Insulation Market to Witness Robust Expansion Throughout the Forecast Period
Stratview Research has published a new report titled “Insulation Market” which is segmented by Product Type (Fiberglass/Glass Wool, Mineral Wool, Plastic Foam, and Others), by Application Type (Residential Construction, Industrial, HVAC & OEMs, and Non-Residential Construction), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, Insulation Market is expected to grow from USD 58.52 billion in 2021 to USD 90.7 billion by 2028 at a CAGR of 6.4% during the forecast period of 2022-2028. The major factors such as the increasing usage of recycled materials for the production of insulating materials, growing awareness regarding conservation of energy in the developing countries in symphony with the surge in population, adoption of zero energy buildings and sustainable construction are expected to fuel the growth of the market during the forecast period.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
Based on the product type, the market is segmented as fiberglass/glass wool, mineral wool, plastic foam, and others. Fiberglass/glass wool is estimated to witness significant growth rate owing to its cost effectiveness in comparison with the other insulating products. Its wide range of applications across different building parts and being capable of offering insulation in the range of R-8 to R-40, making them ideal for customized appliances based on the requirements for customer is expected to fuel the product demand in the insulation market. Moreover, mineral wool offers superior thermal insulating properties and is an excellent fire insulator. Furthermore, the feature of superior acoustic dampening to decrease sound produced in the industrial areas is one of the major factors fueling the market demand during the forecast period.
Based on the application type, the market is segmented as residential construction, industrial, HVAC & OEM, and non-residential construction. Factors such as increasing focus on minimizing consumption of energy accompanied by installation of efficient, recyclable, and green materials, increasing customer spending along with growing needs for new homes, growing requirements in residential and commercial applications for insulating materials among developed regions including North America and Europe, growth in construction industry along with increasing innovation towards adoption of energy efficient modes are expected to fuel the market revenue during the forecast period.
Which Region is expected to remain the largest market?
In terms of regions, Asia-Pacific is estimated to be the major region of the market and the growth is attributed to its rise in population along with growing development in both commercial and industrial construction. Furthermore, factors such as growing preferences of consumers towards energy conservation and green building initiatives, other initiatives and policies made by the government regarding the housing sector developments are expected to accelerate the growth of the regional market during the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Who are the Key Players in the Market?
This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players activen in the Insulation Market:
· Armacell International S.A.
· BASF
· CertainTeed Corporation
· Dow Chemical Company
· Huntsman International
· Johns Manville
· Knauf Gips KG
· Owens Corning Corp.
· Recticel Insulation
· ROCKWOOL International A/S.
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