In accordance with the Intergovernmental Panel on Climate Change(IPCC) report, buildings are the largest energy consuming sector with nearly 40% of energy consumed and are responsible for approximately 36% of global carbon emission. To deal with the same, the construction methods, material, and insulation materials have developed considerably. According to the market intelligence report by BIS Research titled, ‘Global Insulation Materials Market- Analysis and Forecast (2017-2021),’ the market is expected to reach $ 53.4 billion by the year 2021, registering a CAGR of 6.2% during the forecast period. This tremendous growth is attributed to the increase in demands of energy efficient products, governmental regulations, incentives, and rising market penetration of insulation products in several end-user industries. Furthermore, reduction in energy consumption and its related costs, stringent regulations to reduce greenhouse gas emissions, and the increase in net-zero energy buildings, population growth and urbanization are some of the factors propelling up the market for insulation materials.
Insulation materials are designed to reduce the heat flow by limiting heat transfer through conduction, convection, and radiation while facilitating vapor flow and water condensation of the process. The various benefits provided by the insulation materials are environmental benefits, reduction in emissions, less energy consumption, and the material’s potential to be recycled and reused. Some of the widely used insulation materials are mineral wool, polyurethane foam, polyethylene, extruded polystyrene, and fiberglass. However, volatile raw material prices and lack of awareness about insulation materials in the construction industry are some of the factors inhibiting the growth of the market.
Mineral wool dominated the market, among the types of insulation materials, in the year 2016, as it serves as an excellent material for thermal and acoustic insulation, which are mainly used in residential and commercial buildings. Moreover, there has been an increase in the demand for polyurethane foam, on a global level, owing to its light weight, ease of installation, reduced transportation costs, as well as low maintenance costs. There has been an increase in the number of applications of insulation materials due to their emission reduction potential, the building rating systems, stringent governmental regulations and emission control norms, large-scale investment by government, and federal agencies.
The insulation materials are used in residential constructions, non-residential, HVAC and OEM, oil and gas, wires and cables, and automobiles. The growing demands for insulation materials from residential constructions segment is due to the increase in the need of reducing the energy consumption in the residential segment. Further, increasing expenditure in Asia-Pacific along with government initiatives to reduce greenhouse gas emissions is expected to increase the demand for insulation material in the residential construction segment. However, volatile raw material prices and lack of awareness about insulation materials in the construction industry may inhibit the growth of the market.
BIS Research has conducted an extensive research on the global insulation materials market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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