Insulation Market size is proceeding growth phase with 6.11% CAGR through 2019-2025
The recent work on insulation Market overview identifies growing demand for insulation in residential and non-residential projects with strong outlook to ensure energy conservation a major market driver. High urbanization and growth in population coupled with high industrialization rates in emerging markets have propelled the need for better industrial and residential infrastructure.
Further, rising presence of manufacturing industries is estimated to boost the demand for fiber glass insulating material in industrial buildings thereby driving the insulation market growth.
Additionally, rising energy costs and government initiatives to improve energy efficiency is expected to trigger the demand for insulating products in industrial and residential buildings.
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However, lack of skilled workforce is a major issue that hinders the growth of global insulation market. Issues related to raw materials such as hazardous and toxic and the fluctuating price of raw materials along with higher cost of chemically synthesized materials challenges market growth.
Increasing energy consumption drives insulation market growth
Large consumption of expanded polystyrene (EPS) and fiber glass wool drives the insulation market by building construction expenditures. Insulation products offering comfortable environment and reducing the fuel utilization positively influence the market value.
Fiber glass insulation market is largely driven by increasing demand from construction professionals and DIYers with advantages of low cost, efficient insulation properties, and ease of installation.
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Growing demand for energy efficiency across end- users supports long term market potential
The need to enhance the energy efficiency of residential, commercial and industrial buildings is ongoing market trend driving the insulation market growth.
Energy demand in commercial and residential buildings which deploy refrigerators and air-conditioners contributes significantly to rise in energy consumption. The cost of energy is increasing globally and governments are stressing on approaches that consume less energy,
The residential construction has been holding the largest share in the market driven by new residential buildings that use energy-efficient technologies for thermal insulation ongoing technological developments and increasing application of advanced materials with high R-value across commercial buildings are anticipated to boost the market expansion.
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Rising demand for fire resistance, acoustical control, moisture control and mold resistance will drive the insulation marketdemand from the industrial sector.
North America strongly emerges with large insulation market share
Strict environment standards and various government initiatives such as Affordable Housing Institute (AHI) drive residential insulation market growth during the forecast period. In addition, growing commercial building construction, especially in the US, will spur the need for HVAC systems in the Americas.
Further, easy financing options offered by the US government are promoting energy saving construction activities and will influence the installation of HVAC systems across the region.
Additionally, insulation market value is in growth phase owing to growing infrastructure sector across Middle East owing to several mega scale projects pipelined over the forecast period.
The real estate sector in APAC is the fastest-growing among all geographical regions backed by strong infrastructure development in China and India. Grade A office completions generate the highest demand for insulation materials.
M&A and strategic approaches is enticing the overall insulation market value
Strategic partnerships remain a key component of insulation market growth and a robust pipeline of acquisition opportunities across key players is observed. For example, Installed Building Products, Inc., market leading installer of insulation and complementary building products announced acquisitions of Northeast Spray Insulation, Inc. (“Northeast”), and Minnesota Spray-Foam Insulation (“MSI”).
Further, key players are focusing on acquisition to expand technology portfolio and meet customers’ growing need in the insulation markets worldwide. For instance, in 2018, Owens Corning acquired Guangde SKD Rock Wool Manufacture.
Major OEMS are adopting marketing strategies to commercialize products in compliance with thermal performance requirements of the Federal Trade Commission’s (FTC) Home Insulation Rule. Accordingly, in August 2019, Johns Manville announced the NAIMA R-Value certification of its two products including fiber glass batt and narrow roll insulation products.
Prominent players are Atlas Roofing Corporation, BASF, Bayer, Certain Teed, Cellofoam North America Inc., Dow Building Solutions, GAF Materials Corp., Knauf, Owens Corning Corp., and Nova Chemicals Corp.
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