|12-07-2018 04:56 AM CET - Energy & Environment||
Insulation Market 2024 Growth & Regional Revenue By Top Players Owens Corning, Huntsman Corporation, BASF, The Dow Chemical Company, CertainTeed Corporation.
Press release from: Global Market Insights, Inc
Fiberglass Insulation Market generated sales over 6 billion square feet in 2017 owing to the wide application include wall cavities, attics, and small cavities spaces. Fiberglass majorly used in construction for providing high energy efficiency in commercial and domestic buildings owing to excellent thermal resistance, lightweight, fire resistance and acoustic resistance properties propelling insulation market.
Residential application contributed over 50% of market share in 2017. North America Insulation Market is expected to surpass USD 16 billion revenue.
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U.S., Canada, Germany and other emerging economies are focusing on spreading awareness to achieve optimum utilization of resources. Continuous advancements in energy efficient technology in sustainable products for ventilation, insulation, and environmental protection to achieve high quality material will drive demand. Active involvement of authorities in sustainable energy audits emphasizing homeowners for presenting eco-friendly solution for domestic houses and public buildings positively impacting product market.
Insulation Market By Product
• Fiberglass/Glass Wool
• Mineral Wool
• Plastic foam
Insulation Market By Application
• Residential construction
• Industrial, HVAC & OEM
• Non-residential construction
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U.S. government and Department of Energy was estimated rising electricity prices over 4% annually. Thereby, the government of various countries such as Canada, Mexico, China, South Korea, and Brazil are directly focusing on applying proper insulating materials include fiber wool, mineral wool, plastic foam and aerogel products are fostering insulation market share.
Increasing expenditure on energy efficiency infrastructure is primarily fueling insulation market growth. As per U.S. Census Bureau, construction spending has increased by 6.7% and observed over USD 13.3 trillion expenditure in 2016. Surging construction to improve residential, commercial, and industrial infrastructure along with energy conservation initiatives are key aspects fueling product demand.
Stringent government regulation on recycling material that damages environment due to the release of harmful gases such as non-HCFC (hydrochlorofluorocarbon) is leading major concern can hamper insulation market share.
Positive development for affordable housing schemes along with reliable government policies are fueling product demand during forecast time frame. U.S. government is also providing tax rebate by following guidelines of building code that has set for respective states and region.
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U.S. government and Department of Energy focusing on promotional activities for appropriate energy use by the adoption of proper insulating materials in building and houses to reduce energy losses are key factors boosting insulation market share during forecast time frame.
Global insulation market share is highly fragmented in nature due to the presence of internal as well as local manufacturers offering wide product range. Some major companies are Owens Corning, Rockwool International, Armacell, Knauf Gips, KG Huntsman International on improving production efficiency of several materials. These companies are focusing on reducing prices of material in order to strengthen market share.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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