The global insulation market is moderately concentrated as a sizeable share is held by the leading companies operating in the market, states Transparency Market Research (TMR). However, the presence of regional players has strengthened the competition in the market and is likely to intensify over the forthcoming years.
The key companies operating in the market are Atlas Roofing Corporation, Duro-Last Roofing Inc., CertainTeed Corporation, The Dow Chemical Company, Huntsman International LLC, Johns Manville, Owens Corning, and ROCKWOOL International A/S among others. To surge ahead of their competitors, manufacturers are focusing on developing high-end products through an environment-friendly manufacturing process.
The global insulation market is expected to exhibit strong growth during the forecast period. The market was worth US$44.3 bn in 2015 and is estimated to touch a valuation of US$64.9 bn by the end of 2020. In terms of application, residential construction emerged as the dominant segment and is likely to account for an estimated share of 50.5% in 2020. With the rising awareness among homeowners regarding the requirement of insulation materials in residential complexes, the deployment of insulation equipment has increased substantially. Insulation helps in reducing energy consumption, thus decreasing the monthly utility bills. As a result of this, the installation of insulation materials is likely to further increase in residential constructions. The demand for insulation is also expected to rise in rebound construction projects.
Asia Pacific to Lead in terms of Deployment of Insulation Materials
Region-wise, the global insulation market is categorized into Europe, North America, Europe, and the Rest of the World. Among these, Asia Pacific dominated the market in 2013 accounting for a sizeable share. It is expected that Asia Pacific will retain its lead until 2020 with a share of 43.9% in the same year. “The growth of the insulation market in Asia Pacific can be attributed to the ongoing infrastructural development in the region and the progress of the nonresidential and commercial sectors.” says a TMR analyst. Owing to this, the deployment of insulation materials is likely to extensively increase in countries such as India, South Korea, Japan, and China. However, regulatory compliances in the U.S. and the European Union regarding the construction of energy-efficient buildings are expected to encourage the adoption of insulation in North America and Europe
Implementation of Building Regulation Codes to Drive Adoption of Insulation Materials
The demand for energy is at its peak in developed as well as developing countries. As a result of this, the price of energy has also been increasing over the last couple of years. Insulation decreases the energy cost of a building by 30% by reducing the energy requirement of the building up to 75%. Several stringent regulations have been passed by governments across the world to regulate the amount of energy used in new constructions. Thus, buildings and construction companies are focusing on the large scale deployment of insulation materials in new structures. Moreover, the burgeoning urbanization and growth of the construction industry across the globe is likely to bode well for the growth of the market.
Fluctuation in Prices of Raw Material to Hinder Market Growth
Insulation materials such as EPS, elastomers, and polyethylene are crude oil derivatives. The sudden increase and decrease in the prices of crude have affected the productivity of the insulation industry. The volatility of crude oil prices is further anticipated to hinder the growth of the insulation market. However, insulation materials producers can gain from the rising popularity of green buildings and focus on product innovation and quality enhancement to meet the requirements of end users.
This review is based on a Transparency Market Research report titled, “Insulation - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020.”
Insulation Market - Product Segment Analysis
- Plastic Foam
- Mineral Wool
- Other (Including cotton wool, slag wool, etc.)
Insulation Market - Application Analysis
- Residential Construction
- Industrial, HVAC, and OEM
- Nonresidential Construction
Insulation Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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