Insulation Market Segments and Forecast from 2022-28 | by GAF Materials Corp, Huntsman International LLC, Johns Manville

New Jersey, United States - Analysis of Insulation Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The estimated size of the global insulation market in 2022 was USD 57.95 billion, and it is anticipated to expand at a compound annual growth rate (CAGR) of 6.5% during the forecast period. Over the course of the projected period, rising consumer awareness of energy saving is anticipated to positively affect the market. Due to the COVID-19 crisis's economic slowdown, which was accompanied by poor investor confidence and a fall in building activity, the worldwide insulation industry has only seen modest development. As a result, the market for insulation materials has also suffered a disastrous setback. The development of the engineering and building sectors was impacted by the COVID-19 pandemic in the United States. The regulations for social isolation and staying at home have hindered both new and retrofitted construction in both residential and commercial fields.

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The glass wool industry in the U.S. held the highest share in 2022 and is anticipated to expand at a consistent CAGR during the forecast period. Glass wool is a type of thermal insulator made of flexible, twisted glass strands that are low in density due to the trapped air inside. Mineral wool and EPS, respectively, came after the segment. The demand for greater infrastructure has been fuelled by the rapid industrialization and urbanisation of rising economies like China, India, the Philippines, Malaysia, Thailand, and Indonesia. Additionally, rising consumer demand for residential and commercial insulation as well as stronger regulatory backing are predicted to drive market expansion throughout the forecasted period.

However, it is anticipated that fluctuating raw material prices and rigorous environmental laws will impede market expansion overall in the next few years. According to estimates, the need for fibreglass insulation in industrial buildings would increase due to the significant presence of manufacturing businesses in China, India, Brazil, and Mexico. It's projected that this trend will accelerate market expansion even more. A current end-use trend predicted to spur industrial expansion is the rising demand for environmentally friendly homes as a result of population growth and fast urbanisation. Additionally, it is predicted that developments in transparent thermal insulation and vacuum insulation panels, two technological advances in thermal insulation, will open up new prospects for industrial growth.

Division segment:

Product insights: In 2021, the EPS insulation product segment dominated the market and generated more than 27% of worldwide sales. Polystyrene rigid pellets are used to create the lightweight, high-tensile plastic foam insulation known as expanded polystyrene. It is predicted that the product would maintain its leadership during the prediction. Over the projection period, the glass wool product segment is anticipated to expand at a constant CAGR. Sand is the main component of glass wool, which provides insulating qualities for both sound and heat, including low weight and great tensile strength. Glass wool by-products, such as removable blankets, are ideal for covering heat-generating uneven surfaces found on turbines, pumps, heat exchangers, tanks, expansion joints, valves, and flanges in industrial settings. Extruded polystyrene foam insulation (XPS) accounted for a sizable portion of the market's overall revenue in 2021.

End-use Insights: In 2021, the construction industry dominated the market and generated 34% of total revenue, which was the greatest share. Due to the rise in the number of buildings in metropolitan areas that require extensive insulation, the sector is anticipated to expand. The transportation and residential construction sectors, which are anticipated to develop at significant CAGRs from 2022 to 2028, came in second and third, respectively, behind the construction industry. For reasons including energy conservation, heat gain/loss reduction, temperature maintenance, efficient equipment operation or chemical reaction, condensation prevention, etc., the petrochemical industries and refineries are insulated.

Regional analysis:

Due to rising oil production in China and India's economies, worries over considerable energy waste, and demand for materials for refurbishing and remodelling applications, the Asia Pacific region led the market and held the greatest market share of 41% in 2021. The demand from high-temperature operational industries such oil & gas, manufacturing, metal & mining, power, and others has a significant impact on the market in North America. Additionally, businesses in this region are emphasising loss reduction in order to enhance performance through the use of routine maintenance checks.

In 2021, Europe contributed significantly to revenue. Due to the fast industrialization and the existence of significant insulation product producers in Europe, the regional market is anticipated to be an early user of the developing insulation materials.

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Competitive analysis:

Some prominent players in the global insulation market are:
• GAF Materials Corp.
• Huntsman International LLC
• Johns Manville
• Cellofoam North America, Inc.
• Rockwool International A/S
• DuPont
• Owens Corning
• Atlas Roofing Corp.
• Saint-Gobain S.A.
• Kingspan Group
• BASF

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