Insulation Market Size and Share: 2021 to 2031 Key Findings
The Insulation Market is expected to register a CAGR of 7% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report presents analysis based on product (glass wool, mineral wool, EPS, and XPS). The report is segmented by application (residential construction, non-residential construction, industrial, and HVAC and OEM). The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Insulation Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Insulation Market Segmentation
Product- Glass Wool
- Mineral Wool
- EPS
- XPS
- Residential Construction
- Non-Residential Construction
- Industrial
- HVAC and OEM
Strategic Insights
Insulation Market Growth Drivers- Growth in the Construction Sector: The high increase in the construction sector is significantly impacting the insulation industry, primarily because it can increase demand for energy-saving buildings. With rapid urbanization, developers are becoming more concerned with a sustainable approach to construction, most often that results in using better insulation products. This decreases energy spending and utility costs, making insulated structures more attractive to buyers.
- Favorable Government Energy Efficiency Policies: Another aspect contributing to this growth is the government's energy efficiency policies. Many countries have implemented stiff building codes, which make raising the insulation standards in buildings is mandatory. This forces the building contractors to invest in improving insulation techniques. Therefore, the market grows because of governmental pressure to add insulation to new buildings.
- Increasing Renovation and Retrofitting Activities: It is also being supported by renovation and retrofitting activities. Housing and commercial operators are becoming more keen to renovate their properties for improved energy efficiency as well as comfort inside the properties. Under such projects, insulation becomes an imperative requirement, thus fostering demand for modern, high-performance materials in the insulation industry.
- Rising Demand for Eco-Friendly Insulation Materials: The primary trend that is shaping the future of the insulation market is the increasing demand for environmentally friendly insulation materials. Also, as environmental awareness is increasing, consumers and builders are adopting alternatives that can minimize carbon footprints. Cellulose, wool, and recycled plastics are some of the increasingly popular eco-friendly materials that provide minimal environmental impact.
- Adoption of Green Insulation: Worldwide, governments are incentivizing green building through sustainable materials. Incentives, tax credits, and regulations support the use of eco-friendly insulation for both newly constructed buildings and renovations. Besides increasing the demand in the market, such regulations will also further push innovation into green insulation.
- Better Thermal Efficiency and Energy Savings: Another benefit that is linked with green insulation products is generally better thermal efficiency, appealing to energy-conscious buyers. Such products improve building energy efficiency, which lowers heating and cooling bills. With increasing energy prices, higher savings are experienced from using green insulation products, hence driving the market growth.
- Product Innovations: Material innovation can be regarded as the biggest growth opportunity for the insulation market. Manufacturers will continue introducing new materials that will offer better insulation, higher thermal resistance, and better energy efficiency. Innovations such as vacuum insulation panels and aerogels are superior insulators with insulation properties, which appeal to builders and consumers seeking high-performance solutions for their projects.
- Sustainable Advancements: Another trend in the market is sustainable material advancement. Bio-based insulations, such as sheep's wool and hemp insulations, are growing in popularity today. These innovations not only respond to the growing demand for more sustainable consumer needs but also comply with the overall global sustainability strategies and attract new market segments.
- Wide Application Scope in Construction Industry: Besides, multirôle insulating materials also broaden the application range. Insulation with incorporation for sound absorption or moisture management has seen increased demand in both domestic and commercial buildings. This versatility is added to the appeal of such products since builders and architects look for solutions that could affect several needs within one product.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Insulation Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Insulation Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Insulation Market is estimated to witness a CAGR of 7% from 2023 to 2031
The growing construction industry is driving the market growth.
Owens Corning; Saint-Gobain; Knauf Insulation; ROCKWOOL International A/S; Armacell; Kingspan Group; NICHIAS Corporation.; Etex Group; and Thomas Insulation Corporation are some of the key players operating in the insulation market
Based on product, the mineral wool segment is expected to witness the fastest growth during the forecast period
Based on geography, Asia Pacific held the largest share of the insulation market due to the region's strong construction sector, driven by ongoing industrial and commercial development.
