rising at a rapid pace, owing to the increasing population.
Geographical Analysis of Insulation Market
Together, North America and Europe are expected to account for over 60.0% share in the insulation market by 2025. This can be mainly attributed to the presence of established players, increasing adoption of insulating material in residential buildings, and rising demand for cooling appliances in these regions.
Other regions, which include APAC, MEA, and CSA, also hold considerable shares in the insulation market, on account of the rising population and growing demand for air conditioners and refrigerators.
China is expected to lead the APAC insulation market, generating revenue of over $17.9 billion by 2025. This can be mainly credited to the increasing demand for insulation materials from the industrial and residential sectors of the country.
Browse report overview with detailed TOC on "Insulation Market by Product (Glass Wool, Mineral Wool, EPS, XPS), By Application (Residential Construction, Non-Residential Construction, Industrial, HVAC & OEM), by Geography (U.S., Canada, Mexico, Germany, U.K., France, China, India, Japan) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2014–2025" at:https://www.psmarketresearch.com/market-analysis/insulation-market
Competitive Landscape of Insulation Market
The global insulation market is fragmented in nature, as a result of the presence of several global and regional players. Some of the key players in the market are Guardian Building Products Inc., ROCKWOOL International A/S, Dow Building Solutions, Atlas Roofing Corporation, Byucksan Corporation, Kingspan Group plc, Owens Corning, and GAF Materials LLC.
In June 2017, Owens Corning completed the acquisition of Pittsburgh Corning, a cellular glass insulation system manufacturer, to expand its portfolio and better cater to customers in commercial and industrial markets.