Global Insulation Materials Market - 2020-2027
The Global Insulation Materials Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
Insulation materials are energy conservation materials which provide thermal performance for by reducing heat gain or loss in the required applications. The important use of insulation material is for energy conservation which helps to resist heat flow. There are many different Product Types of insulating materials depending upon the requirement like radiant barriers and reflective insulation systems. The most frequently used insulation materials are fiberglass, urethane foam, rock wool, cellulose, polystyrene, vermiculite, wood fiber, and slag wool. Insulation material helps to minimize heat transfer. The application of insulation materials includes in fireproofing ceilings and walls, power transformer, protective coating on electrical wire & cables as well as in manufacturing of solar panels.
The market is driven by the rising demand for insulation materials in the energy and power sector using the renewable energy sources like solar energy around the globe. Insulation materials are used in the solar collectors to prevent loss of accumulated heat and improve absorption efficiency. According to the International Renewable Energy Agency Organization in 2018, the global solar photovoltaic energy capacity was around 480GW and is projected to reach around 2840GW by 2030. The solar PV installation is increasing from around 114 billion per year in 2018 and is projected to reach 192 billion per year by 2050. Thus such huge investment is the renewable energy and growing electricity demand all over the world will boost the insulation material market during the forecast period. According to the United Nations Industrial Development Organization (UNIDO), global insulation market is growing with compound annual growth rate (CAGR) of 8% from 2015 to 2020 and is reached to around USD 65.0 billion in 2020.
There is a rise in the launch of new environmentally-friendly functional polymer materials and polyester substrates of insulation materials around the globe may create huge opportunity for insulation materials market. For instance, on 13th Feb 2020, A revolutionary insulation material named Y-Warm was launched in The Internationale Fachmesse fur Sportartikel und Sportmode (ISPO) show at Munich. Y-Warm is a revolutionary material in thermal insulation used in clothing and other relevant fields may create huge opportunity for the insulation material market.
The global insulation materials market is segmented based on product Product Type, end user, and region.
In terms of Product Type the global Insulation Materials market is bifurcated into vacuum insulation panel (VIP), fiberglass, ceramic fiber, aerogel, and high-performance foam. Among this fiberglass segment has highest share in 2019 owing to increasing demand of for building and constructions, food and beverage industry, cooling towers, power generation, plating plants, aerospace and automotive industry. According to international organization of motor vehicle manufacturers global automobile industry has made more than 66 million cars, trucks and buses in 2005 and the number is increasing due to growing demand of the peoples.
Similarly, vacuum insulation panel (VIP), ceramic fiber, aerogel, and high-performance foam segment also increasing at fastest pace owing to surge in the adoption for renewable energy production for increasing the global energy demand in the insulation materials market.
Depending on the application, the global insulation materials are segmented into building & infrastructure, industrial, HVAC, residential and many others. Among this, residential segment has the highest market share in 2019. This growth is anticipated due rise in urbanization coupled with high disposable income around the globe.
Similarly, building & infrastructure, industrial, HVAC, segment has the highest market share owing to increase in usage of insulation materials in the original equipment manufacturing industry owing to surge in modernization and industrialization.
By region, the global Insulation Materials market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia Pacific is dominated the global Insulation Materials market and expected to grow at the highest CAGR during the forecasted period due rising government support and rapid infrastructure development. The Asia-Pacific region is expected to have positive market growth due to the growing technological advancement and rising manufacturing facilities of solar panels especially in countries such as China, India, Indonesia, Thailand, Malaysia and the Philippines. Several companies are shifting their manufacturing facilities of Insulation Materials, etc to Asia Pacific, Middle-East, and Africa region due to the surge in population. As per the United Nations Industrial Development Organization (UNIDO), Asia Pacific region have the largest contribution of around 40% for insulation material market in 2014 due to rapid infrastructure development.
The North America region is growing at moderate pace owing to presence of advanced technology, leading technology players and growing renewable energy sources investments like solar panels, winds energy etc followed by Europe. According to the International Renewable Energy Agency Organization in 2018, solar photovoltaic panels deployment investments was nearly USD 114 billion in North America. Furthermore, rising demand of insulation materials in the residential construction activities which boost demand of the insulation manufacturing facilities drives the growth of insulation material market. As per the American Chemistry Council, in the U.S. insulation manufacturing has been supported around 150,000 jobs with generation of USD 8.2 billion in 2017.
The global insulation materials market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Owens Corning Corp., Knauf, Nova Chemicals Corp., Atlas Roofing Corporation; Bayer AG, BASF, Certain Teed, Cellofoam, Dow Building Solutions and GAF Materials Corp are the leading market players with significant market share.
Major players are receiving launching new technology advanced insulation materials for residential and infrastructure development sector. For instance, GAF Materials Corp, has been launched new insulation material made updated roof-integrated solar Kit named DecoTech 2.0.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market investment and penetration in the manufacturing of power equipments. For instance, on 13th Feb 2020, Atlas Roofing Corporation has been acquired StarRFoam for expansion of molded polystyrene as insulation material business in Texas and Arizona.
Visualize the composition of the global Insulation Materials market products in terms of ingredient Product Type, and application highlighting the critical commercial assets and players.
Identify commercial opportunities in the global Insulation Materials market by analyzing trends and co-development deals.
Excel data sheet with thousands of data points of global Insulation Materials market-level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
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