Insulation Products Market worth $71.7 billion by 2026 | Key players Covestro AG, Owens Corning Corp., Rockwool International A/S, Saint-Gobain ISOVER, Knauf Insulation

According to recent market research the "Insulation Products Market by Insulation Type (Thermal, Acoustic), Material Type (Mineral Wool, Polyurethane Foam, Flexible Elastomeric Foam), End Use (Building & Construction, Industrial, Transportation, Consumer) and Region - Global Forecast to 2026", The global Insulation products market size is projected to grow from USD 55.1 billion in 2021 to USD 71.7 billion by 2026, at a CAGR of 5.4% between 2021 and 2026. Growing steel and aluminium industries in developing nations is driving the Insulation products market. The demand for steel in developing nations of Asia Pacific and Europe continues to recover after the world was hit by COVID-19 pandemic in 2020. This growth in demand is aided by the recovery in commodity prices and international trade. The growth in these sectors influence the demand for insulation materials to be used in the new expansion of steel and aluminium manufacturing plants. Materials such as stone wool, aerogel, calcium silicate, perlite, and ceramic fibre are widely used in these plants to meet the thermal insulation requirement at high temperatures. Hence the growth of these generics will drive the overall insulation products market. Another factor driving the growth of Insulation products market is the increasing awareness of acoustic insulation in building & construction end use as building & construction is one of the key end-use industries in the acoustic insulation market accounting for largest share. Acoustic insulation provides noise reduction in commercial and residential buildings.

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By material type, the mineral wool segment accounted for the largest share in the overall Insulation products market. Minera wool finds high demand in building & construction segment and this growth can be attributed to the increasing population, expanding building insulation market, need for energy efficient equipment, rising environmental awareness, and need for cost savings. Mineral wool is non-combustible, has higher density and R-value, and also provides good acoustic properties which makes it a preferable choice in building & construction end use.

By end use, the building & construction segment is expected to lead the overall Insulation products market in 2021. Increasing investments and construction of commercial offices, warehouses, data centers, and SEZs are the key drivers which are driving the demand for HVAC equipment in the building & construction segment. Insulation products is preferred in building & construction end use as it provides low thermal conductivity, energy saving ability, sound control, reduction in greenhouse gas emission, and results into cost saving. Insulation products finds applications in doors, walls, ceilings, panels, and floors in commercial buildings.

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The global Insulation products market size is projected to grow from USD 55.1 billion in 2021 to USD 71.7 billion by 2026, at a CAGR of 5.4% between 2021 and 2026. The growth of this market is attributed to growing stringent regulations for energy-efficient insulation equipment, increase in number of HVAC applications, technological advances, and growing demand in construction, industrial, and transportation industries in Asia Pacific and North American regions.

The Insulation products market is dominated by large players, such as Covestro AG (Germany), Owens Corning Corp. (US), Rockwool International A/S (Denmark), Saint-Gobain ISOVER (France), Knauf Insulation (US), Huntsman Corporation (US), Armacell International S.A. (Luxembourg), Johns Manville Corporation (US), Kingspan Group (Ireland), Soprema Group (France), Cellofoam International GmbH (Germany), Recticel NV/SA (Belgium), China Jushi Co. Ltd. (China), and Rogers Corporation (US). These players have adopted various growth strategies, such as expansions, new product developments, acquisitions, and agreements, to enhance their market footprint and improve their product portfolios. Expansion of their manufacturing plants and offices, globally, is the key strategy adopted by the major players to cater to the increasing demand for Insulation products.

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The pandemic has impacted more than five billion people across the world, till April 2020. More than 100 countries were under complete or partial lockdown which impacted the Insulation products business globally and regionally. Supply chain disruption and lockdown due to the pandemic have impacted the GDP of all major economies, such as Germany, the US, Japan, the UK, India, Italy, and France. However, the Insulation products market is showing signs of recovery and is expected to grow at a moderate rate during the forecast period.

Since January 2020, many Insulation products manufacturers have entered into various agreements, launched new products, and expanded their production capacities. In December 2020, Owens Corning announced the launch of FOAMULAR NGX (Next Generation Extruded), which is an XPS foam used as a building material, and it delivers 90% reduction in global warming.

In November 2020, Covestro AG developed a sustainable cast elastomer solution, enabling the offshore industry to reduce carbon footprints and environmental impact. The polyurethane elastomers are based on cardyon brand polyols, which contain CO2 and offer the performance as corresponding petrochemical-based elastomers.

In February 2020, Rockwool International A/S announced the acquisition of Parafon, the producer of stone wool-based acoustic solutions. Parafon will be a part of Rockwool's Rockfon business.

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