Insulation Market 2024 Growth & Regional Revenue By Top Players Owens Corning, Huntsman Corporation, BASF, The Dow Chemical Company, CertainTeed Corporation.
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.
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