Insulation Products Market worth $71.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 4, 2022 /PRNewswire/ -- According to the new market research report "Insulation Products Market by Insulation Type (Thermal, Acoustic), Material Type (Mineral Wool, Polyurethane Foam, Flexible Elastomeric Foam), End Use (Building & Construction, Industrial, Transportation, Consumer) and Region - Global Forecast to 2026", published by MarketsandMarkets™, 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. Growing steel and aluminium industries in developing nations is driving the Insulation products market. The demand for steel in developing nations of Asia Pacific and Europe continues to recover after the world was hit by COVID-19 pandemic in 2020. This growth in demand is aided by the recovery in commodity prices and international trade. The growth in these sectors influence the demand for insulation materials to be used in the new expansion of steel and aluminium manufacturing plants. Materials such as stone wool, aerogel, calcium silicate, perlite, and ceramic fibre are widely used in these plants to meet the thermal insulation requirement at high temperatures. Hence the growth of these generics will drive the overall insulation products market. Another factor driving the growth of Insulation products market is the increasing awareness of acoustic insulation in building & construction end use as building & construction is one of the key end-use industries in the acoustic insulation market accounting for largest share. Acoustic insulation provides noise reduction in commercial and residential buildings.
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Mineral Wool segment is estimated to lead the Insulation products market, in 2021
By material type, the mineral wool segment accounted for the largest share in the overall Insulation products market. Minera wool finds high demand in building & construction segment and this growth can be attributed to the increasing population, expanding building insulation market, need for energy efficient equipment, rising environmental awareness, and need for cost savings. Mineral wool is non-combustible, has higher density and R-value, and also provides good acoustic properties which makes it a preferable choice in building & construction end use.
The building & construction sector is estimated to be leading end use in Insulation products market, in 2021
By end use, the building & construction segment is expected to lead the overall Insulation products market in 2021. Increasing investments and construction of commercial offices, warehouses, data centers, and SEZs are the key drivers which are driving the demand for HVAC equipment in the building & construction segment. Insulation products is preferred in building & construction end use as it provides low thermal conductivity, energy saving ability, sound control, reduction in greenhouse gas emission, and results into cost saving. Insulation products finds applications in doors, walls, ceilings, panels, and floors in commercial buildings.
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Asia Pacific projected to account for the largest share in the Insulation products market during the forecast period
In 2021, Asia Pacific is estimated to account for the largest share in the Insulation products market and is projected to register the highest CAGR of 5.7% between 2021 and 2026. Although there is a decline in the Asia Pacific market in 2020 due to the COVID-19 impact, the market is expected to grow at a moderate rate during the forecast period. This growth can be attributed to the increasing demand in mineral wool and PUF in countries, such as China, South Korea, India, Japan, Vietnam, and Australia.
Covestro AG (Germany), Owens Corning Corp. (US), Rockwool International A/S (Denmark), Saint-Gobain ISOVER (France), Knauf Insulation (US), Huntsman Corporation (US), Armacell International S.A. (Luxembourg), Johns Manville Corporation (US), Kingspan Group (Ireland), Soprema Group (France), Cellofoam International GmbH (Germany), Recticel NV/SA (Belgium), China Jushi Co. Ltd. (China), and Rogers Corporation (US) are the key players in the market.
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