Transparency Market Research has published a new report
titled “Insulation
Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
2014 - 2020”. According to the report, the global
insulation market was
valued at US$ 37.87 Bn in 2013 and is anticipated to reach US$ 64.91 Bn in
2020, expanding at a CAGR of 8.0% from 2014 to 2020.
Demand for insulation is expected to be driven by the growth
of the construction industry in the emerging economies of Asia Pacific and Row.
The re-insulation market in the developed economies of North America and Europe
is also anticipated to fuel the demand. Extensive usage of depleting resources
has boosted energy prices, which in turn has created awareness for energy
conservation. Insulation helps in conserving energy and reducing utility bills.
The importance of insulation has increased significantly in
the last few years due to increasing awareness about greenhouse gas emission
and global warming. Insulation is expected to help reduce the emission of
greenhouse gases and promote healthy environment conservation approach.
Technological advancements and industrial production techniques have created a
demand for insulation in factories and noncommercial spaces. Moreover, the
growing automobile industry and electronic industry are anticipated to drive
the market for automotive insulation and electrical insulation, respectively.
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Demand for insulation
materials was the largest from fiberglass, having a market share of over 42% in
2013. However, other insulating materials such as plastic foam insulation
materials face considerable restraints owing to fluctuating prices of raw
materials, especially crude oil. With the upgraded manufacturing techniques,
environmentally-friendly insulating materials are widely manufactured and
commercialized. The market for natural and eco-friendly insulation is
anticipated to be highly attractive during the forecast period.
Residential construction
was the largest application segment, accounting for around 48% of overall
insulation market in 2013. Homeowners are becoming aware of the advantages of
insulation. Insulation reduces energy consumption, which in turn reduces the
monthly utility bill. Demand for insulation was the second highest in
industrial application due to growth in the manufacturing industry. Insulators
having a higher R-value protect industrial constructions against thermal and
electrical damages. Hence, demand for such insulators is increasing in this
application.
Asia Pacific was the
largest consumer of insulation materials in 2013, accounting for over 41% of
the market share in the same year. The emerging economies of China and India
are the top two users of construction materials owing to rapid infrastructural
development. These countries significantly use insulation materials for both
residential and non-residential applications.
Demand for industrial insulation
materials are increasing considerably in Asia Pacific as many companies have
set up their production units in Southeast Asian countries. Additionally, the
market for industrial insulation in Asia Pacific is likely to witness the fastest
growth rate during the forecast period. Increase in consumers’ disposable
income has improved lifestyle and living conditions in the region. Thus, demand
for HVAC and OEM is high in Asia Pacific, which in turn is anticipated to fuel
the demand for insulation materials. This trend is expected to continue during
the forecast period. The market has been segmented below:
Insulation
Market - Product Segment Analysis
·
Fiberglass
·
Plastic
Foam
·
Mineral
Wool
·
Other
(Including cotton wool, slag wool, etc.)
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