WILMINGTON, DE / ACCESSWIRE / January 17, 2023 / Transparency Market Research Inc. - The global insulation market is likely to grow at a CAGR of 9.4% from 2021 to 2031. Insulating materials are used to reduce the point of contact between a material and its surrounding environment. In most of the residential and commercial applications, acoustic, thermal, or electric insulation are widely used in homes and other structures. The need for electric insulation in cables and wires is growing, which in turn augments global insulation market growth. The rapidly growing construction industry is considered a key factor driving the insulation market. The trend is projected to continue during the forecast period.
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Increase in usage of insulating products in commercial buildings; construction, residential, and non-residential applications; industrial sector; and large infrastructural applications is projected to fuel market growth. Additionally, expansion of the automotive industry has led to the widespread usage of insulators in automobiles for electric, thermal, and acoustic insulation. Acoustic insulation is in high demand due to the increasing acceptance and adoption of transportation technology. These factors are projected to accelerate market expansion during the forecast period.
According to TMR report, the global insulation market stood at US$ 64.9 Bn in 2020 and is anticipated to reach US$ 175.1 Bn by the end of 2031. Rise in awareness among consumers about energy conservation is projected to augment the demand for multiple insulation products in the next few years.
Key Findings of Study
- Rise in Infrastructural Development: Insulating materials, such as plastic foam and glass fiber, are widely used in majority of manufacturing industries across the globe. Expansion of the insulation market is ascribed to rise in infrastructural development projects in emerging economies. Increase in global population and surge in urbanization and industrialization activities are projected to create lucrative opportunities for insulation product manufacturers during the forecast period.
- Rapidly Booming Electronics Industry: Increase in consumer disposable income has bolstered electronic goods industry growth in the past few years. Additionally, rise in versatility of smartphones and other daily gadgets has led to demand for better electric insulation. Vendors are concentrating on increasing their manufacturing capacity to address the rising consumer demand. Demand for consumer electronics, such as laptops, mobile phones, smart wearable, tablets, electronic gadgets, smart television, digital cameras, and other small and large home appliances is high, which, in turn, is anticipated to propel insulation market development in the near future.
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- Rise in demand for consumer electronic goods is expected to boost the global insulation market during the forecast period
- Technological advancements and increasing dependency on consumer goods are likely to expand the need for better insulation products, thereby driving the global market
- Rapid growth of the construction industry boosts the demand for insulation materials, thereby accelerating market growth
Regional Growth Dynamics
- Asia Pacific is likely to dominate the global market during the forecast period owing to the presence of major construction and automotive manufacturing centers
- High demand for consumer electronic products and availability of cost-efficient products in emerging economies, such as India, China, and Japan, are projected to augment the market in Asia Pacific during the forecast period
Leading players in the global insulation market are ROCKWOOL International A/S, Knauf Gips KG, Huntsman International LLC, CertainTeed Corporation, Atlas Roofing Corporation, Owens Corning, The Dow Chemical Company, and Duro-Last Roofing, Inc.
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Insulation Market Segmentation
- Plastic Foam
- Mineral Wool
- Residential Construction
- Industrial, HVAC, and OEM
- Non-residential Construction
- GCC Countries
- South Africa
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