Blanket Insulation Market Size, Share & Trends Analysis Report By Application (Building & Construction, Transportation, Industrial, Appliances, Others), By Region, And Segment Forecasts, 2023 - 2030

Blanket Insulation Market Size, Share & Trends Analysis Report By Application (Building & Construction, Transportation, Industrial, Appliances, Others), By Region, And Segment Forecasts, 2023 - 2030

Blanket Insulation Market Growth & Trends

The global blanket insulation market size is expected to reach USD 22.19 billion by 2030, expanding at a CAGR of 5.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the rising utilization of blankets owing to the benefits offered, such as lower cost and high-quality resolution. Moreover, the growing use of blankets in construction applications such as walls, roofs, and attics is expected to boost the demand for insulation in the coming years.

The blanket helps to improve energy efficiency by reducing heat loss from buildings and vehicles. This is a major concern for all governments and businesses as energy cost represents a significant chuck of operating expenses. Thus, there is an increase in demand for insulation from building & construction, and transportation applications across the globe.

There has been increased focus on sustainability as a blanket helps to reduce environmental impact for buildings and vehicles. The need for developing new materials for insulation has increased over the last 5 years, which in turn will increase the blanket demand throughout the forecast period.

The acoustic effectiveness of insulation in large-scale factories aids in the reduction of high-frequency noises produced by machinery on the factory floor. It protects all industrial appliances from fire, avoids moisture condensation on the equipment, and protects the equipment at extreme cold or high temperatures, resulting in lower accidental risks. Energy requirements for cooling and heating equipment can be decreased by regulating the correct thickness of thermal insulation and maintaining appropriate values of infrared emissivity and solar reflectance on building exteriors. Environmental factors such as solar radiation and air temperature will almost certainly impact the energy requirements of the petrochemical and chemical processing sectors, among others. There is a significant demand for insulating systems in order to maintain energy benchmarks and adjust temperature levels.

Major market players are emphasizing the use of sustainable materials for developing insulation materials, such as blankets made up of mineral wool and glass wool. Manufacturers use recycled content for producing blankets. These initiatives are expected to fuel the demand for sustainable insulation solutions, thereby fueling market growth.

Blanket Insulation Market Report Highlights

• The building & construction application segment dominated the market and accounted for a share of 38.7% in terms of revenue in 2022. The high adoption of blankets in commercial spaces as well as in residential buildings is expected to increase overall demand.Removable and reusable blankets are commonly used for industrial applications, such as boiler, metal, and masonry walls. These blankets are self-contained systems, which lower operation costs by reducing energy consumption and shortening downtime
• The transportation and industrial applications together held more than 39% market share in 2022. Transportation includes vehicle insulation and the demand from vehicles for blanket insulation is growing owing to the reduced running cost as well as low maintenance of all the heat exchange components. Reduced running costs and better fuel efficiency are some of the major factors driving the growth of the overall market
• Asia Pacific dominates the market, accounting for USD 6,539.0 million in 2022. The growth of the housing industry coupled with the growth of the electric vehicle market in this region has increased the demand for blankets owing to benefits such as reduced noise, increased fuel efficiency, and reduced energy consumption
• The market exhibits high competition owing to the presence of established players in this industry. The competitors in the industry opt for various strategies such as product portfolio expansion, partnerships, and collaborations in order to gain market share in the industry. Moreover, a few manufacturers in the industry are vertically integrated to ensure easy availability and reduce their dependence on raw material suppliers. Manufacturers are striving to provide insulation materials to improve the product life cycle and increase the efficiency of end products. In addition, rising awareness regarding the benefits of insulation in industrial applications and its related costs is expected to drive the market

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