Insulation Materials Market - Forecast(2024 - 2030)

Report Code: CMR 11623 Report Format: PDF + Excel

Insulation Materials Market Overview

Insulation materials market size is forecast to reach $62 billion by 2026, after growing at a CAGR of 5.5% during 2021-2026. Growing consumer awareness regarding energy conservation and factors such as rapid industrialization and urbanization in developing countries such as China, India, the Philippines, Malaysia and Indonesia are driving the need for better infrastructure and insulation materials. In addition, increased regulatory support and demand for residential and industrial insulation are the factors estimated to drive the product demand. Further, insulation materials are witnessing a huge demand from the oil and gas industry, primarily owing to the increasing demand for subsea pipeline applications.

Report Coverage

The report: “Insulation Materials Market– Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the insulation materials industry.  
By Material: Glass Wool, Mineral Wool, Expanded Polystyrene, Extruded Polystyrene, CMS Fibers, Calcium Silicate, Aerogel, Cellulose, PIR (Polysio), Polyurethane, Phenolic Foam and others. 
By Application: Building and Construction (Residential Construction, Non-residential Construction, Infrastructure), Industrial, Oil & gas, HVAC, Transportation (Automotive, Marine, Aerospace and others), Appliances, Furniture, Packaging and others. 
By Geography: North America, South America, Europe, APAC, and RoW.

Key Takeaways

  • Asia Pacific dominates the market, owing to increase in manufacturing and construction activities in the region. Increasing disposable income and rise in urbanization are also the key factors driving the market in APAC.
  • Increasing demand for sustainable residential buildings due to the rising population and urbanization is a recent trend of application that is estimated to drive industrial growth. Furthermore, technological advances in thermal insulation such as vacuum panels and R&D activities to advance transparent thermal products are expected to drive market growth.
  • Due to the COVID-19 Pandemic most of the countries has gone under lockdown, due to which operations of various industries such as automotive, construction and so on has been negatively affected, which is hampering the insulation materials market growth. 

Insulation Materials Market Segment Analysis - By Material

The polyurethane foam segment held the largest share in the insulation materials market in 2020, owing to its extensive characteristics such as good thermal insulating properties, low moisture vapor permeability, high resistance to water absorption, relatively high mechanical strength, and low density. Polyurethane foam is effective as an insulator because it has a high proportion of unconnected closed microcells, filled with inert gas (minimum 90 per cent). Also, it is relatively easy and economical to install. Thus, the superior characteristic of polyurethane foam over other materials is anticipated to boost the demand for polyurethane foam-based insulation during the forecast period. 

Insulation Materials Market Segment Analysis - By Application

The building & construction sector held the largest share in the insulation materials market in 2020 and is growing at a CAGR of 5.7% during the forecast period. In developing countries such as China, India, Australia and Singapore, there is a massive growth in the construction and transportation industry due to population growth, high urbanization, and rising per capita income. The Government of India, under the Regional Air Connectivity initiative, has plans to develop around 100 airports over the next 15 years. Industrial construction is anticipated to display lucrative growth in the market in various regions on account of increasing demand from industrial facilities. Thus, further influencing market growth.

Insulation Materials Market Segment Analysis - By Geography

Asia Pacific region held the largest share in the insulation materials market in 2020 up to 35%, owing to growth in construction sector. Construction projects and investments in Asia Pacific region is significantly increasing, which is driving insulation materials market. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. According to International Trade Administration (ITA), the construction value of China in 2018 was USD 893.58, and the Chinese construction industry is forecasted to grow at an annual average of 5% in real terms between 2019 and 2023. The Green Building Action Plan also provides for the rehabilitation of some 400 million square meters of existing urban housing in northern China. Thus, owning to these factors the product demand is increasing in the Asia pacific region.

Insulation materials Market Drivers

Increasing Building and Construction Activities

The building and construction activities is increasing in various regions, due to economic reforms and rising per capita income of the individuals. For instance, in India, the government has initiated projects, such as ‘100 smart cities’ and ‘Housing for All by 2022,’ which are expected to drive the Indian residential construction market over the forecast period. According to International Trade Administration (ITA), the Australian construction industry is valued at approximately AUD150 billion (USD112 billion) annually and accounts for around 9% of GDP. According to the Building and Construction Authority (BCA), Construction demand is expected to hold steady over the medium term. For 2021 and 2022, demand is projected to range between S$27 billion and S$34 billion per year, and S$28 billion and S$35 billion per year for 2023 and 2024. In addition, the United States is witnessing noticeable investment for residential construction, and the trend is expected to remain the same in the near future. For instance, according to U.S Census bureau, in January 2020 value of construction put in place in residential and nonresidential construction increased to $567,555 million and $470,986 million from $546,532 million and $466,436 million in December 2019. The insulation materials are being widely used in the building and construction details of floors, walls and roofs/ceilings for new building constructions and for retrofitting existing buildings to maintain required temperature inside the building. Thus, the increasing building and construction activities is driving insulation materials market.

