Insulation Market Share, Size, Trends, Industry Analysis Report, By Product (Glass Wool, Mineral Wool, EPS, XPS, CMS Fibers, Calcium Silicate, and Other); By End Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM1275
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global insulation market was valued at USD 65.13 billion in 2023 and is expected to grow at a CAGR of 6.4% during the forecast period.
A rise in consumer awareness of energy and environmental conservation is driving market expansion. Significant investments in industrial infrastructure worldwide and an increase in the need for cold storage facilities for food safety are other important factors influencing the market growth. For instance, the Global Cold Chain Alliance (GCCA) reports that the capacity of refrigerated warehouses expanded from 580 million square meters to 616 million square meters. It is predicted that these advancements will help the market to grow.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking the Insulation Market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
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Glass wool is a thermal insulator made of flexible, twisted glass strands that are low in density due to the trapped air inside. Mineral wool and EPS, respectively, came after the section. The rapid industrialization and urbanization of rising economies such as India, China, the Philippines, Thailand, Malaysia, and Indonesia have fueled the need for more excellent infrastructure. Additionally, increased consumer demand for residential and commercial insulation and more substantial regulatory backing will drive market expansion throughout the forecasted period.
Furthermore, it is anticipated that the total market development over the next decade will be hindered by changing raw material costs and strict environmental laws.
According to estimates, the need for fiberglass insulation in industrial buildings would increase due to the significant presence of manufacturing businesses in China, India, Brazil, and Mexico. It's projected that this tendency will accelerate market expansion even further. Due to population growth and urbanization, the end-use trend is predicted to increase the demand for eco-friendly homes. Additionally, it is expected that developments in transparent thermal insulation and vacuum insulation panels, two technical advances in thermal insulation, would open up new prospects for industrial growth.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the Insulation market. The rapid emergence of the deadly coronavirus worldwide has forced countries to impose several restrictions on trade activities and lockdowns, resulting in the closure of stores and manufacturing facilities and high disruptions in the global supply chain. The shift in consumer buying preferences for necessary products from luxury products has also negatively impacted the sales of Insulation.
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Industry Dynamics
Growth Drivers
Insulation demand has increased due to the expanding building and construction sector. Insulation is used in architecture and construction to keep indoor temperatures consistent by minimizing heat transmission between nearby surroundings. Additionally, it takes less energy to maintain the inside temperature and limits heat transmission to the outside environment, both of which lessen the carbon impact. In the building and construction sector, these characteristics drive the need for insulation. Furthermore, quick industrialization promotes installing these systems in office buildings to save energy, which is anticipated to fuel demand for insulation throughout the projected period.
Automobile producers are constantly working to build high-performance engines. Recent engines are too noisy for the passengers in the vehicle to tolerate when they are operating. Additionally, engines produce a lot of energy, which heats the atmosphere and might result in destructive power and material losses. As a result, there is an increasing need for insulating solutions from automakers to increase energy efficiency and decrease noise, making the car safe to operate.
Report Segmentation
The market is primarily segmented based on product, end use, and region.
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By Product |
By End Use |
By Region |
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EPS Insulation Segment Accounted for the Highest Market Share
The EPS product segment led the market. Polystyrene wooden pellets create lightweight, high-tensile plastic foam insulation called expanded polystyrene. It is predicted that the product will maintain its leadership during the prediction.
The glass wool product sector is anticipated to grow at a constant CAGR. Sand is the main component of glass wool, which provides insulating qualities for both sound and heat, including low weight and excellent tensile strength. Glass wool byproducts, such as removable blankets, are ideal for covering heat-generating uneven surfaces found on pumps, tanks, expansion joints, heat exchangers, valves, turbines, and flanges in industrial settings. XPS accounted for a sizeable portion of the market's overall revenue in 2022.
The Construction Segment Held a Significant Market Revenue Share
The construction segment is anticipated to dominate over the projection period. The need for insulation has increased in metropolitan areas; hence the market is expected to rise strongly. Even in the transportation sector, insulation use has grown. Due to its usage in cold storage and transportation, significant lifestyle changes have increased the demand for insulation.
The need for insulation in the transportation sector is anticipated to increase significantly during the upcoming year. To give passengers more comfort and safety, insulation is expected to be crucial. Insulation is critical to airplanes to keep passengers' comfort from being impacted by noise pollution. The market is anticipated to expand strongly throughout the projected period due to growing insulation use across several sectors.
Asia Pacific Dominated the Global Market in 2022
Asia Pacific will account for the most significant share of the global insulation market throughout the projection period. Asia Pacific is a rapidly growing economy that emphasizes on improving infrastructure and living standards. The governments in the area are encouraging the development of sustainable infrastructure, which includes designing buildings with energy-saving features like solar energy harvesting technology and improved insulation. To better meet the area's low thermal-high acoustic shielding criteria, some producers create unique solutions by fusing two or more insulating materials. These elements are anticipated to produce a setting that is highly favorable to the expansion of the insulation sector.
The insulation market in Europe is expected to hold a subsequent position in the forecast period owing to increasing awareness of the advantages in the region. Further, usage of these products in developed countries of Europe is growing for retrofitting purposes to meet the ‘zero-energy-buildings’ policies set by environmental agencies.
Competitive Insight
Some of the major players operating in the global market include GAF Materials Corp., Johns Manville, Huntsman International LLC, Cellofoam North America, Inc., DuPont, BASF, Rockwool International A/S, Owens Corning, Atlas Roofing Corp., Rockwool International A/S, Saint-Gobain S.A., Kingspan Group, Knauf Insulation, Armacell International Holding GmbH, Recticel NV/SA, Carlisle Companies, Inc., URSA, Covestro AG, Bridgestone Corp., Fletcher Building, and 3M
Recent Developments
- In April 2021, In Sikeston, Missouri, Carlisle Companies Incorporated announced intentions to spend more than $60 million on constructing an innovative, cutting-edge manufacturing plant.
- In July 2021, Rockwool stated that its second manufacturing plant, which is situated in Jefferson County, West Virginia, has begun commercial production of stone wool insulation products.
Insulation Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 69.17 billion |
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Revenue forecast in 2032 |
USD 113.45 billion |
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CAGR |
6.4% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Product, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
GAF Materials Corp., Johns Manville, Huntsman International LLC, Cellofoam North America, Inc., DuPont, BASF, Rockwool International A/S, Owens Corning, Atlas Roofing Corp., Rockwool International A/S, Saint-Gobain S.A., Kingspan Group, Knauf Insulation, Armacell International Holding GmbH, Recticel NV/SA, Carlisle Companies, Inc., URSA, Covestro AG, Bridgestone Corp., Fletcher Building, and 3M |
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FAQ's
key companies in the insulation market are GAF Materials Corp., Johns Manville, Huntsman International LLC, Cellofoam North America, Inc., DuPont, BASF, Rockwool International A/S, Owens Corning, Atlas Roofing Corp., Rockwool International A/S, Saint-Gobain S.A., Kingspan Group.
The global insulation market expected to grow at a CAGR of 6.4% during the forecast period.
The insulation market report covering key segments are product, end use, and region.
insulation market key driving factors are Rise in investment across the construction sector and increasing need for insulating solutions from automakers.
The global Insulation market size is expected to reach USD 113.45 billion by 2032.
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