GVR Report cover Blanket Insulation Market Size, Share & Trends Report

Blanket Insulation Market Size, Share & Trends Analysis Report By Application (Building & Construction, Transportation, Industrial, Appliances, Others), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-117-6
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

The global blanket insulation market size was estimated at USD 14.5 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. This growth can be attributed to the increasing use of insulation in building & construction and industrial applications. Blanket insulation can also be utilized for acoustic fabrication in warehouses and other commercial buildings, as well as thermal insulation in interior spaces. The construction industry is expected to reach about USD14 trillion by the end of 2030 due to increasing urbanization and increased spending on housing and remodeling across the globe. Owing to the increase in the use of blankets across the construction sector is expected to drive the market during the forecast period.

U.S. Blanket Insulation Market size and growth rate, 2023 - 2030

The use of blanket insulation generates cheaper energy bills, and year-round comfort by assisting with low maintenance and a comfortable temperature. Additionally, noise reduction from outside and between floors and rooms makes it an ideal choice of insulation for both commercial and residential spaces. Sustainability, comfortability, and low maintenance are some of the major factors fueling the blanket insulation demand throughout the forecast period.

The U.S. is a major market for blanket insulation in North America. The recovery of nonresidential building construction expenditures, notably in the office and commercial segments, is likely to help the U.S. market. Rising public awareness of environmentally friendly construction practices is projected to drive blanket insulation adoption with the goal of lowering energy use. Increased industrial construction spending will drive the demand for blanket insulation. Insulation materials have long been in demand, and as a result, the market is particularly in the growth phase. The presence of leading players in the U.S. is a significant factor that is anticipated to assist industry expansion.

Major manufacturers have partnerships with merchants and distributors to ensure smooth supply throughout the U.S. Manufacturers in the U.S. adopt mergers & acquisitions strategies to boost their overall market share and have a competitive advantage. In addition, manufacturers often have agreements with raw material suppliers to ensure timely supply to cater to the demands of customers.

Application Insights

The building & construction segment led the market and accounted for the largest share of 38.6% in 2022. The blanket is used to reduce heat loss and improve energy efficiency in buildings. Furthermore, it also reduces energy costs by more than 28%. For basement walls and other places where the insulation will be exposed, batts with a particular flame-resistant face reduce heat loss. It also aids in handling and securing the components during installation. Most of the applications related to building & construction use blanket insulation to protect the building elements. There is a significant reduction in environmental impact as the energy required to heat and cool the building decreases drastically. Thus, the use of blanket insulation in the building and construction industry is expected to grow at a significant pace due to various benefits including improved comfort, increased durability, and reduced environmental impact throughout the forecast period.

Global Blanket Insulation Market share and size, 2022

The industrial application was valued at USD 3,678.3 million in 2022. The increasing demand for energy-efficient and hazard-free industrial processes drives overall growth. As industries become more aware of the benefits of blankets including noise reduction, fire protection, and equipment protection, the demand for blanket insulation from various industrial applications is expected to increase in coming years.

The transportation industry uses various types of insulation to reduce overall fuel consumption. Driver and passenger acoustics requirements have progressively increased in recent years, particularly with the growing relevance of infotainment. Pass-by noise tests are now well-defined procedures in the vehicle development process, and EU regulations are tightening noise emission restrictions even more. Optimizing the vehicle's sound insulation for components such as the heating system, air conditioning, and fans, as well as the passenger compartment interior is more feasible. Increased demand from transportation for noise reduction, lowering heat loss, and increased comfort is expected to drive the overall market during the forecast period.

The transportation application accounted for more than 14.5% market share globally. Fuel efficiency, the exponential growth rate of the electric vehicle market, and the development of new materials had led to an increase in demand for blanket insulation. Blanket materials aid in fuel efficiency by reducing heat loss from vehicles. Additionally, stringent regulations regarding the controlled emissions from various governments have led to the adoption of advanced insulation materials including blanket insulation. This, in turn, will drive the market growth during the forecast period.

