Insulation is a process in which some materials or substances are used to prevent spreading of heat, electricity or sound to the surrounding. Insulation controls surface temperature and prevents damage to equipment exposure to fire. Different types of insulations are availably suitable to the particular application. The R-factor determines the quality of insulator, higher the R-value the more effective insulator power. Wood, plastic, rubber, and glass are some of the good insulators used in insulation methods.
According to the report, the global insulation market was valued at approximately USD 40.0 billion in 2014 and is expected to reach approximately USD 65.0 billion by 2020, growing at a CAGR of around 8.0% between 2015 and 2020. Zion Market Research has published a new report titled “Insulation (Plastic Foam, Mineral Wool, Fiberglass and Others) Market for Residential Buildings, Non-Residential Construction, Industrial, HVAC & OEM and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”.
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Global insulation market has seen steady growth in demand over the past couple of years. The major influences on demand for insulation materials are different international building codes and regulations. Growing population and urbanization worldwide is stimulating demand for both residential and commercial buildings along with related service and infrastructure. These factors are expected to fuel the demand for insulating materials. Favorable regulations in Asia Pacific region are predicted to propel the demand for plastic foam materials. Steady economic growth and innovative product development are expected to further drive the market in the years to come. However, price volatility of raw materials is expected to hamper market growth over the forecast period.
Various key products in insulation market include plastic foam, mineral wool, fiberglass, and others. Fiberglass was prominent product segment with over 40% share of the total revenue generated in 2014. This segment is projected to witness lucrative gains in the near future. Plastic foam is another key outlet for insulation market and is anticipated to exhibit rapid growth owing to strong demand from acoustic and thermal insulation in commercial, residential and industrial application sectors.
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Furthermore, insulation market has been segmented on the basis of key applications such as including residential buildings, non-residential construction, industrial, HVAC and OEM and others. Residential buildings have been remained one of the important outlets for insulation market during the past few years and are accounted for over 50% share of the overall market in 2014. Industrial, HVAC, and OEM is another leading application segment and projected to show moderate growth over the forecast period.
In term of revenue, global insulation market was dominated by Asia Pacific with over 40% share of global market in 2014. The growth of the market in this region is mainly due to increasing construction activity along with growing need for thermal performance with fire and acoustic requirements in the buildings.
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Some of the key players operating in this market include Duro-Last Roofing, Inc., The Dow Chemical Company, Owens Corning, Johns Manville, CertainTeed Corporation, Rockwool International A/S, Knauf Gips KG, Atlas Roofing Corporation and Huntsman Corporation.