Insulation Market Size, Share & Trends Analysis Report By Product (Glass Wool, Mineral Wool, EPS, XPS, CMS Fibers), By End-use (Construction, Industrial, HVAC & OEM), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the smart home market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for insulation market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of insulation market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Insulation Market Categorization:

The insulation market was categorized into three segments, namely product (Glass Wool, Mineral Wool, EPS, XPS, CMS Fibers, Calcium Silicate, Aerogel, Cellulose, PIR, Phenolic Foam, Polyurethane), end-use (Construction, Industrial, HVAC & OEM, Transportation, Appliances, Furniture, Packaging,), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The insulation market was segmented into product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The insulation market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twelve countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; Italy; Spain; China; India; Japan; South Korea.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Insulation market companies & financials:

The insulation market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• GAF Materials Corporation  - As a manufacturer and supplier in the building material sector, GAF Materials Corporation is a division of Standard Industries. The firm has a large market share in North America and offers roofing and other construction goods for both residential and commercial use. The firm offers a range of roofing shingle solutions and products, including lifetime roofing systems, slate roofing, designer roofing, architectural roofing, 3-tab shingles, attic vents, and roof ventilation, through its residential roofing shingles and accessories sector. The firm offers a variety of goods and services for commercial buildings, including adhesives, primers, sealants, built-up roofing, modified bitumen roofing materials and systems, flat roofing systems, and asphaltic accessories. Additionally, the organization also gives solutions concerning ducting, fibre-cement siding, non-woven textiles, decorative iron, pavement coatings, and polyiso-insulated sheathing. Glass fibre-reinforced cellulosic felt facers connected to a core of closed-cell polyisocyanurate foam are produced and marketed under the EnergyGuard name by the firm. Installing and handling the material is simple because of its low weight. Made without CFCs or HCFCs, the company uses components that have been certified by the EPA for use as blowing agents. High moisture resistance and stability are further features of the material.

   

• Huntsman International LLC - Publicly listed worldwide producer and marketer of specialized chemicals, Huntsman International LLC serves a range of end sectors, including home and living, construction, apparel, footwear, and energy. The business has 75 operating, manufacturing, and research and development locations spread around 30 nations. The corporation has divided its operations into five areas. The division of polyurethanes is responsible for producing comfort foam, coatings, adhesives, bedding, and furniture based on MDI. The company is divided into four divisions: performance products, which produces products based on amines, carbonates, maleic anhydride, and surfactants; advanced materials, which oversees the production of technologically advanced epoxy, acrylic, and polyurethane-based polymer products; textile effects, which offers textile dye, digital ink, and chemical solutions; and pigments and additives, which produces and sells titanium dioxide pigments, functional additives, timber, and water treatment chemicals.

   

• Johns Manville - the Manville Covering Company and the H.W. Johns Manufacturing Company merged to establish the American firm known as Johns Manville in 1901. Owned by Berkshire Hathaway, the parent company, Johns Manville produces materials, mechanical insulation, commercial roofing, and insulation for residential and commercial use. These products are used in end-use markets like building insulation, waterproofing, automotive, and aerospace. The company purchases about 49,000 technical and material items from close to 9,000 vendors worldwide, managing its operations via three sectors: engineered products, commercial roofing, and insulation systems. End-use markets for these items include wind energy, interiors, flooring, building, waterproofing, filtration, pipe and equipment, HVAC, commercial/residential construction, appliance, transportation, automobile, and aerospace. There are 44 production locations spread across the United States, Canada, Germany, Slovakia, and China that oversee the company's activities. The production of insulating goods is carried out at Phoenix City, Tucson, Willows, Innisfail, Fruita, Brunswick, Winder, McPherson, Ruston, Belgrade, Edison, Penbryn, Defiance, Cleburne, Houston, and Richmond.

   

• Cellofoam North America, Inc. - Cellofoam North America, Inc. produces copolymer plastic foams, polyurethane, polyethylene, and molded and fabricated expanded polystyrene (EPS). These foams are used as precursors in end-use products like temperature-controlled packaging, protective packaging, and insulation and building applications. Along with bespoke rotational molded goods, the firm also produces a variety of maritime flotation equipment. Thirteen manufacturing facilities, carefully positioned as follows, make up its logistical network: 3 facilities in Conyers; 2 facilities each in Fredericksburg, Greenwood, and Sallisaw; and 1 each in Gainesville, Orlando, Falmouth, and Winchester. The business has invested heavily in new rotational molding equipment to support the expansion of its custom rotomolded product line, which includes bollard covers, equipment covers, plastic moldings, plastic tanks, and flotation devices.

