Insulation Products Market worth $71.7 billion by 2026 Globally, at a CAGR of 5.4 %, says MarketsandMarkets™

Chicago, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global Insulation Products Market size is projected to grow from USD 55.1 billion in 2021 to USD 71.7 billion by 2026, at a CAGR of 5.4% between 2021 and 2026., as per the recent study by MarketsandMarkets™. Insulation products comprise insulation materials that add a protective covering to residential and commercial buildings, industrial goods, and HVAC equipment to reduce heat loss or heat gain from surfaces operating at temperatures above or below the surrounding temperatures. It also prevents the formation of condensation on pipework and acts as a protective barrier against moisture, which can build up inside a pipe, leading to different types of corrosion. OEMs also use various insulation materials to provide acoustic insulation in their products such as industrial heavy machinery, solar, plumbing and drainage pipes, and domestic appliances among others.

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Browse in-depth TOC on "Insulation Products Market”

236 - Market Data Tables

52 - Figures

252 - Pages

List of Key Players in Insulation Products Market:

1. Covestro AG (Germany)
2. Owens Corning Corp. (US)
3. Rockwool International A/S (Denmark)
4. Saint-Gobain ISOVER (France)
5. Knauf Insulation (US)
6. Huntsman Corporation (US)
7. Armacell International S.A. (Luxembourg)
8. Johns Manville Corporation (US)
9. Kingspan Group (Ireland)
10. Soprema Group (France)
11. Cellofoam International GmbH (Germany)
12. Recticel NV/SA (Belgium)
13. China Jushi Co. Ltd. (China)
14. Rogers Corporation (US)

Drivers, Opportunities and Challenges in Insulation Products Market:

1. Drivers: Building & Construction sector will lead the market growth during and post-COVID-19 pandemic
2. Restraint: Poorly mixed chemicals leading to health risk and ineffective insulation
3. Challenges: Fluctuating raw material costs leading to pricing pressure on insulation manufacturers
4. Opportunity: Stringent regulations mandating use of insulation materials for energy conservation

Key Findings of the Study:

1. Mineral Wool segment is estimated to lead the Insulation products market, in 2021
2. The building & construction sector is estimated to be leading end use in Insulation products market, in 2021
3. Asia Pacific projected to account for the largest share in the Insulation products market during the forecast period

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Insulation products is used in various industries such as building & construction, industrial, transportation, and consumer. The COVID-19 pandemic caused a disruption in supply chain of Insulation products ecosystem as there were many restrictions imposed on international trade and travel. The spike in raw material prices also led to certain volatility in demand for Insulation products materials. However,  the increasing number of warehouse construction is driving demand for quick-to-install insulation materials,  and hence increasing the demand for Insulation products materials. Logistics management has become a key priority of industries across the world. Many companies face the strategic decision of deciding on number of distribution centers, their locations, and target groups. Thermal insulation plays a very important role in preventing heat transfer, moisture retention, and thereby maintaining desirable internal conditions. The area of warehouses is large and the allotted time for construction is very less. Hence contractors prefer quick-to-install insulation solutions such as spray PUF, cellulose, fiberglass, and reflective insulation materials.

The market for Insulation products is segmented based on material type including mineral wool, Polyurethane Foam (PUF), Flexible Elastomeric Foam (FEF) and other insulations which include Extruded Polystyrene (XPS), Expanded Polystyrene (EPS), aerogel, calcium silicate, perlite, ceramic fiber, melamine foam and other insulations. The FEF segment is projected to be the fastest-growing in the overall Insulation products market during the forecast period. The growth of the FEF market can be attributed due to its exceptional ability to control condensation on cold mechanical systems, is fiber-free, and has low-VOC for chemical emissions. This makes it best suited for HVAC, refrigerant, ducting and piping applications.

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The Insulation products market is classified, based on end use as building & construction, industrial, transportation, and consumer. The transportation segment is projected to register the fastest growth in the overall Insulation products market during the forecast period in terms of value. The growing demand of transportation systems such as electric vehicles, aircraft, and bullet trains is driving the demand for Insulation products globally. Governments of various countries are adopting an integrated approach to conserve energy and bring in place an energy management system, which varies according to traffic and environmental conditions. The increasing need for such air-conditioned transport facilities is further boosting the demand for Insulation products materials.

The Insulation products market is also studied for regions, which includes, North America, Europe, Asia Pacific, and rest of the world. The Europe region accounted for the largest market share in 2020 for Insulation products.

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