The global insulation market size is expected to reach USD 76.93 billion by 2025, as per a new report by Grand View Research Inc. It is anticipated to expand at a CAGR of 5.7% during the forecast period. Rapid urbanization, population growth and industrialization in developing countries is estimated to boost the growth.
Moreover, government initiatives to promote energy efficiency and sustainable development through insulation technologies are estimated to fuel growth of the global insulation market. Initiatives through the Weatherization Assistance Program (WAP) by the U.S. government through federal funding to encourage the use of thermal insulation in low-income households are likely to drive the market growth in North America.
Strict insulation codes and laws effectuated by the European regulatory authorities have contributed to the rising awareness regarding rising energy costs and the need for energy efficiency. The market for industrial insulation is estimated to exhibit high growth owing to the growing thermal energy production which calls for the extensive need of insulation to maximize efficiency.
Additionally, the U.S. industrial insulation market is expected to benefit from recovering nonresidential building construction expenditures, particularly in the office and commercial segments. Rising awareness regarding environmentally friendly construction practices is expected to propel insulation use with an aim to reduce energy consumption.
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Further key findings from the report suggest:
EPS insulation emerged as the largest product segment with a market share of 26.69% in 2018 and is estimated to continue its dominance over the forecast period owing to its lightweight and high-tensile plastic foam insulation property
Glass wool was the second largest product sector and is expected to expand at a CAGR of 5.5% over the forecast period owing to its thermal and acoustic insulation properties such as high tensile strength
Infrastructure sector accounted for the largest market share in 2018 and is estimated to expand at a CAGR of 5.9 % over the forecast period owing to increasing number of insulation-intensive buildings in urban areas in comparison to rural ones
Transportation sector, comprises automotive, marine, and aerospace, emerged as a significant application segment in the global insulation market in 2018 as automakers are constantly looking to enhance the safety and comfort vehicles
Huntsman International LLC is a publicly traded global manufacturer and marketer of differentiated chemicals, serving various end markets including footwear, clothing, fuels and energy, construction, home life, and transportation
Grand View Research has segmented the global insulation market on the basis of product, application, and region:
Insulation Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Polyurethane Nitrous Oxide and Carbon Dioxide
Insulation Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
HVAC & OEM
Insulation Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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