Insulation Products Market worth 62.84 Billion USD by 2021 The market for "Insulation Products" is estimated to grow from USD 43.85 Billion in 2016 to reach USD 62.84 Billion by 2021, at a CAGR of 7.46%. The base year considered for the study is 2015 and the market size is projected from 2016 to 2021. The segments considered for this report are based on insulation type, material, end-use industry, and region.
The commercial construction segment is projected to grow at the highest rate due to the excellent industrialization, increasing urbanization, and increasing trends in parent industries such as automotive and aerospace among others.Emerging economies such as India, South Africa, Brazil, and oil-centric GCC (Gulf Cooperation Countries) possess a great potential for the insulation products market.
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In terms of region, the market for insulation products is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is projected to grow at the highest CAGR among all the regions by 2021. This is mainly due to emerging economies in China, Southeast countries, and India; urbanization, industrialization, , and excellent PEST (Political, Economic, Social, and Technological) conditions.
Insulation products help in reducing the temperature flow in living spaces and help increase the comfort level in offices/living spaces. However, the lack of awareness of insulation products poses as a potential restraint in the insulation products market. Since many construction are built without considering the lucrative side of the insulation products.
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Growth Drivers:
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Reduction of Greenhouse Gas Emissions
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Cost Efficiency
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Growing Urbanized Population
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Growing Investments in Construction Industry
Opportunities: •
More Energy Requirements
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Growing Demand for Recycled Insulated Material
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Growing Demand for Net-Zero-Energy Buildings
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Companies also emphasized on new product launches to increase their product portfolio in the fast-growing regions. Companies such as BASF SE (Germany) and DUNMORE Corporation (U.S.) have adopted this strategy.
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