Insulation Market to Exceed Valuation of US$ 175.1 Bn by 2031, notes TMR Study

- Demand for fiberglass in multiple insulation applications to drive revenue gains; rise in use in residential construction applications to expand lucrative avenues

- Rise in utilization in heating, ventilation, and air conditioning (HVAC) applications to underpin enormous profitable opportunities in Asia Pacific insulation market

ALBANY, N.Y., Feb. 18, 2022 /PRNewswire/ -- The expanding array of thermal, electric, and acoustic insulation products for applications in the construction and automotive industries has spurred sales revenues in the insulation market. The past few years have witnessed abundant use of insulation materials in automobiles and automotive electronics, and the trend is expected to continue in the next few years. The global valuation of insulation market is projected to surpass worth of US$ 175.1 Bn by 2031.

In building and construction industry, acoustic insulation materials are witnessing R&D, thereby unlocking new avenues. The utilization of thermal and electric insulation products in residential buildings has been propelling the sales, found the TMR analysts. Fiberglass, mineral wool, and plastic foams have been widely adopted in heating, ventilation, and air conditioning applications, bolstering sales opportunities for manufacturers in the global insulation market. In particular, the use of fiberglass is gathering traction in multiple insulation applications.

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Key Findings of Insulation Market Study

• Use of Acoustic and Thermal Insulation in Industrial, HVAC, and OEM Propel Revenues: The insulation market is witnessing steady growth of revenue potential from the massive demand for acoustic and thermal insulation products. Stridently the use has proliferated in industrial, HVAC, and original equipment manufacturers in automotive industry.
• Substantial Uptake of Products in Building & Construction Fueling Global Revenues: Insulation products notably fiberglass and plastic foams have extensively been used in infrastructure development projects. They help improve energy conservation, and hence their use has become popular in automobile and consumer electronics. Advancements made in automotive and electronics are creating the demand for innovative products, find the TMR study. Thus, introduction of novel products such as natural fibers have unlocked new revenue streams for composite manufacturers in the insulation market. Furthermore, the sales of smart wearable have spurred revenue gains to these market players.
• R&D in Eco-friendly Insulation Materials Open New Frontiers: Eco-friendly materials such as mineral wool has gained traction in the insulation market. The inclination toward sustainable buildings have spurred R&D in fabricating inexpensive environmental-friendly insulation materials.

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Insulation Market: Key Drivers

• Increasing spending on residential and commercial buildings, including for renovations, in emerging and developed economies is attractive spending on spectrum of insulation products. Furthermore, manufacturers in the insulation market have been leaning on bolstering their distribution channels.
• Rapid pace of urbanization, coupled with growing awareness about the need for construction materials that improve energy conservation, is driving revenue growth, observe the TMR analysts in an in-depth study on the insulation market.

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Insulation Market: Regional Growth Dynamics

• The Asia Pacific insulation market is projected to expand at promising pace during the forecast period. Lucrative opportunities are fueled by the strides being made in building and construction industry. Moreover, the demand for insulation products for automotive and consumer electronics is expected to rise substantially over the next few years.
• Developed regions, in particular North America and Europe, are estimated to contribute considerable revenues in the insulation market from the growing uptake of products in residential constructions.

Insulation Market: Key Players

Leading players are collaborating with small- and medium-scale manufacturers to strengthen their positions in the market. Some of the prominent players in the insulation market are ROCKWOOL International A/S, Owens Corning, Knauf Gips KG, Johns Manville, Huntsman International LLC, The Dow Chemical Company, CertainTeed Corporation, Duro-Last Roofing, Inc., and Atlas Roofing Corporation.

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Global Insulation Market: Segmentation

Insulation Market, Product

• Fiberglass
• Plastic Foam
• Mineral Wool
• Others

Insulation Market, by Application

• Residential Construction
• Industrial, HVAC, and OEM
• Non-residential Construction

Insulation Market, – by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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