The growing demand for eco-friendly insulation materials is expected to be the key market trends.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Insulation Market - By Product
1.3.2Insulation Market - By Application
1.3.3Insulation Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.INSULATION MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.INSULATION MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.INSULATION MARKET - GLOBAL MARKET ANALYSIS
6.1.INSULATION - GLOBAL MARKET OVERVIEW
6.2.INSULATION - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.INSULATION MARKET - REVENUE AND FORECASTS TO 2028 " PRODUCT
7.1.OVERVIEW
7.2.PRODUCT MARKET FORECASTS AND ANALYSIS
7.3.GLASS WOOL
7.3.1.Overview
7.3.2.Glass Wool Market Forecast and Analysis
7.4.MINERAL WOOL
7.4.1.Overview
7.4.2.Mineral Wool Market Forecast and Analysis
7.5.EPS
7.5.1.Overview
7.5.2.EPS Market Forecast and Analysis
7.6.XPS
7.6.1.Overview
7.6.2.XPS Market Forecast and Analysis
8.INSULATION MARKET - REVENUE AND FORECASTS TO 2028 " APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.RESIDENTIAL CONSTRUCTION
8.3.1.Overview
8.3.2.Residential Construction Market Forecast and Analysis
8.4.NON-RESIDENTIAL CONSTRUCTION
8.4.1.Overview
8.4.2.Non-Residential Construction Market Forecast and Analysis
8.5.INDUSTRIAL
8.5.1.Overview
8.5.2.Industrial Market Forecast and Analysis
8.6.HVAC AND OEM
8.6.1.Overview
8.6.2.HVAC and OEM Market Forecast and Analysis
9.INSULATION MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Insulation Market Overview
9.1.2North America Insulation Market Forecasts and Analysis
9.1.3North America Insulation Market Forecasts and Analysis - By Product
9.1.4North America Insulation Market Forecasts and Analysis - By Application
9.1.5North America Insulation Market Forecasts and Analysis - By Countries
9.1.5.1United States Insulation Market
9.1.5.1.1United States Insulation Market by Product
9.1.5.1.2United States Insulation Market by Application
9.1.5.2Canada Insulation Market
9.1.5.2.1Canada Insulation Market by Product
9.1.5.2.2Canada Insulation Market by Application
9.1.5.3Mexico Insulation Market
9.1.5.3.1Mexico Insulation Market by Product
9.1.5.3.2Mexico Insulation Market by Application
9.2.EUROPE
9.2.1Europe Insulation Market Overview
9.2.2Europe Insulation Market Forecasts and Analysis
9.2.3Europe Insulation Market Forecasts and Analysis - By Product
9.2.4Europe Insulation Market Forecasts and Analysis - By Application
9.2.5Europe Insulation Market Forecasts and Analysis - By Countries
9.2.5.1Germany Insulation Market
9.2.5.1.1Germany Insulation Market by Product
9.2.5.1.2Germany Insulation Market by Application
9.2.5.2France Insulation Market
9.2.5.2.1France Insulation Market by Product
9.2.5.2.2France Insulation Market by Application
9.2.5.3Italy Insulation Market
9.2.5.3.1Italy Insulation Market by Product
9.2.5.3.2Italy Insulation Market by Application
9.2.5.4United Kingdom Insulation Market
9.2.5.4.1United Kingdom Insulation Market by Product
9.2.5.4.2United Kingdom Insulation Market by Application
9.2.5.5Russia Insulation Market
9.2.5.5.1Russia Insulation Market by Product
9.2.5.5.2Russia Insulation Market by Application
9.2.5.6Rest of Europe Insulation Market
9.2.5.6.1Rest of Europe Insulation Market by Product
9.2.5.6.2Rest of Europe Insulation Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Insulation Market Overview
9.3.2Asia-Pacific Insulation Market Forecasts and Analysis
9.3.3Asia-Pacific Insulation Market Forecasts and Analysis - By Product
9.3.4Asia-Pacific Insulation Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Insulation Market Forecasts and Analysis - By Countries
9.3.5.1Australia Insulation Market
9.3.5.1.1Australia Insulation Market by Product
9.3.5.1.2Australia Insulation Market by Application
9.3.5.2China Insulation Market
9.3.5.2.1China Insulation Market by Product
9.3.5.2.2China Insulation Market by Application
9.3.5.3India Insulation Market
9.3.5.3.1India Insulation Market by Product
9.3.5.3.2India Insulation Market by Application
9.3.5.4Japan Insulation Market
9.3.5.4.1Japan Insulation Market by Product
9.3.5.4.2Japan Insulation Market by Application
9.3.5.5Rest of Asia-Pacific Insulation Market
9.3.5.5.1Rest of Asia-Pacific Insulation Market by Product
9.3.5.5.2Rest of Asia-Pacific Insulation Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Insulation Market Overview
9.4.2Middle East and Africa Insulation Market Forecasts and Analysis
9.4.3Middle East and Africa Insulation Market Forecasts and Analysis - By Product
9.4.4Middle East and Africa Insulation Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Insulation Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Insulation Market
9.4.5.1.1South Africa Insulation Market by Product
9.4.5.1.2South Africa Insulation Market by Application
9.4.5.2Saudi Arabia Insulation Market
9.4.5.2.1Saudi Arabia Insulation Market by Product
9.4.5.2.2Saudi Arabia Insulation Market by Application
9.4.5.3U.A.E Insulation Market
9.4.5.3.1U.A.E Insulation Market by Product
9.4.5.3.2U.A.E Insulation Market by Application
9.4.5.4Rest of Middle East and Africa Insulation Market
9.4.5.4.1Rest of Middle East and Africa Insulation Market by Product
9.4.5.4.2Rest of Middle East and Africa Insulation Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Insulation Market Overview
9.5.2South and Central America Insulation Market Forecasts and Analysis
9.5.3South and Central America Insulation Market Forecasts and Analysis - By Product
9.5.4South and Central America Insulation Market Forecasts and Analysis - By Application
9.5.5South and Central America Insulation Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Insulation Market
9.5.5.1.1Brazil Insulation Market by Product
9.5.5.1.2Brazil Insulation Market by Application
9.5.5.2Argentina Insulation Market
9.5.5.2.1Argentina Insulation Market by Product
9.5.5.2.2Argentina Insulation Market by Application
9.5.5.3Rest of South and Central America Insulation Market
9.5.5.3.1Rest of South and Central America Insulation Market by Product
9.5.5.3.2Rest of South and Central America Insulation Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.INSULATION MARKET, KEY COMPANY PROFILES
11.1.BASF
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.ATLAS ROOFING CORPORATION
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.BAYER
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.BYUCKSAN CORPORATION
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.COMPAGNIE DE SAINT-GOBAIN S.A.
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.DOW CHEMICAL COMPANY
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.GUARDIAN BUILDING PRODUCTS INC.
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.HUNTSMAN CORPORATION
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.JOHNS MANVILLE
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.KINGSPAN GROUP PLC
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1. BASF
2. Atlas Roofing Corporation
3. Bayer
4. Byucksan Corporation
5. Compagnie de Saint-Gobain S.A.
6. Dow Chemical Company
7. Guardian Building Products Inc.
8. Huntsman Corporation
9. Johns Manville
10. Kingspan Group plc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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