LONDON, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the roof insulation market, the growing construction industry is expected to propel the growth of the roof insulation market going forward. The construction industry is rising because of impending infrastructural projects, ongoing urbanization, and a growing population base. The increasing energy efficiency requirements and the importance of energy efficiency due to the increasing energy costs in the expanding construction industry are expected to drive the demand for roof insulation products. According to the Global Market Model, the global construction market was estimated to be $12.52 trillion in 2021 and is expected to reach $17.60 trillion in 2026, growing at a CAGR of 7.0%. Hence, the growing construction industry will drive the growth of the roof insulation market.
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The global roof insulation market size is expected to grow from $9.85 billion in 2021 to $10.35 billion in 2022 at a compound annual growth rate (CAGR) of 5.10%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The roof insulation market is expected to reach $12.79 billion in 2026 at a compound annual growth rate (CAGR) of 12.79%.
New product launches and developments are a key trend gaining popularity in the roof insulation market. Major companies in the roof insulation market are advancing in their research and development for developing products that lower environmental damage and promote higher sustainability. For instance, in 2020, Owens Corning, a US-based roofing, insulation, and composite materials company, launched a new product line, FOAMULAR NGX (Next Generation Extruded). The new line of extruded polystyrene (XPS) foam products offers a 90% reduction in global warming potential while offering performance.
Major players in the roof insulation market are BASF, Berkshire Hathaway Inc, Knauf Insulation GmbH, Owens Corning, Paroc Group, Rockwool International A/S, Saint-Gobain SA, The 3M Company, Kingspan Group plc, The Dow Chemical Company, Beijing New Building Material Co Ltd, Aspen Aerogels Inc, Johns Manville Corporation, Recticel NV, Unifrax and Zotefoams plc.
The global roof insulation market analysis is segmented By Type into Batts and Rolls, Rigid Insulation, Reflective system; By Building Type into Residential, Non-Residential; By Material into Glass Wool, Stone Wool, Plastic Foam, Others; By Application into Flat Roof, Pitched Roof
Asia-Pacific was the largest region in the roof insulation market in 2021. Western Europe is expected to be the fastest-growing region in the roof insulation market during the forecast period. The regions covered in the roof insulation market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Roof Insulation Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide roof insulation market forecast size and growth, roof insulation market segments and geographies, roof insulation market trends, roof insulation market drivers and restraints, roof insulation market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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