Insulation Market Size to Surpass USD 110.58 Bn by 2032

The global insulation market size is projected to surpass USD 110.58 billion by 2032, increasing from USD 56.52 billion in 2022, According to Precedence Research.

Ottawa, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The global insulation market size accounted for USD 58.94 billion in 2023, grew to USD 62.14 billion in 2024, and the industry is estimated to grow at a CAGR of CAGR of 7.2% from 2023 to 2032.

The insulation market is driven by the expanding building industry, especially in developing nations, which drives the growing need for insulation materials. This covers both brand-new construction endeavors and building renovations.

The production, distribution, and installation of products intended to minimize heat transmission are all included in the broad category of the insulation market. Insulation is a valuable and adaptable tool that offers several advantages. It promotes energy efficiency, financial savings, comfort, safety, and environmental protection by obstructing undesired heat transfer.

Its importance touches many facets of our lives and our environment, going well beyond just structures. For instance, In June 2023, in a definitive agreement, Saint-Gobain will purchase Building Products of Canada Corp., a privately held Canadian manufacturer of wooden fiber insulation panels and residential roof shingles, for C$1,325 million (about €925 million) in cash.

  • In September 2023, Knauf Insulation invested over £5 million to elevate its packaging equipment at its Cwmbran production plant in Wales, the newest phase of its calculated investment programme. The latest equipment will permit Knauf Insulation to produce glass mineral wool slabs parallel to the plant’s present roll and blowing wool capability.
  • Thousands of households throughout England will notice energy bills lowered by up to £200 a year as the government declares £67 million to establish insulation and clean heating.

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Key insights

  • Asia Pacific region was valued at USD 22,444.65 million in 2022.
  • The building and construction segment was valued at USD 20,361.40 million in 2022.
  • The expanded polystyrene segment was valued at USD 12,981.35 million in 2022, at a CAGR of 8.1% during the forecast period.
  • The transportation segment is expected to grow at a healthy CAGR of 8.0% between 2023 and 2032.

Growth Factors

As the building and the construction industry see the growth in the recent years there has been an increase in the need for insulation for these construction sites. In order to maintain the temperature of the house the debate for insulation is growing rapidly. Insulation helps in providing better indoors with controlled temperature as insulation is helpful in reducing the transfer of heat from the environment. In order to control the temperature indoors throws and excessive use of heaters which consumes a lot of energy but the introduction of insulation for controlling the heat inside the house has reduced the usage of energy. There has been a growing demand for the installation of insulation in various commercial infrastructure. 

Along with the growing demand for insulation there has been a growth in the demand for solutions that are helpful in saving energy. There has been a growth in the demand for the products that provide insulation in the vehicles which will be helpful in improving the performance of the engines. A lot of energy is generated through the Engines. There has been a growth in the demand for insulation materials in the vehicle industry as it will be helpful in reducing the amount of noise made by different types of engines. 

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Regional Snapshot

  • Canada insulation market was valued at USD 2,358.93 million in 2022, at a healthy CAGR of 6.6% between 2023 and 2032.
  • Germany insulation market was valued at USD 3,537.81 million in 2022 and it is projected to grow at a CAGR of 7.8% from 2023 to 2032.
  • China insulation market was valued at USD 10,392.90 million in 2022 and it is expanding at a CAGR of 8.5% from 2023 to 2032.
  • Brazil insulation market was valued at USD 1,892.51 million in 2022 and it is expected to grow at a CAGR of 5.3% between 2023 and 2032.

Asia Pacific is expected to dominate the insulation market in the forecast period. There is a greater focus on using insulating materials to promote building energy efficiency as environmental sustainability and energy conservation gain popularity. Enterprises and governments in the Asia Pacific area may implement policies and practices that encourage the use of insulation. Construction activity, encompassing residential, commercial, and industrial developments, has increased significantly.

The requirement for insulating materials has increased due to the growing demand for energy-efficient buildings. Insulation is essential for enterprises to control temperature, cut energy use, and adhere to environmental requirements. Insulation is crucial for thermal comfort and energy efficiency in high-rise structures and infrastructure, frequently resulting from rapid urbanization.

Report Highlights

Product Insights

The expanded polystyrene segment is expected to dominate the market during the forecast period. Expanded polystyrene (EPS) provides superior thermal insulation qualities, which efficiently reduces heat transfer and improves building energy efficiency. Because of its modest weight, it is simple to handle and install, cutting down on construction time and expense. Another feature of EPS insulation that sets it apart is its adaptability; it can be molded into various sizes and forms to meet unique building specifications. It is appropriate for multiple household and commercial applications due to its versatility. Furthermore, EPS is renowned for its resilience to moisture and durability, guaranteeing sustainability and long-term performance.

In the insulation sector, EPS's cost-effectiveness is a central selling point. The material is an appealing choice for construction projects on a tight budget because it is comparatively inexpensive compared to some alternatives.

End- user Insights

Global Insulation Market Revenue, By End User, 2022-2032 ($ Million)

By End User2022202320272032
Building and Construction20,361.4021,259.3727,136.7840,796.59
HVAC and OEM9,389.079,817.1812,447.7218,559.21
Others (Furniture, Packaging, etc.)7,588.537,881.139,191.5912,232.44

The construction segment is expected to dominate the insulation market over the forecast period. The rising emphasis on sustainability and energy efficiency in building projects is the reason for the segment's growth, as it has increased demand for high-performance insulation materials. Insulation is essential to minimize building heat gain or loss and lower energy usage. The demand for sophisticated insulation solutions in the construction industry is also driven by stricter building rules and regulations worldwide, pushing for more significant insulation requirements. Insulation becomes a key component of construction procedures as eco-friendly and energy-efficient building materials become more popular as governments and organizations prioritize environmental issues.

