Insulation Market: Rapid Urbanization & Industrialization Is Estimated To Boost The Industry Growth

Insulation Industry Overview

The global insulation market size is expected to reach USD 102.47 billion by 2030, as per a new report by Grand View Research Inc., registering a CAGR of 6.5% over the forecast period. Rapid urbanization & industrialization and rising population in developing countries are estimated to boost the market growth in the projected period. Government initiatives to promote energy efficiency and sustainable development through insulation technologies are estimated to fuel the product demand from the industrial end-use segment. 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 the North America region.

Insulation Market Segmentation

Grand View Research has segmented the global insulation market on the basis of product, end use, and region:

Based on the Product Insights, the market is segmented into Glass Wool, Mineral Wool, EPS, XPS, CMS Fibers, Calcium Silicate, Aerogel, Cellulose, PIR, Phenolic Foam and Polyurethane.

• The EPS insulation product segment led the market and accounted for more than 27% share of the global revenue in 2021.
• Glass wool product segment is expected to grow at a steady CAGR over the forecast period.
• In 2021, extruded polystyrene foam insulation (XPS) segment held a significant share of the total market revenue.
• The aerogel segment is projected to register a considerable CAGR, in terms of value, over the forecast period.

Based on the End-use Insights, the market is segmented into Construction, Industrial, HVAC & OEM, Transportation, Appliances, Furniture and Packaging.

• The construction sector led the market in 2021 and accounted for the largest share of 34% of the overall revenue.
• The construction sector was followed by the transportation and residential construction sectors, which are estimated to grow at considerable CAGRs from 2022 to 2030.
• Heating, ventilation, and cooling systems are usually insulated by employing a solution, which offers superior thermal insulation characteristics, other than noise reduction and fire protection.
• Dehumidifiers, air purifiers, refrigerators, washing machines, and dishwashers are some other major appliances that require insulation.
• The transportation segment includes the automotive, marine, and aerospace sectors. The segment held a significant market share of the global market in 2021.

Insulation Regional Outlook

• North America
• Europe
• Asia-Pacific
• Central & South America
• MEA

Key Companies Profile & Market Share Insights

The industry is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. Market players are concentrating on joint ventures, collaborations, agreements, and other strategies to advance their production facilities and gain a larger share in the market.

Some prominent players in the Insulation market include

• GAF Materials Corp.
• Huntsman International LLC
• Johns Manville
• Cellofoam North America, Inc.
• Rockwool International A/S
• DuPont
• Owens Corning
• Atlas Roofing Corp.
• Saint-Gobain S.A.
• Kingspan Group
• BASF
• Knauf Insulation
• Armacell International Holding GmbH
• URSA
• Covestro AG
• Recticel NV/SA
• Carlisle Companies, Inc.
• Bridgestone Corp.
• Fletcher Building
• 3M

Order a free sample PDF of the Insulation Market Intelligence Study, published by Grand View Research.