Roof Insulation Market is forecast to reach $10.52 billion by 2025, after growing at a CAGR of 3.74% during 2020-2025. Due to its numerous applications, especially in the residential sector, the demand for roof insulation is predicted to register a steady rise in growth during the forecast period. Some of the typical factors which are expected to drive demand on the global market are rising new buildings, tax credits and rebates, and a strict regulatory environment. The other factors projected to boost market growth are cost efficiency and reduction of greenhouse gas emissions.
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Type – Segment Analysis
Batts & Rolls segment held the largest share in the Roof Insulation Market in 2018. This provides adequate insulation, is cost-effective and easy to use. Batt insulation in the form of pre-cut panels and rolls is available Simple integration between studs and joists blocks is made without gaps due to its versatility. Batts & rolls roof insulation is capable of reducing the amount of energy required for cooling and heat insulation of the home by 50 percent. Because of its advantages, it will fuel market demand over the forecast period.
Material – Segment Analysis
Glass wool segment held the largest share in the Roof Insulation Market in 2018. This market segment’s growth is due to its highly preferred roof insulation material globally, and its growth is expected to continue in the near future. In addition to excellent mechanical and thermal properties, it is non-degradable, less toxic and non-combustible. Likewise, with regard to their specific uses, glass wool and flat roof are expected to set the tone, respectively, for the material and roof insulation markets.
Application – Segment Analysis
Pitched Roof segment has been the primary market for Roof Insulation for many years is growing at a CAGR of 4.87%. This pitched roof has advantages over others such as superior performance insulation, economical, durable, ecological, easy and fast installation.
Geography – Segment Analysis
APAC dominated the Roof Insulation Market share with more than 45%, followed by North America and Europe. The global market for roof insulation gives rise to environmental concerns regarding buildings and energy savings in countries such as China and India. The expansion of the construction industry in the developing world, such as APAC, leads to the development of the demand for roof insulation. The construction industry in the Asia Pacific is worth $4.95 trillion (excluding India) and, according to ENG Cranes, is expected to reach $5.45 trillion by 2021. APAC’s healthy economic growth had increased the region’s construction activities. Further, enhances the overall growth of the market.
Drivers – Roof Insulation Market
Due to its numerous applications, particularly in the residential sector, the roof insulation market is predicted to record steady growth during the forecast period. The factors which are projected to boost market growth are cost efficiency and reduction of greenhouse gas emissions. The market for roof insulation tops demand in residential and commercial applications by providing critical benefits such as noise cancellation, reduction in carbon footprint and power and gas bills, and preservation of optimal room temperature in warmer and colder seasons. Isolation forms an important element of roof assemblies and is required to work in conjunction with membrane and structural decks. Nonetheless, growth opportunities resulting from various roof insulation technologies and types are expected to help players heave a sigh of relief. With the ability to curb energy use for heating (heat retention) or cooling purposes by approximately 50% in a residential setting, batts and rolls are considered to be a leading segment of the product type.
Challenges – Roof Insulation Market
Asphalt shingles roofing has emerged as a highly popular option for constructing roofs due to their low installation costs. These roofs are, however, vulnerable to extreme weather conditions and their manufacturing process also results in the release of harmful effluents. Moreover, the recycling process of demolished shingles is a costly affair leading to huge landfills of asphalt waste. The ensuing threat to the environment is quite high with the use of such roofing systems. Alternatively, green roofing, metal roofing, synthetic fiber roofing, and others can be included in the roof-building process to create durable, eco-friendly, and weather-resistible roofs. A major concern affecting the construction industry is the shortage of skilled labor, which also has a negative impact on the roofing industry. Major companies within the industry are training employees and also increasing pay scales in a bid to target competent and well-trained workers.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Roof Insulation Market. In 2018, the market of Roof Insulation has been consolidated by the top five players accounting for xx% of the share. Major players in the Roof Insulation Market BASF SE, Rockwool International A/S, Berkshire Hathaway, Inc., Paroc Group, Owens Corning Corporation, GAF, Knauf Insulation, Beijing New Building Material (Group) Co., Ltd., Kingspan Group PLC, Saint-Gobain S.A, among others.
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