Insulation Market Overview
As per Market Research Future (MRFR) study shows that the insulation market is expected to rise at 5.0% CAGR across the review period. By 2022, the insulation market is value is likely to escalate considerably. As the world population rise, the consumption of electricity is increasing. To prevent energy loss in residential space, the need for energy conservation is rising, creating the need for insulation.
The growing demand for residential energy insulation can support the expansion of its market. Similarly, rapid rise of industries and the increased demand for energy insulation across multiple industry verticals can support the expansion of the insulation market in the years ahead. In addition, the surge in consumer awareness about energy conservation can promote the expansion of the market across the review period.
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HVC systems (heating, ventilation, and cooling systems) widely used across industries due to their superior thermal insulating characteristics inclusive of fire protection and noise reduction. They are installed in appliances, such as microwaves, refrigerators, water heaters, and ovens. The rise in use of consumer electronics can prompt the expansion of the insulation market. Dehumidifiers, dishwashers, and washing machine are other appliances that have insulation solutions. The rise of the transportation sector can support the insulation market expansion as automobiles widely use insulation solutions.
Key Players
Huntsman Corporation, CertainTeed Corporation, Owens Corning, Johns Manville, Knauf Gips, Bayer AG, Dow Building Solutions, Atlas Roofing Corporation, Nova Chemicals Corporation, and GAF Materials among others are some reputed companies listed by MRFR that are operating in the insulation market.
Global Insulation Market Segments
The segment assessment of the Insulation global Market is done by material and application.
The material-based segments of the insulation market are Plastic fibers, Fiberglass, Mineral Wool, and Natural fibers are among others. The superior thermal insulating feature of raw material, such as fiberglass and natural fibers, is observed to be in high demand. They are affordable and easily available. These factors are observed to earn high annual turnover for the insulation market. In addition, the ease of procurement for these materials can support the expansion of the insulation market through the review period. The fiberglass segment can thrive at the highest CAGR across the analysis period due to their high applications across industries.
The Application based segments of the Insulation Market are Non-residential and Residential. The inclination towards sustainable residential buildings due to expansion of population base and rapid urbanization is creating the demand for insulation, which, in turn, can support the expansion of the insulation market in the year to come. Recent application industrial application trends can prompt the expansion of the insulation market. Technological enhancements, such as the introduction of vacuum panels and increased R&D activities can drive the insulation market growth.
Regional Assessment
In Asia Pacific, the insulation market is expected to thrive at 6.6% CAGR in the forecast period and hold a large share of the global market. The rise in oil production across India and other APCA regions and increased in concern regarding energy wastage are forces that are likely to surge the need for insulting solutions. This is expected to support the expansion of the insulating market through the review period.
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The growing demand for refurbishing and renovation materials can also ace the regional insulation market in the analysis period. In North America, the rise in manufacturing activities, increase in metal and mining, high demand for power across industries with high operating temperature can prompt the regional insulation market rise.
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