The global insulation materials market was valued at US$ 65 Mn in 2017 and is anticipated to expand at a CAGR of more than 8% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Insulation Materials – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ The global insulation materials market has been expanding due to the rise in demand for these materials in building & construction, aerospace, and automotive industries. In terms of volume, the insulation materials market in Asia Pacific is expected to expand at a CAGR of more than 9% during the forecast period. Rise in cost of energy and enactment of building regulation codes are likely to propel the insulation materials market in this region.
Increase in usage of fiberglass in construction and automobile industries is estimated to propel the insulation materials market. Consists of fine glass fibers, fiberglass is one of the ubiquitous insulation materials that is commonly used in two different types of insulation: blanket (batts and rolls) and loose-fill. It is also available as rigid board and duct insulation. Fiberglass is a non-flammable insulating material with R-values ranging from 2.9 per inch to 3.8 per inch. It is made by weaving fire strands of glass into insulating materials. It is a low-cost form of insulation material. Fiberglass is anticipated to be an attractive segment of the global insulation materials market during the forecast period, led by the increase in demand for insulation materials in building & construction, automotive, and aerospace applications.
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In terms of type, the insulation materials market can be classified into blanket insulation, concrete block insulation, foam board, insulating concrete form, loose-fill insulation, radiant barriers, rigid fiber board insulation, spray foam insulation, structural insulated panels, and others. Blanket insulation is a common and widely available type of insulation. It is available in the form of batts or rolls. It consists of flexible fibers, most commonly fiberglass. After foam board, the blanket insulation segment is anticipated to constitute major share of the global insulation materials market. Foam board is also a key segment of the insulation materials market. Foam board can be used to insulate almost any part of a home (from roof to foundation). It is effective in exterior wall sheathing, interior sheathing for basement walls, and special applications such as attic hatches. It provides good thermal resistance and reduces heat conduction through structural elements. The usage of foam boards is expected to increase in developing countries such as China, India, and Japan. Therefore, these regions are likely to fuel the insulation materials market.
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In terms of region, the global insulation materials market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold prominent share of the global insulation materials market. The market in Asia Pacific is estimated to expand at a rapid pace due to the significant increase in building & construction activities in developing economies such as China and India. The market in Middle East & Africa and Latin American is likely to expand at a sluggish pace during the forecast period.
Key players operating in the insulation materials market include BASF SE, Covestro AG, DowDuPont, Huntsman International LLC, Kingspan Group PLC, Owens Corning, Rockwool International A/S, Saint-Gobain S.A., Johns Manville, Asahi Kasei Corporation, Evonik Industries AG, GAF Materials Corporation, Atlas Roofing Corporation, and Bridgestone.
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