The global insulation market size is expected to reach USD 79.06 billion by 2026, on account of the increasing number of building and construction activities worldwide. Insulation is used for maintaining the average temperature inside a building by reducing the transfer of heat between adjacent environments. Additionally, it reduces carbon footprint by restricting heat conduction to the external environment and utilizing less energy for maintaining an average temperature. According to a recently published report by Fortune Business insights™ titled, “Insulation Market Size, Share and Global Trend, By Material (Mineral Wools {Glass Wool, Stone Wool}, Foamed Plastics {Expanded Polystyrene [EPS], Extruded Polystyrene [XPS], Polyurethane [PU], Polyisocyanurate [PIR], Others}, Cellulose, Aerogels, Others), By Application (HVAC & OEM, Transportation, Packaging, Building & Construction, Others), and Geography Forecast till 2026,” the market size was USD 55.16 billion in 2018 and is projected to exhibit a CAGR of 4.6% between 2019 to 2026.
Report Overview
The report provides a comprehensive overview of the market, predominantly focusing on factors driving, restricting, challenging, and giving an opportunity to the market. It also offers competitive landscape of the market with list of key players and the strategies adopted by them for gaining momentum in the market competition. Besides this, the report talks about various segments of the market based on factors such as material, application, and geographies and the names of the leading segments. Furthermore, the report lists key industry developments, current insulation market trends, and other interesting insights into the market.
Market Drivers
Fire Resistant Property of Insulated Buildings to Attract High Market Revenue
Two significant factors are primarily responsible for the global insulation market growth. These include the increasing requirement for insulation in the building and construction industry to maintain the indoor temperature and to reduce the carbon footprint of the building. Secondly, insulation offers properties such as fire, impact, and acoustic resistance to building structures, and this is further anticipated to aid in the expansion of the market in the forecast period.
Regional Segmentation:
Asia Pacific to Emerge Dominant Attributable to Government-supported Sustainable Infrastructural Development
Geographically, Asia Pacific is holding the largest insulation market share on account of the swift development of economic powerhouses that emphasizes strongly on energy-saving solutions for infrastructural development, supported by regional governments. On the other side, the markets in Europe and North America will witness significant growth in the forecast period. In 2018, North America generated a revenue of USD 12.08 billion. According to a lead analyst at Fortune Business Insights™, “This growth is attributed to the increasing awareness about advantages of insulation and rise in need for Zero-energy-buildings policies set as environmental regulations.”
Significant Industry Developments of Insulation Market Include:
July 2017 – The Proudfoot Company, a pioneer in noise control products for concrete based applications situated in Connecticut, the U.S. was acquired by Sound Seal for entering new verticals of the acoustic insulation sector.
November 2019 – The manufacturing facility of Superglass located in Stirling, Scotland, was expanded for increasing the annual production capacity of glass wool insulation up to 60 KT. For this expansion, the company invested about $48 million to support the demand for insulation products across Europe.
Browse Link: -
https://www.fortunebusinessinsights.com/insulation-market-102423
