The insulation materials market size was valued at nearly USD 62.40 Bn in 2022 and is likely to reach USD 104.32 Bn by 2031, expanding at a CAGR of 6.9% during 2023 – 2031. The growth of the market is attributed to the growing awareness of acoustic insulation in construction & building and rapid infrastructure sector developments around the globe.
Insulating materials prevent the loss or gain of heat in or out of electrical appliances and a building. Thermal insulation, electrical insulation, and sound insulation are three main categories of insulating materials. Mass awareness for the conservation of energy has led to increased utilization of insulating materials. They aid in saving energy by acting as barriers to heat dissipation.
Cellulose, mineral (slag or rock) wool, or fiberglass are the most commonly used materials that used in insulation. These materials are produced using recycled waste materials for loose-filling. Recycled newsprints are mainly used in the production of cellulose. Fiberglass insulation products contain 40% to 60% of recycled glass.
The efficiency of insulation materials is proportionally dependent on chemical & mechanical and moisture resistance properties. Protective coverings for insulating materials act as jackets and finish materials on the basis of their thermal, mechanical, and chemical conditions during installation. Prevention of heat loss or gain and avoiding condensation & chemical reactions are major advantages provided by insulating materials.
The market report finds that the COVID-19 pandemic hampered the insulation materials market, due to the irregular supply of raw materials necessary for producing insulation. Preventive measures imposed by the government including social distancing and emergency lockdowns resulted in the halting of construction activities around the globe. Furthermore, several restrictions on import and export activities disrupted the overall supply chain of the insulation materials market during the pandemic.
Insulation Materials Market Dynamics
Major Drivers
Rapid urbanization and industrialization are major factors driving the market in the coming years. Urbanization has boosted construction activities, especially in developing countries. The construction processes have evolved over the years to incorporate acoustic insulation in residential and non-residential buildings. This has propelled the insulation materials market. Furthermore, growing awareness regarding saving energy and the stringent regulations to reduce greenhouse emissions are likely to boost the demand for insulating materials.
Existing Restraints
The emission of harmful greenhouse gases in the manufacturing processes of insulating materials such as polyurethane foam is expected to hinder the market. Chlorofluorocarbon (CFC) and hydrochlorofluorocarbons (HCFC) are emitted during the production of insulating materials that affect the environment and may increase the risk of skin irritation, which is likely to limit the use of insulating materials to a certain limit.
Emerging Opportunities
Increasing government initiatives to reduce global warming through the efficient use of electricity is a major growth opportunity. Using insulation in electrical appliances reduces the emission of pollutants and enhances process performance. This further eliminates the loss of energy and heat and is helpful in reducing global warming.
Scope of the Insulation Materials Market Report
The report on the global insulation materials market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Insulation Materials Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Polyurethane Foam, Aerogel, Polyvinyl Chloride, Calcium Silicate, Polyethylene, Expanded Polystyrene, Mineral Wool, Glass Wool, Extruded Polystyrene, and Others), and Application (HVAC & OEM, Construction, Wires & Cables, Appliances, Oil & Gas, Automotive, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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The Dow Chemical Company; BASF; Owens Corning; Roxul Inc.; Paroc; Covestro AG.; Kingspan Group; GAF Materials Corporation; Cellofoam North America Inc.; Huntsman International LLC; and Johns Manville.
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Market Segment Insights
Based on type, the insulation materials market is divided into polyurethane foam, aerogel, polyvinyl chloride, calcium silicate, polyethylene, expanded polystyrene, mineral wool, glass wool, extruded polystyrene, and others. The expanded polystyrene segment is expected to expand at a significant growth rate during the projection period, owing to its high tensile plastic properties, which makes it light in weight. It is widely used in the roofs, walls, and floors of the building. It maintains the compressive strengths of blocks and beams. Growing construction activities at a rapid pace are likely to boost the segment.
The glass wool segment is estimated to hold a key share of the market in the coming years, due to the constituents of sand in glass wool that provide superior sound insulation and thermal insulation. Glass wool is made up of glass fibers that are bound into a texture that traps air pockets between the glass providing superior thermal insulation properties.
On the basis of application, the market is segmented into HVAC & OEM, construction, wires & cables, appliances, oil & gas, automotive, and others. The construction segment is projected to register a robust growth rate, owing to the growing use of insulation materials in building interiors to minimize greenhouse emissions. Insulation offers protection against fire and reduces noise in buildings. Mandatory regulations to install thermal insulation in industrial buildings is likely to boost the segment.
The appliances segment is anticipated to grow at a high CAGR during the projection period, due to the large-scale application of insulation materials in cooling systems, heating systems, and ventilation systems. Appliances such as refrigerators, washing machines, dehumidifiers, heaters, microwaves, and ovens require insulation for better functioning.
In terms of region, the global insulation materials market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is projected to dominate the market during the forecast period, owing to the rising construction activities at a rapid pace. The regional market growth is further attributed to the growing government initiatives toward housing projects and the increasing use of insulation materials for noise-dampening and sun protection in buildings.
The market in North America is expected to grow at a rapid pace during the projection period, owing to the rising demand for insulation materials for the repairing and maintenance of existing infrastructure. A widescale application of insulating materials in manufacturing, mining, and oil & gas industries prevents the wastage of energy. Increasing infrastructural development activities are further expected to fuel the market in the region.
Segments
The global insulation materials market has been segmented on the basis of
Type
- Polyurethane Foam
- Aerogel
- Polyvinyl Chloride
- Calcium Silicate
- Polyethylene
- Expanded Polystyrene
- Mineral Wool
- Glass Wool
- Extruded Polystyrene
- Others
Application
- HVAC & OEM
- Construction
- Wires & Cables
- Appliances
- Oil & Gas
- Automotive
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- The Dow Chemical Company
- BASF SE
- Owens Corning
- Huntsman International LLC
- Roxul Inc.
- Paroc
- Covestro AG.
- Kingspan Group
- GAF Materials Corporation
- Cellofoam North America Inc.
- Johns Manville
Competitive Landscape
Players in the insulation materials market include The Dow Chemical Company; BASF; Owens Corning; Roxul Inc.; Paroc; Covestro AG.; Kingspan Group; GAF Materials Corporation; Cellofoam North America Inc.; Huntsman International LLC; and Johns Manville.
These companies are engaging in various development strategies such as acquisitions, collaboration, mergers, partnerships, and product launches to boost their market share.
- In September 2020, Paroc, a leading service provider of energy-efficient and fire-safe insulation solutions from Finland, introduced stone wool for renovated and new buildings. The system named Rewool, developed by Paroc, provides off-cuts of stone wool during construction activities.
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