Insulation Market: Introduction
Transparency Market Research delivers key insights on the global insulation market. In terms of revenue, the global insulation market is estimated to expand at a CAGR of 9.4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global insulation market.
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The global insulation market is broadly affected by several factors, including increase in usage of insulation in the construction industry (including residential, industrial, and non-residential). The expansion of the global construction industry has led to significant growth in the usage of insulation. Increase in construction activities is projected to be the primary driver of the global insulation market. Moreover, rise in demand for residential, industrial, and non-residential applications is propelling the insulation market.
Insulation Market: Dynamics
Insulation refers to the process of obstructing heat, electricity, and sound from entering or exiting a physical space. It is achieved through the installation of insulation materials that act as a barrier for energy flow. Insulators usually have low thermal conductivity, and are available in the form of mineral wool, polyethylene, polystyrene, and others. Insulation is carried out on any surface of a building or construction that improves the properties associated with the structure, including acoustic, fire, and impact resistance.
Insulation is used in the construction industry due to its unique properties. Insulation of an area assists in reducing energy costs and moisture condensation, as well as increasing the safety and protection quotient for individuals. It also assists in minimizing heat loss from uninsulated valves and bare pipes inside buildings, along with reducing noise pollution.
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The global residential construction segment is expected to expand considerably during the forecast period. Thus, the expansion of the construction industry is projected to boost the demand for insulation during the forecast period.
Manufacturers are focusing on residential construction, as the share held by this segment in the insulation market is likely to increase during the forecast period.
Insulation Market: Prominent Regions
Asia Pacific holds the major share of the global insulation market. The market in the region is anticipated to expand at a CAGR of more than 8% during the forecast period The steadily growing construction and automotive industries in Asia Pacific is vital for the insulation market in the region, while the consumer electronics industry in countries such as China, India, South Korea, and Japan has also shown no signs of slowing down and could thus, play a key role in the development of the global insulation market during the forecast period.
China is a key country of the insulation market in Asia Pacific. It held significant share of the insulation market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global insulation market. Germany led the insulation market in Europe in 2020. The increase in demand for insulation in residential construction and industrial construction applications is driving the insulation market in Germany.
Insulation Market: Major Players
The global insulation market is consolidated with the presence of key players. Prominent players operating in the global insulation market include Atlas Roofing Corporation, Duro-Last Roofing, Inc., CertainTeed Corporation, The Dow Chemical Company, Huntsman International LLC, Johns Manville, Knauf Gips KG, Owens Corning, and ROCKWOOL International A/S.
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Global Insulation Market: Segmentation
Insulation Market, Product
· Fiberglass
· Plastic Foam
· Mineral Wool
· Others
Insulation Market, by Application
· Residential Construction
· Industrial, HVAC, and OEM
· Non-residential Construction
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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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