Insulation Materials Market Statistics – 2030
The global insulation materials market was valued $61.6 billion in 2020, and is projected to reach $101.9 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
Insulation materials are used to stop heat, electricity, or sound from going into or out of electrical appliances and building materials in the construction sector. The insulation materials industry is primarily segmented in three broad categories, namely thermal insulation, electrical insulation, and heat insulation. The key to an effective insulation system is proper installation of quality insulation materials. Insulation is an important technology used to reduce energy consumption in buildings to prevent heat gain/loss. It acts as a barrier to heat flow and is essential for keeping homes warm in winter and cool in summer. Climatic conditions influence the appropriate level and type of insulation. Materials used for insulation have low thermal conductivity, which is often less than 0.1W/mK. Polyurethane foam, mineral wool, polyethylene, polyvinyl chloride, expanded polystyrene, and extruded polystyrene are the various types of insulation materials. These materials have no other purpose than to save energy and protect and provide comfort to occupants.
A building is an environmental separator. It separates the outside from the inside. Insulation in residential construction is an important technology to reduce energy consumption in buildings by preventing heat gain/loss through the building envelope. Polyurethane foam and extruded polystyrene are insulation materials used during residential construction. The increase in the global temperature and drastic climatic changes in these few decades have led to the increase in demand for thermal insulator in the residential, non-residential, and industrial buildings, to save energy and provide comfort for occupants.
The global insulation materials market is driven by factors, such as rapid urbanization and industrialization in developing countries and the booming construction industry. Residential construction in regions such as North America, Asia-Pacific, and Europe witnessed steady growth in recent times. In Asia-Pacific, residential construction is increasing in countries, including India, China, Indonesia, Singapore, and Vietnam. North America and Europe witness growth in residential construction, widely driven by a high demand for residential houses. The construction sector in the Asia-Pacific region is the largest globally and grows at a healthy rate, owing to the rise in population, increase in middle-class income, and urbanization. The insulation materials market is segmented on the basis of type, application, and geography.
On the basis of type, the market is segmented into mineral wool, polyurethane foam, polyethylene, polyvinyl chloride, expanded polystyrene, extruded polystyrene, and others. The application type segment of the insulation materials market is broadly classified into residential construction, HVAC & OEM, non-residential, wires & cables, automotive, oil & gas, and others. The wires & cables segment accounted for the highest market share in 2020, owing to increase in installation of insulation materials products in commercial, infrastructure, and other construction projects. The insulation materials market is segmented into four regions, namely North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific is the leading region in terms of demand for insulation materials, and is expected to maintain its dominance during the forecast period. The high adoption of insulation materials products in the region is expected to continue to bolster the insulation materials market size.
Key players profiled in the report include, BASF SE, Bayer AG, Saint-Gobain S.A, Rockwool International, Huntsman Corporation, Atlas Roofing Corporation, Bridgestone, Evonik Industries AG, GAF Materials Corporation, Kingspan Group PLC, and The DoW Chemical Company.
Other key players in the market value chain such as Ibiden Co. Ltd., Morgan Thermal Ceramics, Aspen Aerogels, Inc., Knauf Insulation, Asahi Kasei Corporation, and E. I. du Pont de Nemours, compete for the share of the market through product launch, joint venture, partnership, and expand the production capabilities to meet the future demand for the insulation materials market during the forecast period.
Insulation Materials Market, By Region
Asia-Pacific occupies the largest part of the insulation materials market and consists of countries, such as China, India, Japan, South Korea, Australia, and rest of Asia-Pacific. The rise in construction of buildings in major parts of the Asia-Pacific region is one of the driving factors for the growth of the market. Growing population along with increase in disposable income of people in emerging countries has fueled the sales of real estate in the past few years. Major countries, including Thailand, the Philippines, Indonesia, Vietnam, Australia, and others, experience tremendous growth in terms of construction output in the region. China is majorly driven by ample developments in residential and commercial construction, supported by the growing economy. In India, various policies implemented by the Indian government, such as the Smart City project and Housing for All by 2022 are expected to bring a much-needed impetus to the slowing construction industry. Moreover, recent policy reforms, such as ‘Made in India’ have led to the increase in the expansion of business startups, which have boosted the demand for the construction sector, leading to increase in the demand for insulation materials.
By Region
Asia-Pacific holds a dominant position in 2020
Insulation Materials Market, By Type
The polyurethane foam segment dominates the global insulation materials market size. It is a closed-cell foam insulation material that initially contains a low-conductivity gas in its cell, which results in the high thermal resistance of the gas. It is effective as an insulator because it has a high proportion of non-connected closed microcells, filled with inert gas. It has a wide range of applications, such as cushioning for variety of consumer and commercial products, automotive interiors, packaging, and as an insulation materials in the oil & gas industry.
