Industrial growth to set the growth of insulation materials, dominated by Foam plastic insulation
OEM stands for Original Equipment Manufacturer whereas insulation is referred to a product that minimizes heat gain or loss and provide sound attenuation and absorption, as well as critical fire resistance by creating a block between the surfaces. This comprehensive research report covers different materials of OEM insulation namely, glass wool, mineral wool, foamed plastic and others. The foamed plastic is also further sub segmented into extruded polystyrene, expanded polystyrene, Polyurethane foam etc. The research report briefs all about the segments and sub segments. According to the analysis, foamed plastic possess the highest market value during the forecast period, and is expected to reach a market value of over US$ 13,000 Mn by the end of 2028. However, in terms of growth rate mineral wool is expected project a CAGR of 4.5% during the forecast period. The growth of different materials market is also a result of increasing energy costs in industrial operations. As conserving energy usage becomes more crucial than ever, the OEM insulation market is set to reap the rewards dramatically, particularly as sustainable manufacturing in the coming years becomes a priority.
Fire resistance properties of Fiber glass insulation to support it being the most attractive type
Among different material types that are used to make insulation blankets, rolls and batts, fiberglass insulation has been the primary choice for many decades. Along with the popularity of fiberglass, the market also witnesses high prevalence of mineral wool insulation in the coming times. The fire resistance properties associated with fiberglass makes it popular in developing regions like China. Fire safety is a large concern in China, thus the material holds a significantly higher market value in the region. Other than fiber glass, foamed plastic is expected to depict attractive market gains in the near future. Foamed plastic insulation will be used in the OEM applications because of its high insulation values, allowing it to capture market share from fiberglass and mineral wool insulation. Demand for plastic foam insulation will benefit from rising nonresidential construction worldwide, including an expected rebound in Western Europe, will drive insulation usage. Additionally, insulation demand in the industrial, HVAC, and OEM markets will be boosted by expanding manufacturing activity, appliance output, and HVAC system installations.
Hazardous properties of insulation material to hinder the growth of OEM insulation market
Many insulation materials contain CFCs, making it a hazardous waste after demolition.The two most common insulation materials containing CFCs are PUR (polyurethane) and XPS (extruded polystyrene). Currently, transport and destruction of CFC containing insulation components involves expenses. However, the restraint is likely to pose minimal impact as market players are coming up with new technologies to make these solution sustainable. The fluctuation in the raw material price can also be a factor hampering the growth of market. Additives, binders, resins, and pigments are some of the common raw materials used to produce insulation solution. Fluctuations in crude oil prices negatively affect the price of raw materials, thereby influencing the cost of insulation coating.
MRRSE offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.Get A Free Custom Research Quote