Regional Insights

Asia Pacific has dominated the market and accounted for USD 6,539.0 million with a market share of around 45% in 2022. The growth of the market in this region can be attributed to its flourishing construction industry. The rising demand for houses and commercial spaces is leading to the growth of blanket insulation in the Asia Pacific. The segment's expansion is projected to be fueled by rising population and urbanization. A growing number of single-family residences in developing nations, as well as rising consumer disposable income, are expected to support expansion in the building & construction market. The expansion of the construction industry and tougher energy-efficiency standards are expected to boost demand for pipe insulation in building and construction applications. This, in turn, is leading to the rise in demand for blanket insulation in the Asia Pacific.

Blanket Insulation Market Trends, by Region, 2023 - 2030

The demand in North America plunged from 2020 to 2021 owing to the impact of COVID-19. However, by the end of 2023, it is expected that industry players will capitalize on opportunities due to the growing demand for insulation in various applications including transportation and building & construction. This, in turn, is anticipated to fuel the demand for blanket insulation in North America as it is an ideal solution for the construction and transportation industry to lower operating costs. Furthermore, expanding office space in emerging countries, particularly in subtropical locations, is likely to drive significant demand for insulation systems in order to maintain energy benchmarks and temperature levels. In the Middle East & Africa, the market is expected to grow at a CAGR of 5.0% over the forecast period. The transportation industry in the region is experiencing technological advancements, with advanced insulation technology gaining traction owing to its advantages, such as low energy consumption, low environmental impact, and superior component protection. Furthermore, players in the Middle East & African industries are investing in the adoption of advanced technologies to achieve superior products at low cost, leading to overall growth.

Key Companies & Market Share Insights

Because of the presence of established competitors in this industry, the market is highly competitive. High capital investment is required in order to obtain market share in the sector, competitors use various techniques such as product portfolio growth, partnerships, and collaborations.

Key players in the market are also engaged in research and development to increase the usage of sustainable materials. These sustainable materials include mineral wool, glass wool-based blankets. Thereby resulting in high competition and creating barriers to the entry of new players.

  • In 2022, Armacell launched the “ArmaGel HTL aerogel blanket” designed to reduce corrosion for industrial applications where thermal performance, non-combustibility, and corrosion mitigation. This will enable Armacell to increase its product offerings globally and gain a competitive advantage.

Some prominent players in the global blanket insulation market include:

  • Refmon

  • Apronor

  • Insul-fab

  • Armacell

  • Thermaxx Jackets

  • Ravani ceramics

  • Hudson's Bay Company

  • Urbanara Gmbh

  • American blanket company

  • Medline Industries Inc.

  • Jarden Corporation

  • Pendleton woolen mills

  • Chellco industries limited

  • Biddeford blankets LLC

  • Shanghai Easun group

Blanket Insulation Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 15.12 billion

Revenue Forecast in 2030

USD 22.19 billion

Growth rate

CAGR of 5.6% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2023 to 2030

Report Coverage

Revenue forecast, competitive landscape, growth factors, and trends

Segments Covered

Application, Region

Region scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; UK; France; Italy; Spain; China; India; Japan; South Korea; Australia

Key companies profiled

Refmon; Apronor; Insul-fab; Thermaxx Jackets; Ravani ceramics; Hudson’s Bay Company; Urbanara Gmbh; American Blanket Company; Medline Industries Inc.; Armacell; Jarden Corporation; Pendleton Woolen Mills; Chellco Industries Limited; Biddeford blankets LLC; Shanghai Easun group

Customization scope

Free report customization (equivalent to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Blanket Insulation Market Report Segmentation

This report forecasts revenue growth at the regional and country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global blanket insulation market report based on application, and region.

Global Blanket Insulation Market Report Segmentation

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Building & Construction

    • Transportation

    • Industrial

    • Appliances

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Italy

      • U.K.

      • France

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

      • Australia

    • Central and South America

    • Middle East and Africa

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