Insulation Market Segments And Regional Revenue Forecasts To 2030

Insulation Market Growth & Trends

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, Polyurethane.

• The EPS insulation product segment led the market and accounted for more than 27% share of the global revenue in 2021. Expanded polystyrene is a lightweight and high-tensile plastic foam insulation made out of rigid pellets of polystyrene. The product is estimated to continue its dominance over the forecast period. Glass wool product segment is expected to grow at a steady CAGR over the forecast period. Glass wool is made up of sand and has thermal and acoustic insulation properties, such as low weight and high tensile strength. Removable blankets are a byproduct of glass wool and make a great cover for turbines, pumps, heat exchangers, tanks, expansion joints, valves, flanges, and other irregular surfaces generating heat in industrial environments. In 2021, extruded polystyrene foam insulation (XPS) segment held a significant share of the total market revenue.
• The product is potentially an environmentally responsible alternative to other building insulation materials. Moreover, stone wool occurs naturally as a byproduct of volcanic eruptions. It is highly resistant to heat transfer as it combines the capabilities of thermal insulation characteristics inherent to wool and the strength of stone. The aerogel segment is projected to register a considerable CAGR, in terms of value, over the forecast period. The product is a solid, open-celled, mesoporous foam of nanostructures interconnected in a network. Aerogelis claimed as the lightest solid material as compared to other insulation materials. Aerogel bears many advantages, such as optimized thermal conductivity in high-temperature service, faster application on large-bore piping and vessels, quick application on large-bore piping and vessels, etc.

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

• The construction sector led the market in 2021 and accounted for the largest share of 34% of the overall revenue. The sector is expected to witness growth owing to the increasing number of insulation-intensive buildings in urban areas. The construction sector was followed by the transportation and residential construction sectors, which are estimated to grow at considerable CAGRs from 2022 to 2030. The petrochemical industries and refineries are insulated for benefits, such as energy conservation, heat gain/loss reduction, maintaining a uniform temperature, effective operation of equipment or chemical reaction, condensation prevention, etc.
• 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. Appliances, such as refrigerators, microwaves, ovens, and water heaters require insulation to resist heat transfer and absorb sound. 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. Automakers are constantly looking to enhance passenger safety and comfort, which is a major factor driving the demand for insulation in this sector.

Insulation Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East and Africa (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 of the prominent players operating in the global 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

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