Insulation Market Size By Product (Fiberglass/Glass Wool, Mineral Wool, Plastic foam, Others), By Application (Residential Construction, Industrial, HVAC & OEM, Non-residential Construction), COVID-19 Impact Analysis, Regional Outlook, End-user Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030
The global insulation market will witness significant growth trends between 2022 and 2030, owing to the increasing energy scarcity and the subsequently rising energy and fuel costs globally. The rapid increment in energy prices coupled with the ongoing climate change have encouraged individuals and regulatory authorities to take necessary measures to reduce carbon footprint, thereby supporting the utilization of energy-efficient insulation solutions.
A recent Energy and Climate Intelligence Unit (ECIU) survey revealed that poorly insulated households in the UK might have to pay an additional £1,000 (~USD 990) over others on their energy bills this winter. The dual-fuel price cap is projected to reach £3,958 (~USD 3,919), plunging many households into fuel poverty. These estimations, in covalence with the emerging product requirement across the construction sector, may strengthen the insulation industry outlook over the forecast period.
In terms of products, the market is bifurcated into fiberglass/glass wool, plastic foam, mineral wool, and others. The others segment is anticipated to expand at over 4% CAGR and surpass an estimated valuation worth USD 3 billion by 2030. This category comprises different forms of plastic foam insulation, such as polyurethane and polyisocyanurate material.
Polyurethane foam has emerged as a highly efficient and modern thermal insulation technique across buildings and structures. When applied using a spray mechanism, it reaches even the tiniest of gaps, offering permanent damage-resistant insulation, enhancing comfort, and minimizing heating bills. The surging demand for cost-effective materials with exceptional thermal insulation may boost segment growth.
With respect to application, the insulation industry is likely to gain significant impetus from non-residential constructions. The segment accounted for USD 6 billion in 2021 and is anticipated to hold over 12% of the market share by 2030. The increasing investments toward building energy-efficient commercial spaces across developed economies due to rising energy and fuel costs and growing environmental concerns may support the segment expansion. In addition, the proliferating demand for superior thermal and acoustic insulation materials to ensure inbound comfort and consistent temperature may drive product demand across non-residential spaces.
In terms of the regional outlook, Latin America is likely to emerge as a significant revenue pocket in the forthcoming years. As per the report, the Latin America insulation market is expected to grow at a CAGR of over 6% over the analysis period and record an appreciable valuation worth more than USD 2 billion by 2030. The rapid deployment of insulation material across the automotive sector for soundproofing applications may aid the growth of the regional industry.
The declining sound and vibration tolerance among humans and the emergence of associated health concerns have prompted public authorities to frame a regulatory framework to keep noise pollution levels in check, driving the demand for acoustic insulation in commercial and residential buildings.
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