The global insulation market is
expected to reach USD 93.34 billion by 2024, according to a new report by Grand
View Research, Inc. Rising importance of energy efficient buildings owing to
escalating energy costs is expected to remain a key driving factor for global
insulation market.
Legislative
frameworks such as new building codes by the European Union, energy efficiency
improvement program by U.S. DoE, etc. are also considered to stimulate the
market growth. Increasing construction spending, particularly in Asia Pacific
and the Middle East, is also expected to have a positive influence on the
market growth. Volatile prices of key raw materials are expected to challenge
market profitability.
Foamed
plastic was the leading product segment with demand share exceeding 45% in
2015. Favorable properties of the material, such as higher R-value (thermal
resistance) and fire resistance are expected to propel the foamed plastic
demand over the forecast period. Increasing demand from construction, as well
as refrigeration industry, will have a considerable impact on the market
growth. The segment is also expected to witness the highest growth of 8.9% from
2016 to 2024.
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Further key findings from the study suggest:
- Residential construction emerged as the leading application segment and accounted for 39.1% of total market revenue in 2015. Increasing construction spending in Asia Pacific, along with stringent regulations pertaining to the energy efficiency of households in North America and Europe is expected to spur the market growth.
- Nonresidential construction is expected to witness the highest growth of 9.1% over the forecast period. Increasing shopping malls, commercial complexes in Asia Pacific and the Middle East is expected to drive this segment over the forecast period.
- Asia Pacific led the global insulation industry with demand share estimated at 42.4% in 2015. Rapid industrialization along with construction growth on account of rising income levels has spurred the insulation products demand in this region. Asia Pacific is also expected to witness the highest growth of 9.4% over the forecast period. North America and European insulation industry will mainly be triggered by the recent regulations supporting energy efficient buildings.
- The market is highly competitive and due to its capital intensive nature, the market is expected to have high barriers to entry. The global market is characterized by the presence of multinational players having a presence across the value chain. Key market players include Saint-Gobain, Rockwool, Johns Manville, Knauf, Huntsman Corporation, GAF Materials Corporation, Johns-Manville Corporation, etc.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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