The global market for insulation materials has been witnessing expansion owing to the rising demand for these materials in industries such as automotive, aerospace, and building and construction. In order to achieve additional market share, companies in various regions have started adopting several product strategies. Some of the key players in the global insulation materials include Covestro AG, BASF SE, Huntsman Intl LLC, DowDuPont, Owens Corning, Evonik Industries, Johns Manville, bridgestone, and Atlas Roofing Corp. among others.
The
insulation materials global market was valued at US$65 million in the year
2017. The global market is anticipated to grow at a strong 8% CAGR during the
forecast period 2018-2026. As per segment, the fiberglass material is expected to
dominate and propel the demand of the insulation
materials market in the coming years. In terms of type,
blanket insulation and foam boards are widely used in the insulation materials
market. As per application, building and construction industry is anticipated
to lead the global market for insulation materials in the forthcoming years.
According to regions, Asia Pacific is likely to grow and offer huge growth opportunities
owing to increasing activities in building and construction sector. The Middle
East and Africa is predicted to grow steadily over the forecast period.
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Insulation
is one of the most important technologies for reducing energy consumption in
residential and commercial buildings. It acts as a barrier between cold and
warm by ensuring that your complexes are cool in summer and warm in winter. The
different materials used in insulation serve only one purpose and that is to
provide eco-friendly environment and consume energy.
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Government
Initiatives and Introduction of Green Building to Augment the Market Growth
The
government of U.S has taken some initiatives for accelerating the demand of
insulation materials market. Promotion of thermal insulation by U.S government
in households with low-income are expected to boost the growth of this market.
The U.S government with the help of federal funding has been successful in
doing so. In addition to this, there are sufficient funds available for the
development of phenolic foams, which in turn is estimated to propel the growth
of insulation materials market within the forecast period. Fiberglass is one of
the most unique insulation materials that are generally used in duct and rigid
board insulation. Fiberglass is expected to offer attractive growth
opportunities as it is a low-priced form of insulation. Also, with the rising
demand for applications in insulation materials among sectors such as
aerospace, automotive, and construction and building are likely to raise demand
for this global market. Some essential features linked with superior
performance of green building incorporating rising property values, inhabitants
comfort, materials durability, and better energy efficiency has surged the
preference of best processes in building and construction industry. Few of the
best practices include air barriers, huge and seamless roofing systems, and
better insulation systems. These features and best practices are likely to
boost the building and construction sector which in turn, is foreseen to offer
growth opportunities in the next coming years.
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