By Type
Polyurethane Foam segment is projected to create abundant $ opportunity till 2030
Insulation Materials Market, By Application
The wires & cables segment dominates the global insulation materials market. A typical cable wire and cable insulation product comprises a wire conductor (typically copper) covered by insulation, and a jacket that encloses the insulated wire(s). Insulation is applied on conducting materials for electrical isolation between the conductor and the ground. An insulated wire generally used in equipment such as fire alarm, heating device, automobile, and others needs safety at a high operating temperature. The effectiveness & safety of the wire depend on its insulation. An insulated wire of this category is usually molded by a conductor, which is coated with heat resilient organic resin, such as fluoro resin. Factors such as growth in urbanization and rise in investments toward infrastructure development projects globally drive the growth of the insulated wire and cable segment in the insulated materials market. The working of the whole world relies upon the timely delivery of electric supply. High usage of insulated wire and cable has been seen in the power sector in recent times. Furthermore, growing population leads to rise in demand for power. The increase in application of power across the globe increases the demand for wire & cables for transportation of power.
By Application
Wires And Cables segment is projected to create abundant $ opportunity till 2030
COVID-19 Analysis:
COVID-19 severely impacted the global economy with devastating effects on global trade, which simultaneously affected households, businesses, financial institutions, industrial establishments, and infrastructure companies. The spread of COVID-19 substantially dropped the construction activities around the globe, impacting the overall insulation materials market volume in 2020. The building material sector has seen a huge drop in terms of trade due to lockdown restrictions in different countries, which hindered manufacturing operations during the COVID-19 pandemic. Procurement of raw materials was challenging owing to the disruption in logistics. The decline in demand for various industrial products and the decrease in the growth of demand for oil & gas resources due to shutdown of industrial manufacturing facilities due to lack of labour and government restriction had negative impact on the development of the market.
Key Benefits for Stakeholders
- This report provides a detailed quantitative analysis of the current insulation materials market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth analysis of insulation materials market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global Insulation materials market.
Insulation Materials Market Report Highlights
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Analyst Review
Insulation materials are used to stop heat, electricity, or sound from going into or out of electrical appliances, residential, and commercial buildings. Insulation is an important technology used to reduce energy consumption in buildings by preventing heat gain/loss through them. It acts as a barrier for heat flow and is essential for keeping the home warm in winter and cool in summer. Climatic conditions influence the appropriate level and type of insulation.
The use of insulation materials in the construction industry witnessed the highest growth rate of 5.96% globally in 2020, owing to the rise in infrastructure activities. The insulation materials are applied for their excellent thermal insulation and electrical insulation properties, thus lowering the thermal conductivity, and accidents due to electrical leak in the construction industry.
The market for insulation materials in Asia-Pacific is anticipated to attract leading manufacturers for investment, owing to the development in infrastructure industry in China, India, Korea, and Japan, thus driving the market in the region during the forecast period. In addition to this, the development of market is mostly due to a large number of residential and non-residential construction projects undertaken in this region. The rise of disposable income for people in this region also increases the affordability of consumer electronics and automotive, both necessarily needing insulating material for their smooth functioning.
Growing use of microporous insulation in industrial & aerospace sectors and Demand for high temperature insulation in oil & gas sector are the key factors boosting the Insulation Materials Market growth
The market value of insulation materials in 2030 is expected to be US$ 101.9 Billion
BASF SE, Bayer AG, Saint-Gobain S.A, Rockwool International, Huntsman Corporation, Atlas Roofing Corporation, Bridgestone, Evonik Industries AG, GAF Materials Corporation, Kingspan Group PLC, and The DoW Chemical Company.
Construction industry is projected to increase the demand for insulation materials
The insulation materials market is segmented on the basis of type, application, and geography. On the basis of type, the market is segmented into mineral wool, polyurethane foam, polyethylene, polyvinyl chloride, expanded polystyrene, extruded polystyrene, and others. The application type segment of the insulation materials market is broadly classified into residential construction, HVAC & OEM, non-residential, wires & cables, automotive, oil & gas, and others. The insulation materials market is segmented into four regions, namely North America, Europe, Asia-Pacific and LAMEA.
Increased awareness about green building concept is the main driver of insulation materials market
Wires And Cables, Automotive, Building and Construction are expected to drive the adoption of insulation materials market
The building material sector has seen a huge drop in terms of trade due to lockdown restrictions in different countries, which hindered manufacturing operations during the COVID-19 pandemic. Procurement of raw materials was challenging owing to the disruption in logistics. Such factors had negative impact on the development of the market.
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