Ottawa, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The OEM insulation market size is expected to reach around USD 53.2 billion by 2030 from valued at USD 14.5 billion in 2022. As the transportation industry and the consumer industries have a good demand for OEM insulation the market is expected to grow well during the forecast period. Government of various nations are engaged in creating an awareness regarding the use of OEM insulation as it helps in conserving energy and this is expected to be the instrumental reason which will help in the growth of the market in the coming years.
Key Takeaways:
- By end use, building & construction segment has captured revenue share of over 37% in 2022.
- By material type, the mineral wool segment has generated revenue share of 39% in 2022.
- Asia Pacific is poised to grow at a registered CAGR of 6.4% from 2022 to 2030.
- Asia Pacific region has dominated the market with revenue share of 39% in 2022
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Regional snapshots
Region is expected to have the largest market share in the coming years due to an increased use of OEM insulation in various industries in the Asia Pacific region. This segment has dominated the market in the past and it shall continue to grow well in the coming years and have a maximum share in terms of revenue. Rapid industrialization is one of the major factors that has helped in the growth of the market in the recent years period as the private investments and the public investments have grown in various industries like food and beverage, petrochemicals, oil and gas and energy the market for OEM insulation is expected to grow in the coming years. Government organizations are also engaged in taking steps in order to increase the use of OEM insulation for various industries.
As the various regions in the North American market have and awareness about the benefits associated with the usage of OEM insulation there shall be an increased adoption majorly in the United States. The development of the industrial corridors and the industrial clusters due to the savings provided on the tax and the subsidies provided by the government the market in the North American region is expected to grow well during the forecast period. As the oil production in Asia Pacific region especially China has increased the consumption of energy has also increased. But the demand for the OEM insulation is also expected to grow in order to save the energy.
Report highlights
The foamed plastic segment is expected to have the largest market share in the coming years. This segment has dominated the market in the past with the maximum share in terms of revenue. As foamed plastic can be used in a large range of industries due to its mechanical qualities the market for this segment is expected to grow in the coming years. The demand for the expanded polystyrene polyurethane foam and the extruded polystyrene will grow in the coming years.
The use of OEM insulation is expected to be maximum in the automotive industry. Insulation for the interior of the cars makes use of different types of materials that help in reducing the weight of the vehicles due to which the efficiency increases and it also ensures safety to the passengers.
Recent developments
- In order to provide better technologies for modern buildings Owen Cornings would introduce new technologies that would be energy efficient sustainable and reliable.
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Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2030 | USD 53.2 Billion |
| CAGR | 5.59% from 2022 to 2030 |
| Asia Pacific Revenue Share | 39% in 2022 |
| Building & Construction Segment Share | 37% in 2022 |
| Key Players | ACH Foam Technologies LLC, Big Sky Insulations, Demilec Inc., E.I. du Pont de Nemours and Company, Anco Products Inc., Knauf Insulation, Armacell International S.A., Aspen Aerogels Inc., Autex Industries Ltd., Johns Manville Corporation, Owens Corning Corp., Paroc, Rockwool International A/S, Saint-Gobain S.A., Scott Industries LLC, Morgan Advanced Materials, Superglass Insulation Ltd., The 3M Company, Triumph Group In |
Market Dynamics
Drivers
As various regions across the globe are engaged in creating an awareness regarding the usage of OEM insulation especially in the construction and the building sector the market is expected to grow well in the coming years. The use of insulation in the construction and the building industry is expected to have a dominant position even in the coming years and it is expected to have the largest market share in terms of revenue during the forecast period. Acoustic insulation in modern infrastructures has increased in order to provide partitions and many other technological advancements will play an important role in the heating, ventilation and air conditioning needs of the urban regions.
The demand for different types of goods that are energy efficient and the equipments that are energy efficient have increased in the recent years due to which the OEM market is expected to grow well in the coming years. In the transportation sector there's a growing demand for air conditioning due to which insulation market is also expected to grow in the transportation sector. Insulation also plays an important role in fire proofing and insulation against high temperature due to which it will be used in the manufacturing of different types of vehicles as it helps in improving the lifespan of all of these vehicles.
Restraints
in the manufacturing process of the insulation materials urge large amount of greenhouse gases are emitted which hampers the environment and strict regulations adopted by various governments across the world will hamper the market growth in the coming year. Greenhouse gases of the extremely harmful nature are released by the polyurethane foam. And these are expected to have a negative impact on environment. Standardization and monitoring in the manufacturing industries will restrain the market growth. In various developed regions monitoring and periodic checks are extremely important and the use of prohibited products may lead to severe consequences.
Challenges
One of the major challenges that the industry faces is that of the fluctuating prices of the raw materials. Plastic foams which are used in the insulation makes use of raw materials whose prices fluctuate due to which the profit margin is hampered. Polystyrene foams and polyurethane foams are the products that are made out of crude oil. And the changes in the price of crude oil hampers the production process. The availability of the raw material is also not constant and all of these factors are expected to pose major challenges for the growth of the market during the forecast period. The logistics function in various regions also affect the prices of the raw materials provided in the manufacturing units.
Opportunities
Technical installation like FEF helps in saving energy. During the usage of this type of insulation the amount of energy consumed is quite less. The increased use of insulation in different types of building in order to retain the heat we will have an increased use of technical insulation. Its usage in ventilation purposes, cooling and heating purposes will drive the market growth in the coming years and it is expected to provide major opportunities for the growth of the market during the forecast period.
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By Material
- Glass Wool
- Foamed Plastics
- Mineral Wool
- Fiberglass
- Stone Wool
- Others
- Extruded Polystyrene Insulation (XPS)
- Expanded Polystyrene Insulation (EPS)
- Aerogel
- Others
By Insulation Type
- Blankets
- Rolls & Batts
- Loose Fill & Other
By End User
- Automotive
- Marine
- Aerospace
- Building and construction
- Consumer appliances
- HVAC Equipment
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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