In addition, technological advancements in insulation, like the creation of greener and more efficient materials, support the dominance of the building industry in the insulation sector. Thereby propelling market expansion during the anticipated year.

Insulation Market Report Scope

Report CoverageDetails
Market Size in 2023USD 58.94 Billion
Market Size by 2032USD 110.58 Billion
Base Year2022 
Historical Year2020-2021
Forecast Period2023 to 2032
Segments CoveredProduct, Function, Form, End User, and Geography
Regional CoveredNorth America, Europe, Asia-Pacific, Latin America and Middle East & Africa (MEA)

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Market Dynamics

Driver: Energy efficiency regulations and standards

Over time, energy-efficient structures and operations result in considerable cost savings. Decreased energy use due to insulation decreases utility bills for consumers and companies. This financial incentive fuels the market's need for efficient insulating solutions. There is a growing need for well-insulated buildings due to businesses and consumers being more aware of the advantages of energy efficiency. The insulation market is expanding due to both grassroots demand and legislative pressure. Countries have adopted and enforced energy efficiency measures because of international agreements and initiatives, such as the Paris Agreement, aimed at mitigating climate change. The insulation market is expected to grow because insulation is essential to reaching the energy reduction goals specified in these agreements.

Restraint: Perceived Return on Investment (ROI)

Good insulation might cost a lot upfront for the supplies and the installation. This may deter prospective buyers or property owners from putting short-term financial concerns ahead of long-term energy savings. The volatility of future energy costs influences the perceived return on investment. The decision-making process may be impacted if energy prices stay the same or decline since the advantages of investing in high-quality insulation may seem less intense.

A greater understanding of the long-term advantages of energy-saving and insulation solutions could underestimate the perceived return on investment. It may be necessary for property owners to comprehend all of the possible cost savings and comfort enhancements that insulation can offer. For the duration of the forecast period, this is, therefore, anticipated to pose a significant obstacle to market expansion.

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Opportunity: Increasing adoption of renewable energy sources

The increasing adoption of renewable energy sources in the insulation industry is expected to offer a potential opportunity for market revenue expansion over the anticipated timeframe. Energy-efficient solutions for buildings and industrial operations are becoming increasingly in demand as the globe moves toward sustainable practices and attempts to lower carbon emissions. Because insulation reduces heat transfer, it helps to maximize energy efficiency by lowering the demand for excessive heating or cooling. The energy mix is starting to include more renewable sources like wind and solar power. For these sources to operate at their best, regular conditions are frequently needed.

Sufficient insulation contributes to stable internal building temperatures, making integrating renewable energy sources easier because it ensures they run well. Furthermore, integrating cutting-edge insulation technologies with renewable energy promotes environmental sustainability. By using less conventional energy and limiting energy waste with better insulation, homes and businesses can reduce their carbon footprint.

Browse More Insights:

Building Thermal Insulation Market: The global building thermal insulation market size accounted for USD 29.75 billion in 2022 and it is expected to hit around USD 48.69 billion by 2032. it is poised to grow at a CAGR of 5.1% over the forecast period 2023 and 2032. 

Insulation Materials Market: The global insulation materials market size was estimated at US$ 67 billion in 2022 and it is projected to surpass around US$ 110.7 billion by 2032, growing at a CAGR of 5.20% during the forecast period 2023 to 2032.

Regenerated Cellulose Market: The global regenerated cellulose market size accounted for USD 17.6 billion in 2022 and is expected to hit around USD 42.24 billion by 2032, poised to grow at a CAGR of 9.2% during the forecast period from 2023 to 2032.

Nanocellulose Market: The global nanocellulose market size accounted for USD 0.2 billion in 2022 and is projected to surpass around USD 1.45 billion by 2032, growing at a CAGR of 22% during the forecast period from 2023 to 2032.

Bioethanol Market: The global bioethanol market size was estimated at USD 40.8 billion in 2021 and is predicted to hit around USD 124.5 billion by 2030, poised to grow at a CAGR of 13.2% during the forecast period from 2022 to 2030.

Recent Developments:

  • In September 2023, Volt Tough is a new line of electrical insulating tape solutions announced by Avery Dennison Performance Tapes. This state-of-the-art assortment of single-sided, electrically insulative film tapes will address the problems with insufficient electrical insulation in EV battery packs.
  • In May 2023, Solvay specifically developed a novel polyetheretherketone (PEEK) extrusion compound called Keta Spire KT-857 to insulate wires in electric motors using copper magnets. The specifically created insulating material was prompted by OEMs' transition to greater-density packs and electric powertrains operating at 800V or higher to reduce consumers' range anxiety.
  • In March 2022, ACC, a well-known cement company, unveiled ACC Airium, a concrete system that controls temperature and provides thermal insulation. The ACC Airium concrete system is a durable roofing solution that shields the surface while it is installed. It uses insulating technology based on mineral foam. It is available at low densities, 300 kg/m3 and above.

Market Key Players

  • GAF
  • Saint Gobain
  • Recticel
  • Johns Manville
  • 3M Company
  • Owens Corning
  • Kingspan Group
  • URSA
  • Rockwool Group
  • Knauf Insulation

Market Segmentation

By Product

  • Expanded polystyrene
  • Glass wool
  • Mineral wool
  • Cellulose
  • Calcium silicate
  • Others

By End user

  • Industrial use
  • Construction
  • Original equipment manufacturer
  • Transportation
  • Appliances
  • Packaging
  • Furniture
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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