Insulation materials Market Challenges

Pricing Volatility of Raw Materials of Insulation Materials

The surge in prices of raw materials used for the manufacturing of polyurethane foam such as succinic acid, toluene diisocyanate, polyols, combined with volatility in crude oil prices has hampered the overall growth of the polyurethane foam-based insulation material market. Adipic acid is a feedstock for polyester polyols used in the manufacturing of polyurethane foams insulation materials. And, the stock of adipic acid has tautened over the past few months. Thus, the pricing volatility of insulation materials may restrain the market growth during the forecast period.

Emergence of COVID-19

The Covid-19 pandemic outbreak has impacted the imports and exports of various commodities in various regions.  Governments of various countries have imposed export restrictions which are significantly disrupting with the supplies. In addition, the manufacturers are facing issues such as delays in receiving raw materials, which is further resulting in delayed shipments to the customer. Moreover, the quality of some raw materials has declined considerably and the shipments' orders are being heavily affected due to the non-availability of vessels and blank sailing. All these factors are limiting the growth of insulation materials market growth.   

Insulation Materials Market Landscape

  • Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Insulation materials market. In 2020, the market of Insulation materials Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Insulation materials market includes Atlas Roofing Corporation, BASF, Bayer, Certain Teed, Cellofoam North America Inc., Dow Building Solutions, GAF Materials Corp., and Knauf among others.  

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1. Insulation Materials Market- Market Overview
    1.1 Definitions and Scope
2. Insulation Materials Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by Material 
    2.3 Key Trends by Application 
    2.4 Key Trends by Geography
3. Insulation Materials Market- Landscape
     3.1 Comparative analysis 
          3.1.1 Market Share Analysis- Top Companies
          3.1.2 Product Benchmarking- Top Companies
          3.1.3 Top 5 Financials Analysis
          3.1.4 Patent Analysis- Top Companies
          3.1.5 Pricing Analysis
4. Insulation Materials Market - Startup companies Scenario Premium Premium  
    4.1 Top startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Insulation Materials Market– Industry Market Entry Scenario Premium Premium  
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top companies
6. Insulation Materials Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Market Opportunities
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes 
7. Insulation Materials Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Market life cycle
    7.4 Suppliers and distributors Analysis
8. Insulation Materials Market– By Material (Market Size -$Million / $Billion)
    8.1 Glass Wool 
    8.2 Mineral Wool
    8.3 Expanded Polystyrene 
    8.4 Extruded Polystyrene 
    8.5 CMS Fibers 
    8.6 Calcium Silicate
    8.7 Aerogel 
    8.8 Cellulose
    8.9 PIR (Polysio) 
    8.10 Polyurethane
    8.11 Phenolic Foam 
    8.12 Others
9. Insulation Materials Market– By Application (Market Size -$Million / $Billion)
    9.1 Building and Construction 
        9.1.1 Residential Construction
   Independent homes
   Row homes
   Large apartment buildings
        9.1.2 Commercial Construction
   Hospitals and Healthcare Infrastructure
   Educational Institutes
   Hotels and Restaurants
   Banks and Financial Institutions
   Hyper and Super Market
   Shopping Malls
        9.1.3 Infrastructure
    9.2 Industrial 
    9.3 Oil & gas
    9.4 HVAC 
    9.5  Transportation 
        9.5.1 Automotive
   Passenger Cars
   Light Commercial Vehicles
   Heavy Commercial Vehicles
        9.5.2 Marine
        9.5.3 Aerospace
        9.5.4 Others
    9.6 Appliances 
    9.7 Furniture 
    9.8 Packaging 
    9.9 Others
10. Insulation Materials Market - By Geography (Market Size -$Million / $Billion)
    10.1 North America
        10.1.1 U.S.
        10.1.2 Canada
        10.1.3 Mexico
    10.2 South America
        10.2.1 Brazil
        10.2.2 Argentina
        10.2.3 Colombia
        10.2.4 Rest of South America
    10.3 Europe
        10.3.1 U.K
        10.3.2 Germany
        10.3.3 Italy
        10.3.4 France
        10.3.5 Spain
        10.3.6 Russia
        10.3.7 Rest of Europe
    10.4 Asia Pacific
        10.4.1 China
        10.4.2 India
        10.4.3 Japan
        10.4.4 Taiwan
        10.4.5 South Korea
        10.4.6 Rest of Asia Pacific
    10.5 ROW
        10.5.1 Middle East
        10.5.2 Africa
11. Insulation Materials Market- Entropy
    11.1 New Product Launches
    11.2 M&A’s, Collaborations, JVs and Partnerships
12. Market Share Analysis Premium
    12.1 Market Share by Country- Top companies
    12.2 Market Share by Region- Top companies
    12.3 Market Share by type of Product / Product category- Top companies
    12.4 Market Share at global level- Top companies
    12.5 Best Practices for companies
13. Insulation Materials Market- List of Key Companies by Country Premium  
14. Insulation Materials Market Company Analysis
    14.1 Market Share, Company Revenue, Products, M&A, Developments
    14.2 Company 1
    14.3 Company 2
    14.4 Company 3
    14.5 Company 4
    14.6 Company 5
    14.7 Company 6
    14.8 Company 7
    14.9 Company 8
    14.10 Company 9
    14.11 Company 10 and more
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