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Global Insulation Market to Exhibit 8% CAGR from 2014 to 2020

Article Description

Awareness regarding the benefits of using insulation have substantially increased in recent years owing to the rising awareness regarding global warming and greenhouse gas emissions. Insulation is estimated to assist in reducing the emission of greenhouse gases and further help in creating a healthy environment. Technological developments and innovative industrial production procedures have boosted the demand for insulation in non-commercial spaces and factories. In addition, the growing automobile and electronic industries are estimated to fuel the growth of the global insulation market.

In 2013, the global insulation market was worth US$37.8 bn and is estimated to reach a value of US$64.9 bn by the end of 2020. The market is projected to exhibit a healthy 8% CAGR between 2014 and 2020.

Browse the full Global Insulation Market report at http://www.mrrse.com/insulation-market

Eco-friendly and Natural Insulation Market to Gain Popularity in Coming Years

Based on product type, the global market for insulation can be categorized into mineral wool, fiberglass, plastic foam, and others. The others product segment is further sub-categorized into slag wool and cotton wool. In 2013, the fiberglass segment led the global market, accounting for a 42% share in the global insulation market. On the other hand, the plastic foam insulation segment witnessed some restraints due to the fluctuating raw material costs, particularly crude oil. Technical developments and upgradation of manufacturing techniques have resulted in increasing production of eco-friendly insulating materials. The eco-friendly and natural insulation market is expected to gain traction in the next few years.

Based on application, the global market for insulation can be segmented into industrial, HVAC, and OEM, non-residential construction, and residential construction. In 2013, the residential construction segment led the overall market, accounting for a massive share of 48% in the global insulation market. Homeowners around the world are now increasingly learning the benefits of using insulation. The key factor driving the global insulation market is that the use of insulation helps in reducing consumption of energy, resulting in less utility expenditure per month. The residential segment is followed by the industrial application segment. The high growth of this segment can be attributed to the growing number of manufacturing industries globally. Insulators that have a high R-value help in safeguarding industrial construction against electrical and thermal damage, resulting in high demand for insulators in the industrial segment.

Asia Pacific to Lead Global Insulation Market till 2020

Based on geography, the global insulation market can be divided into North America, Asia Pacific, Europe, and Rest of the World. In 2013, Asia Pacific dominated the overall market, holding a 41% share in the global insulation market. Developing countries such as India and China are among the top consumers of construction materials. These countries make substantial use of insulation materials for residential as well as non-residential applications, leading to fast-paced infrastructural development. In addition, the Asia Pacific insulation market is witnessing high demand for industrial insulation materials, thanks to the rising number of manufacturing units set up by several companies in South Asian countries. Moreover, the tremendous increase in the disposable income of Asian consumers has resulted in improved living conditions and lifestyles of consumers in this region. As a result, OEM and HVAC are in high demand in Asia Pacific, which is expected to boost the demand for insulation materials in the coming years. The market for re-insulation in developed countries in Europe and North America is further projected to drive the global insulation market.

The prominent players operating in the global market for insulation include Johns Manville, The Dow Chemical Company, Owens Corning, Certain Teed Corporation, Huntsman International LLC, ROCKWOOL International A/S, Knauf Gips KG, Atlas Roofing Corporation, and Duro-Last Roofing, Inc.