Insulation Materials Market to Garner $101.9 Billion, Globally, By 2030 at 5.2% CAGR, Says Allied Market Research
Developments in the construction industry, and rapid urbanization & industrialization in the developing countries drive the growth of the global insulation materials market.
PORTLAND, Ore., April 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Insulation Materials Market by Type (Mineral Wool, Polyurethane Foam, Polyethylene, Polyvinyl Chloride, Expanded Polystyrene, Extruded Polystyrene, and Others) and Application (Residential Construction, HVAC & OEM, Non-Residential, Wires & Cables, Automotive, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global insulation materials industry generated $61.6 billion in 2020, and is anticipated to generate $101.9 billion by 2030, witnessing a CAGR of 5.2% from 2021 to 2030.
Prime determinants of growth
Developments in the construction industry, and rapid urbanization & industrialization in the developing countries drive the growth of the global insulation materials market. At the same time, North America and Europe is expected to witness a considerable growth in residential construction, which is likely to present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global insulation materials market, owing to implementation of global lockdown which led to disrupted construction activities, especially in the initial period.
- However, the market has already started to recover.
The polyurethane foam segment to maintain its leadership status throughout the forecast period
Based on type, the polyurethane foam segment held the highest market share in 2020, accounting for nearly two-fifths of the global insulation materials market, and is estimated to maintain its leadership status throughout the forecast period. This is because it can be made into laminated insulation panels with a variety of facings. Moreover, the expanded polystyrene segment is projected to manifest the highest CAGR of 7.4% from 2021 to 2030.
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The wires and cables segment to maintain its lead position during the forecast period
Based on application, the wires and cables segment accounted for the largest share in 2020, contributing to more than two-fifths of the global insulation materials market, and is projected to maintain its lead position during the forecast period. This is due to its wide usage to separate conductors, electrically, and physically within a cable. However, the Hvac and Oem segment is expected to portray the largest CAGR of 6.7% from 2021 to 2030.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global insulation materials market. Moreover, the same region is expected to witness the fastest CAGR of 6.5% during the forecast period, due to increase in demand for insulation materials in automotive, construction, and wires & cables industry.
Leading Market Players
- BASF SE
- Bayer AG
- Saint-Gobain S.A
- Rockwool International
- Huntsman Corporation
- Atlas Roofing Corporation
- Bridgestone
- Evonik Industries AG
- GAF Materials Corporation
- Kingspan Group PLC
- The DoW Chemical Company
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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