Insulation Market Soars to $40.8 billion by 2031 as Natural Cosmetics Gain Traction

 

Energy Conservation Initiatives Propel Insulation Market

The insulation Market is projected to be worth USD 40.8 billion by 2030, registering a CAGR of 6.30% during the forecast period (2022–2030).

Insulation materials are used to curb energy, heat, and water consumption in both residential and non-residential applications. The growing emphasis on energy saving coupled with towering energy costs has further encouraged the use of insulating materials in various end-use applications. Governments in various countries have endeavored towards the reduction of greenhouse emissions. Various regulations pertaining to energy conservation have been laid down which further generate high demand for insulation. The resurgence of construction activities across various parts of the world has acted as a plus for the growth of the market. Modern housing standards put higher weightage on insulation to improve energy efficiency and achieve sustainability. An increase in residential as well as commercial constructions along with up gradation of existing building structures has induced demand within the insulation market. The growing popularity of green buildings is also a key factor in enhancing market growth. Moreover, the last few years have shown a remarkable surge in demand for insulated equipment to increase the production capacity of the manufacturing industry. Technological advancements in insulating materials and regulatory bodies promoting the use of insulation are fostering the growth of the market. Regulatory authorities are endeavoring towards highlighting the importance of heat minimization and are introducing legislation that promotes zero-energy buildings.

Segmentation

The global insulation market has been segmented based on material and application.

By material, the global insulation market has been segmented into fiberglass, plastic fibers, mineral wood, and natural fibers.

By application, the global insulation market has been segmented into residential and non-residential.

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Regional Analysis

By region, the global insulation market has been segmented into North America, Asia Pacific (APAC), Europe, and the Middle East Africa (MEA).

APAC is the largest market for insulation. The prolific growth of the construction industry and high focus on energy conservation are driving the market in APAC. The governments in the region have laid down various regulations which encourage insulation Future Development Strategies in end-use applications.

North America is a significant market driven by steady investments in the real estate market and consumer affinity for green buildings. The continuously expanding construction industry and developments in commercial and residential structures in the US fuel the growth of the market. Government focuses on the conservation of energy has resulted in the development of standards that advocate the use of insulating materials which induce high demand within the market.

Europe too is an important revenue pocket for the global insulation market. The resurgence of construction activities coupled with towering environmental concerns is favoring the use of structural adhesives. Moreover, growing interest in energy saving and increasing investment in commercial and infrastructure construction is also supporting market growth.

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Competitive Landscape

CertainTeed Corporation, Huntsman Corporation, Nova Chemicals Corporation, Dow Building Solutions, GAF Materials, Johns Manville, Owens Corning, Knauf Gips, Bayer AG, and Atlas Roofing Corporation are the noteworthy players in the global insulation market.

Industry Updates

February 2019- Chinese and American researchers have reportedly developed a new variety of aerogel which can be used for insulating applications. The material has robust mechanical and thermal stability as performs exceptionally well in transformation and toughness.

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