Insulation refers to insulation materials used on walls, ceilings, and floors for reducing the intensity of heat, electric current, and sound in commercial and residential buildings. The global insulation market report by Market Research Future (MRFR) comprises revenue and growth estimations for the period of 2022 to 2030 (forecast period). It has taken the sudden outbreak of the COVID-19 pandemic to rework its predictions.
The global insulation market is driven by energy conservation measures taken by nations to control their emission levels. Benefits of insulation materials such as good R-value, high noise reduction coefficient, and easy installation can influence the market to a great degree. Rapid industrialization and urbanization are prime factors driving the demand for insulation materials. The growing populace and migration to cities can warrant the need for materials which require low power and save on expenses. Development of better infrastructure and regulatory support for industrial and residential sectors can fuel the market demand greatly.
Countries with tropical climates can trigger the need for thermal insulation and drive the overall market growth. This can be witnessed with the construction of skyscrapers, high-rise buildings, and modern hotels.
But rollback of supportive government policies can threaten market growth.
Dow Building Solutions, Johns Manville, Nova Chemicals Corporation, Bayer AG, Knauf Gips, CertainTeed Corporation, GAF Materials, Huntsman Corporation, Atlas Roofing Corporation, and Owens Corning are key players of the global insulation market. Prime strategies for sustaining their current position included expansions and product development.
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The global insulation market is segmented by material and application.
Types of material include mineral wool, fiber glass, natural fibers, and plastic fibers. The mineral wool segment is expected to fetch revenues at a rapid velocity during the forecast period. This can be attributed to rising investment in the construction sector, interest in renovation of legacy buildings, and new regulations for energy efficiency and fire safety.
By application, it is divided into residential and non-residential.
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North America, Europe, APAC, and Rest of the World (RoW) are regions considered for the prospects of the global insulation market.
APAC is expected to showcase a robust growth during the forecast period. This can be attributed to the spate of foreign direct investments (FDIs) which amounted to close to USD 559 billion in 2015. Efforts to modernize urban infrastructure and policies to reinvigorate the real estate sector can bode well for the global insulation market. Development of commercial buildings in China, India, Indonesia, Taiwan, and Vietnam can induce the demand for thermal insulation materials.
North America is the second-largest region in the market followed by Europe. Preference for energy savings, investments in green buildings, and inflow of capital in the real estate sector are prime factors driving regional market growth. Development of commercial complexes and construction in the residential sector can bode well for the global insulation market.
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