Insulation Market 2022- 2030 | Top Key Players; Huntsman Corporation, Knauf Gips, Owens Corning, CertainTeed Corporation, Johns Manville, Bayer AG, Atlas Roofing Corporation, Dow Building Solutions, Nova Chemicals Corporation, GAF Materials
The global insulation material market is expected to witness moderate growth over the forecast period. The growth of building insulation material market is influenced by increased consumption in Asia, increasing FDI in construction, supportive government regulations on building insulations, and supportive government regulations & initiatives to promote construciton. Fluctuation in raw material prices and unavailability of skilled labor hinder the growth of the market.
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There are various organizations and departments across the globe that govern the application of insulation in the construction. This induces the market of building insulation material on a global level. In the U.S., bodies such as The American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) Standard 90.1 Energy Standard for Buildings Except Low-Rise Residential Buildings provides minimum requirements for the energy-efficient design of commercial and high-rise residential buildings. ASHRAE 90.12 is a consensus standard that provides minimum requirements for the design of energy-efficient buildings. Such regulations has spiked the demand for building insulation material across the globe.
Insulation acts as a barrier to heat loss and heat gain, particularly in roofs, ceilings, walls and floors. Insulation in any building provides resistance to heat flow and lowers the heating and cooling costs. In addition, insulation may reduce condensation in the home. This can provide health benefits by reducing mould and damp. This would drive the market for insulation.
Global Insulation Market - Competitive Analysis
The key players adopted various strategies to retain and/or expand their market share. The key strategies followed by most companies within the global building insulation material market were expansion followed by the product development. Extensive growth in building insulation material market has brought to light that companies are investing heavily in expanding its presence across borders. The increasing demand and private construction has led to investment by manufacturers to expand the market share and brand name. Thus the next strategy followed by the companies is product development. It is a key strategy adopted to expand their product portfolio and meet expanding customer base. The market is governed by favourable government regulations pushing the use of insulation in the construction to balance the energy conservation.
BASF has resorted to securing its position in Europe market remains as one of the key strategies along with its expansion plans in North America, Asia, South America, Eastern Europe, and the Middle East.
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On the other hand, Owens also believe that the geographic, product and channel mix of their portfolio may continue to moderate the impact of any demand-driven variability associated with United States new construction. Furthermore increasing R&D expenses since FY2014 shows the focus of the company on the product development and innovation. It made an expenditure of USD 82 million in FY2016 as compared to USD 73 million in FY2015 in R&D.
Paroc Group has made various capital investments for the financial period 2016 in order to upgrade the capacity and expand the Polish factory that was completed in 2016. Furthermore investments were also made on new packing end equipment for Lithuanian factory.
Global Insulation Market - Segments
Global Insulation Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Material : Comprises – Fiberglass, Plastic fibers, Mineral Wool, Natural fibers and others
Segmentation By Application : Comprises – Residential, and Non-residential
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World
Global Insulation Market - Regional Analysis
North America is the second largest region for the building insulation material market. The North America building insulation material market is driven by various factors such as consumer preference for green buildings and sustained investments in commercial real estate. In North America, U.S. is the largest market for the modular construction. It accounted for the largest market share in 2016. In the past few years, the annual value of construction in U.S. had been increasing continuously. Strong development in commercial and residential structures in the U.S., is projected to fuel the demand for insulation in the construction market in the region.
Europe is an important market for the global building insulation material. Increasing up gradation of the existing infrastructure, rising environmental concerns and the growing interest in energy saving & cost benefit construction, are the factors driving the growth of the market in European region. In Europe, U.K. is major market for the building insulation material. The rise in construction output is attributed to private housing, commercial and infrastructure construction growth coupled with growth in privately funded projects in the education and the health sector.
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