Global Insulation Materials Market: Snapshot
Insulation is a material designed to prevent heat or sound from being transmitted from one area to another. It is usually used to keep heat and sound in or out of a house, or to confine it to certain parts of the house. Insulation commonly incorporates materials that consist of millions of tiny pockets of air, which is a good insulator. Insulation materials are defined as those materials or combinations of materials that retard the flow of heat energy by performing one or more of the following functions: conserving energy by reducing heat loss or gain; controlling surface temperatures for personnel protection and comfort; preventing vapor flow and water condensation on cold surfaces; increasing operating efficiency of heating/ventilating/cooling, plumbing, steam process, and power systems in commercial and industrial installations; and reducing emissions of pollutants in the atmosphere.
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Increase in usage of fiberglass in construction and automobile industries is estimated to propel the insulation materials market. Consists of fine glass fibers, fiberglass is one of the ubiquitous insulation materials that is commonly used in two different types of insulation: blanket (batts and rolls) and loose-fill.
According to the report by TMR, the global market for insulation materials was valued at US$ 65 Mn in 2017 and is anticipated to expand at a CAGR of more than 8% from 2018 to 2026.
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Rise in Demand for Semiconductors and Microelectronics to be Beneficial for Growth
On the basis of type, the insulation materials market can be classified into mineral wool, polyurethane foam, polyethylene, polyisocyanurate, polystyrene, fiberglass, cellulose, and others. The polystyrene material segment has been further bifurcated into expanded polystyrene and extruded polystyrene. Based on end-user, the building & construction segment held the major share of the market in 2017. In terms of type, the market has been divided into blanket insulation, concrete block insulation, foam board, insulating concrete form, loose-fill insulation, radiant barriers, rigid fiber board insulation, spray foam insulation, structural insulated panels, and others.
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Ease in Availability of Raw Materials in the East Asia to Bolster its Growth
On the basis of region, the global electronic grade hydrofluoric acid market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, North America and Europe hold prominent share of the global insulation materials market. The market in Asia Pacific is estimated to expand at a rapid pace due to the significant increase in building & construction activities in developing economies such as China and India. The market in Middle East & Africa and Latin American is likely to expand at a sluggish pace during the forecast period.
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Key players operating in the insulation materials market include BASF SE, Covestro AG, DowDuPont, Huntsman International LLC, and Kingspan Group PLC. Major players are expanding their network and market share through mergers and acquisitions. Launch of new products and facilities is likely to propel the insulation materials market. In November 2017, Owens Corning introduced three types of commercial and residential insulation products. These products in in line with the requirements of SCS Global Services’ certification protocol that validates the use of renewable energy.
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Introduction of Green Building Concept to Boost Insulation Materials Market Growth
The surging demand for insulation materials in various end use industries such as building and construction, aerospace, automotive and others will propel growth of the global insulation materials market in the coming years. Expansion in utilization of fiberglass in development and auto businesses is assessed to drive the protection materials market. Comprises of fine glass filaments, fiberglass is one of the universal protection materials that is normally utilized in two distinct sorts of protection such as cover and free fill.
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