Allied Market Research published a report, titled, “Insulation Materials Market by Type (Mineral Wool, Polyurethane Foam, Polyethylene, Polyvinyl Chloride, Expanded Polystyrene, Extruded Polystyrene, and Others) and Application (Residential Construction, HVAC & OEM, Non-Residential, Wires & Cables, Automotive, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030”. According to the report, the global insulation materials industry generated $61.6 billion in 2020, and is anticipated to generate $101.9 billion by 2030, witnessing a CAGR of 5.2% from 2021 to 2030.
Prime determinants of growth
Developments in the construction industry, and rapid urbanization & industrialization in the developing countries drive the growth of the global insulation materials market. At the same time, North America and Europe is expected to witness a considerable growth in residential construction, which is likely to present new opportunities in the coming years.
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The polyurethane foam segment to maintain its leadership status throughout the forecast period
Based on type, the polyurethane foam segment held the highest market share in 2020, accounting for nearly two-fifths of the global insulation materials market, and is estimated to maintain its leadership status throughout the forecast period. This is because it can be made into laminated insulation panels with a variety of facings. Moreover, the expanded polystyrene segment is projected to manifest the highest CAGR of 7.4% from 2021 to 2030.
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The wires and cables segment to maintain its lead position during the forecast period
Based on application, the wires and cables segment accounted for the largest share in 2020, contributing to more than two-fifths of the global insulation materials market, and is projected to maintain its lead position during the forecast period. This is due to its wide usage to separate conductors, electrically, and physically within a cable. However, the Hvac and Oem segment is expected to portray the largest CAGR of 6.7% from 2021 to 2030.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global insulation materials market. Moreover, the same region is expected to witness the fastest CAGR of 6.5% during the forecast period, due to increase in demand for insulation materials in automotive, construction, and wires & cables industry.
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Leading Market Players
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.