Building Insulation Material Market Scenario
The global building insulation material market 2020, according to MRFR, projects that the building insulation material market will mature at a CAGR of 3.49% over the review period from 2018 to 2023 to cross a USD 30 billion mark by 2023.
Market Highlights
Production from the manufacturing industry, demand from the building sector, investment from the construction industry and movement towards urbanisation are some of the market's macroeconomic factors. The global demand for building insulation is powered by strict legislation to minimize greenhouse gas pollution, green building growth, the availability of rigorous building energy standards, rebates and tax credits, and the reduction in energy use and associated costs. The that demand for energy-efficient buildings and the potential energy loss across walls in a building push wall insulation demand. Morevoer, rules, and energy-efficient buildings programs are identified as underlying driving factors of the market.
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In developing countries also policymakers are aggressively encouraging the use of insulation material. In manufacturing, insulation materials are widely used for various applications such as room insulation, laboratory insulation, pipeline protection, and other applications in workplaces and warehouses. The growing movement towards the implementation of energy-efficient building insulation technologies has further driven the market for insulation materials.
Insulation helps to reduce the reliance on heat, ventilation , and air conditioning (HVAC), while reducing the total energy usage expected to gain growth. The environmental effect of insulation materials is expected to change the attention of the industry over the projected timeframe toward the production of environmentally sustainable goods. In addition , rising plastic foam costs are projected to affect the growth of the industry, thereby contributing to the production of alternative goods.
Owing to strict legislation regulating traditional items such as plastic foams, recyclable insulation is gaining popularity. -- preference of homeowners, architects and companies for renewable, biodegradable and recyclable goods, due to improved environmental consciousness, is expected to increase the pressure of alternatives on the market over the forecast period.
However, the isolation industry faces few obstacles, such as low knowledge of insulation products in developing markets , high capital costs of insulation and incremental acceptance for the use of insulation paints and coatings in buildings.
Competitive Dashboard
The key players of global Building Insulation Material Market are GlassRock Insulation Company SAE, Owens Corning Corporation, BASF SE, Paroc Group Oy, Saint-Gobain S.A, Lloyd Insulations Limited, Knauf Insulation, Inc., Johns Manville Inc., Rockwool International A/S, Kingspan Group Plc and others.
Segmental Analysis
The global building insulation material market, by material, has been segmented into stone wool, glass wool, EPS, XPS, others. Glass wool is the largest segment in building insulation market. The The category accounts for 33.31% of market share in 2016 and is projected to rise to CAGR 3.61% over the forecast period.
The global demand for building insulation products has been segmented into walls , roofs, and floors, by use. Walls is the largest market segment for building insulating products. The segment represents a market share of 46.88 per cent and is projected to rise at 4.22 per cent CAGR over the forecast period.
The global building insulation material market, by end-user, has been bifurcated into commercial and residential.
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Regional Overview
The North American region was the largest market for building insulation, in terms of value. The presence of strict building energy codes, along with the strong demand for building insulation from housing sector in the US drive the growth of the building insulation market in this region. The U.S. is expected to account for the largest share in North America.
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