Insulation Market Is Projected To Be Around $74.75 Billion By 2022
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A research study titled, “Insulation Market by Product Type and Application - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the insulation market is projected to be around $74.75 billion by 2022.
The global insulation market was worth USD 40.06 billion in the year of 2014 and is anticipated to reach approximately USD 74.75 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 7.06% over the forecast period. Insulation materials are nonconductive materials that are employed to isolate an object or area from its adjoining environment and maintain its usual state of being. The insulation can be of various types, such as electrical insulation, thermal insulation, and acoustic insulation. Good insulators have particles filled in such a manner that they cannot hover to the degree necessary to effectively transfer the quantity of sound, heat, or electrical energy. Insulation or thermal insulation is a common term used to portray products that trim down heat gain or heat loss by rendering an obstacle between fields or areas that are considerably diverse in temperature. In other words, thermal insulation is the diminution of heat shift within two objects in contact or in radiative influence range. Thermal insulation can be attained with particularly engineered processes or methods, and with appropriate materials and object shapes. Solid materials preferred for providing insulation have a small thermal conductivity, which is measured in watt-per-meter per kelvin. As the insulation’s thickness is augmented, the thermal immunity also rises. The products used for insulation are; Fiberglass, Plastic Foam, Mineral Wool and Others which include cotton wool, slag wool, etc.
The global insulation market is anticipated to experience a major growth with a significant compound annual growth rate over the forecast years. The global insulation market has been fueled in recent period by the growth of the construction market, which is expected to be a prime driving factor for the global insulation market in the near future. The increasing demand from the automobile field is also prone to play a significant role in the expansion of the global insulation market during the forecast period. Owing to the growing disposable earnings of consumers in emerging regions, the demand for housing construction has demonstrated a firm upward arch in the past few years. The accelerating speed of immigration into chief cities all around the globe has also bestowed to the increasing requirement for new housing construction. Also, commercial construction is prone to increase in volume in the approaching years, thanks to the growing number of business institutions and the growing demand for shopping and entertainment units like theaters and malls. The firm development of the automotive industry is also having a key impact on the growth of the global insulation market. Innovations in automotive blueprint have contributed to extensive utilization of insulating materials in vehicles for acoustic, electric, as well as thermal insulation. The customer electronics industry is also prone to be a major customer in the global insulation market. The increasing disposable earnings of consumers have resulted in the speedy expansion of the customer electronics industry in current years, while the smartphones’ growing technological superiority has demanded the rising practice of electric insulation.
The major market manufacturers for the global insulation market are Owens Corning, Huntsman Corporation, GAF Materials Corporation, Rockwool, Knauf Gips KG, Atlas Roofing Corporation, Johns Manville Corporation, The Dow Chemical Company and Saint-Gobain S.A. By application, the global market is split into; Residential Construction, Industrial, HVAC, and OEM, and Nonresidential Construction. According to product a type, the market industry is classified as; Fiberglass, Plastic Foam, Mineral Wool and Others (including cotton wool, slag wool, etc.). Geographically, the global insulation market is segmented in regions which are; Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), Europe (Germany, Spain, Italy, France, UK and Rest of Europe), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the insulation market
- In 2014, the global insulation market was worth around USD 40.06 billion and is expected to reach approximately USD 74.75 billion by the end of 2022 with a compound annual growth rate (CAGR) of 6.07% during the forecast period.
- The residential construction industry emerged as the top application sector and reported for 39.1% of overall market profits in 2015. Rising construction expenditure in Asia Pacific region, together with strict regulations concerning to the energy effectiveness of houses in Europe and North America is predicted to stimulate the growth of insulation market.
- The nonresidential construction industry is anticipated to observe the top growth of 9.1% during the forecast years. Escalating number of commercial complexes, shopping malls in the Middle East and Asia Pacific is likely to fuel this sector during the forecast period.
- With demand share estimated around 42.4%, Asia Pacific region leads the global insulation industry in 2015. Speedy industrialization together with construction expansion owing to growing earnings has stimulated the demand of insulation products in the region. Asia Pacific region is also anticipated to experience the maximum growth of 9.4% during the forecast years. European and North American insulation industry will primarily be actuated by the latest policies sustaining energy proficient buildings.
- The market is extremely competitive and owing to its capital concentrated nature, the global market is likely to have elevated barriers to the entrance. The global insulation market is distinguished by the existence of global players having a company over the value chain. Major market manufacturers are; Owens Corning, GAF Materials Corporation, Huntsman Corporation, Rockwool, Atlas Roofing Corporation, Saint-Gobain S.A., Johns Manville Corporation, The Dow Chemical Company and Knauf Gips KG etc.