Increase in global population and high demand for industrial & residential insulation is augmenting global insulation market growth
Wilmington, Delaware, United States, March 15, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global insulation market is projected to advance at a CAGR of 9.4% between 2021 and 2031. Insulation is the process of insulating or stopping electricity, heat, or sound from travelling through a medium. Insulation material is non-conductive and helps in preventing any form of electric current leakage. The material used for insulation surrounds the source of electric energy such as wire or a cable. Insulating products are used for minimizing the contact between the environment and a substance. Acoustic, thermal, or electric insulation is preferred for insulation in most of the residential and industrial applications. Rise in number of building and construction activities is projected to augment the global insulation market.
Rapid pace of industrialization and urbanization are the leading factors driving the need for insulation in newly constructed buildings for residential or business purposes. Large companies in the global insulation market are engaging in collaborative efforts with both small and medium-sized players to increase their market share.
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According to TMR report, the global insulation market was valued at US$ 64.9 Bn in 2020 and is anticipated to reach US$ 175.1 Bn by the end of 2031. Advent of fiberglass and plastic for use as insulation materials is likely to propel market progress.
Key Findings of Study
- Rise in Demand in Construction and Automation Sector: Increase in usage of insulation products for minimizing the interaction between a substance and its environment is ascribed to robust growth of the market in the past few years. Rise in adoption of new and improved types of insulation, such as thermal, acoustic, and electric, is projected to augment the market during the forecast period. Rise in usage of insulating products in construction activities for both commercial and residential purposes is anticipated to bolster market development in the near future. Additionally, increase in adoption of automotive electronics is likely to create lucrative opportunities in the global insulation market during the forecast period.
- Rapidly Growing Consumer Electronics Industry: Rise in inclination toward consumer electronics is projected to bolster the global insulation market during the forecast period. Increase in disposable income of people and rise in adoption of technologically advanced consumer electronic products, such as smartphones, laptops, smart-watches, tablets, digital cameras, and small and large home appliances, are projected to boost the need for insulation, which, in turn, is likely to propel market expansion during the forecast period.
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Key Drivers
- Rise in popularity of electrical insulation for large and small home appliances is projected to boost market size
- Increase in construction activities for residential, commercial, and industrial purposes is expected to propel industry growth
- Surge in adoption of automotive electronics is likely to accelerate market development during the forecast period
Regional Growth Dynamics
- Asia Pacific is likely to account for dominant market share during the forecast period. This is ascribed to increase in demand for and high sales of consumer electronics in emerging economies such as, China, and India.
- Presence of major automobile manufacturers and increase in popularity of automobile electronics is expected to help augment industry growth in Asia Pacific. Increase in demand for passenger cars and rise in commercial transportation vehicles in Japan, coupled with rise in number of residential construction activities is projected to bolster market growth.
Key Players
Key companies in the global insulation market are Rockwool International A/S, Owens Corning, Knauf Gips KG, Huamei Group,, Johns Manville,.CertainTeed Corporation, The Dow Chemical Company, Duro-Last Roofing, Inc., and Atlas Roofing Corporation.
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Insulation Market Segmentation
Product
- Fiberglass
- Plastic Foam
- Mineral Wool
- Others
Application
- Residential Construction
- Industrial, HVAC, and OEM
- Non-residential Construction
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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