   

• Roxul Inc. - As a part of Rockwool Group, Roxul Inc. operates 21 plants in North America, Europe, and Asia. Via three specialized facilities, the firm provides industrial and technological solutions as well as cutting-edge building insulation. Since November 1999, it has been operating out of Grand Forks, British Columbia, on the western side. The company's stone wool insulation products are the mainstay of the North American market. The firm is a member of the U.S. Green Building Council (USGBC), promoting environmental responsibility and sustainability, and its products have gained GreenGuard’s highest demanding accreditation for indoor air quality. Additionally, the company provides knowledge on building and construction, such as technical support for "Building Science," which gives specifiers, designers, and architects more cognitive resources for their projects. Calculation tools like the materials calculator, effective R-value calculator, and LEED calculator are also provided by the firm.

   

• Dow Building Solutions - A Part of Dow Chemical Company's infrastructure solutions business, Dow Building Solutions is a subsidiary that produces and distributes building materials, polymers, chemicals, and biological products globally. The other building and construction-related businesses of The Dow Chemical Company, such as Dow Building & Construction, Dow Coating Materials, energy and water solutions, performance monomers, and infrastructure solutions - silicones, have joined forces to form the infrastructure solutions business division. Dow Building & Construction is further separated into two categories, Dow Building Solutions and Dow Construction Chemicals.  In addition to advanced wall enclosures, the company offers a wide range of solutions for a variety of end uses and applications, including retrofitting into existing constructions, tilt-up and precast for the commercial construction market, smart building, multifamily building expertise, geometrically advanced buildings for residential construction, geotechnical installations for infrastructural necessities, boat solutions and floating structures for the marine sector, and refrigerated trucks, caravans, and motorhomes for the transportation sector.

   

• Owens Corning - Owens Corning is mainly a glass fibre producer and also produces reinforcements for composite systems and residential and commercial construction materials. Roofing, composites, and insulation are the three business segments in which it works. For acoustic and thermal uses, the insulation section produces and provides fibreglass insulation to industrial, commercial, and residential builders. Foam, bonded and granulated mineral wool insulation, fibreglass pipe insulation, and flexible duct media are other products in the insulation industry category. The firm supplies its goods for new home building, renovation and repair projects, and commercial and industrial construction projects. Under the brand name Owens Corning PINK FIBERGLAS Insulation, the firm sells loosefill insulation, foam sheathing, acoustical and thermal batts, and accessories. In addition, glass fibre pipe insulation, duct media, bonded and granulated mineral fibre insulation, and foam insulation for above- and below-grade building applications are produced and sold by its Insulation section. Its main customers in the US and Canada include insulation installers, home centres, lumberyards, merchants, and distributors.

   

• Atlas Roofing Corporation - Atlas Roofing Corporation is a manufacturer of construction supplies for residential and commercial constructions. The company’s business is separated into four segments, viz. atlas roof and wall insulation, atlas roof shingles and underlayment, atlas web technologies, and atlas EPS. Using 24 locations spread across North America, the corporation manufactures its goods and maintains global distribution networks. In addition to tapered and nailable boards, Atlas provides the full line of polyiso insulating boards. With eight production sites spread across Canada and the United States, the firm boasts over thirty years of experience in the polyiso manufacturing industry. State of Florida Product and California State Insulation Quality Standards approval certificates have been acquired by the firm. The Microbial Certification, GreenGuard Gold Certification, and other environmental protection criteria are met by the products of Atlas Roofing Corporation.

   

• Saint-Gobain S.A - A multinational company, Saint-Gobain S.A. is a building and high-performance material maker, fabricator, and distributor. Four business segments comprise the company: construction goods, building distribution, innovative materials, and Verallia packaging materials. The company's construction products include both indoor and external solutions for increased comfort. Plasterboard and plaster goods, ductile cast iron pipe systems, external products, plasterboard recycling services, and insulation materials are among the products manufactured by this division. Within the company's construction division are brands such as CertainTeed Corporation, ISOVER, Weber, PAM, Gyproc, and Placo.

   

• Kingspan Group - Kingspan Group and its subsidiaries provide building solutions for the construction industry in Europe, the Americas, and beyond. Five divisions comprise its primary operations: Light and air, Access Floors, Insulated Boards, Insulated Panels, and Environmental. Located in the United Kingdom, Kingspan Insulation Ltd is a part of Kingspan Group that specializes in producing rigid insulation materials with excellent performance as well as insulated systems for building fabric and building services applications. The products of the firm find several uses, including ducting in building services, hollow walls, solid walls, pitched roofs, and dry lining. The company’s Wales-based insulated panel factory is among the biggest in the world.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Insulation Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 20222, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Insulation Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.