The global insulation products market was valued at $62.1 billion in 2022, and is projected to reach $102.6 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
Insulation materials range from bulky fiber materials such as fiberglass, rock and slag wool, cellulose, and natural fibers to rigid foam boards and sleek foils. Rigid foam boards trap air or another gas to resist heat flow. Highly reflective foils in radiant barriers and reflective insulation systems reflect radiant heat away from living spaces, making them particularly useful in cooling climates. Other less common materials such as cementitious & phenolic foams and vermiculite & perlite are also available in the market.
Furthermore, cellulose insulation is made from recycled paper products, primarily newsprint, generally 82% to 85% and has a high recycled material content. The paper is first reduced to small pieces and then fiberized, creating a product that packs tightly into building cavities. Manufacturers add the mineral borate, sometimes blended with the less costly ammonium sulfate, to ensure fire and insect resistance. Cellulose insulation, when installed at proper densities, cannot settle in a building cavity. In new construction, cellulose is either damp-sprayed or installed dry behind netting. When damp sprayed, a small amount of moisture is added at the spray nozzle tip, activating natural starches in the product, and causing it to adhere inside the cavity. Damp-sprayed cellulose is typically ready for wall covering within 24 hours of installation. Cellulose is blown dry into netting stapled over building cavities.
The automotive industry uses insulation products to enhance the energy efficiency of vehicles. Insulation helps in temperature control inside the vehicle cabin, reducing the need for excessive heating or cooling, and contributes to noise reduction. Furthermore, many manufacturing processes require temperature control to ensure product quality and safety. Insulation has been adopted in industrial applications to maintain specific temperature conditions and minimize heat loss. Moreover, in the aerospace sector, insulation materials are employed to protect critical components from extreme temperature fluctuations during space missions and aircraft operations.
In the oil and gas industry, insulation is used in pipelines and equipment to maintain process temperatures, prevent heat loss, and enhance safety. In the marine industry, insulation is utilized for temperature control in ships and offshore structures. The demand from these diverse industries is driven by the need to reduce energy consumption, comply with environmental regulations, and enhance overall efficiency and performance. In addition, innovations in insulation materials and increased awareness of sustainability practices have further fueled the demand for insulation products across various sectors.
The insulation products market is segmented on the basis of type, material end-use industry, and region. On the basis of type, the market is bifurcated into thermal and acoustic & others. By material it is divided into mineral wool, fiberglass, stone wool, polyurethane foam, phenolic foam, and other insulation. On the basis of end-use industry, it is classified into building & construction, industrial, transportation, consumer goods and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players that operate in the global insulation products market include Huntsman Corporation, Kingspan Group, BASF SE, Owens Corning, Saint-Gobain, Armacell, Wincell Insulation Co., LTD., LX Hausys, ROCKWOOL A/S and Asahi Kasei Corporation. These players have adopted product launch as their key strategy to strengthen their presence in the market.
Insulation materials range from bulky fiber materials such as fiberglass, rock and slag wool, cellulose, and natural fibers to rigid foam boards and sleek foils. Rigid foam boards trap air or another gas to resist heat flow. Highly reflective foils in radiant barriers and reflective insulation systems reflect radiant heat away from living spaces, making them particularly useful in cooling climates. Other less common materials such as cementitious & phenolic foams and vermiculite & perlite are also available in the market.
Furthermore, cellulose insulation is made from recycled paper products, primarily newsprint, generally 82% to 85% and has a high recycled material content. The paper is first reduced to small pieces and then fiberized, creating a product that packs tightly into building cavities. Manufacturers add the mineral borate, sometimes blended with the less costly ammonium sulfate, to ensure fire and insect resistance. Cellulose insulation, when installed at proper densities, cannot settle in a building cavity. In new construction, cellulose is either damp-sprayed or installed dry behind netting. When damp sprayed, a small amount of moisture is added at the spray nozzle tip, activating natural starches in the product, and causing it to adhere inside the cavity. Damp-sprayed cellulose is typically ready for wall covering within 24 hours of installation. Cellulose is blown dry into netting stapled over building cavities.
High demand for insulation products from various end-use industries
The demand for insulation products has increased in various end-use industries. These industries have recognized the benefits of insulation in terms of energy efficiency, cost savings, and environmental sustainability. The construction industry is one of the primary consumers of insulation products. Insulation is widely adopted in both residential and commercial buildings to regulate indoor temperatures, reduce energy consumption, and comply with building codes and energy efficiency standards. Furthermore, the HVAC (Heating, Ventilation, and Air Conditioning) industry relies on insulation materials to improve the efficiency of heating and cooling systems. Insulating HVAC ducts and pipes helps prevent energy loss during the distribution of conditioned air.The automotive industry uses insulation products to enhance the energy efficiency of vehicles. Insulation helps in temperature control inside the vehicle cabin, reducing the need for excessive heating or cooling, and contributes to noise reduction. Furthermore, many manufacturing processes require temperature control to ensure product quality and safety. Insulation has been adopted in industrial applications to maintain specific temperature conditions and minimize heat loss. Moreover, in the aerospace sector, insulation materials are employed to protect critical components from extreme temperature fluctuations during space missions and aircraft operations.
In the oil and gas industry, insulation is used in pipelines and equipment to maintain process temperatures, prevent heat loss, and enhance safety. In the marine industry, insulation is utilized for temperature control in ships and offshore structures. The demand from these diverse industries is driven by the need to reduce energy consumption, comply with environmental regulations, and enhance overall efficiency and performance. In addition, innovations in insulation materials and increased awareness of sustainability practices have further fueled the demand for insulation products across various sectors.
The insulation products market is segmented on the basis of type, material end-use industry, and region. On the basis of type, the market is bifurcated into thermal and acoustic & others. By material it is divided into mineral wool, fiberglass, stone wool, polyurethane foam, phenolic foam, and other insulation. On the basis of end-use industry, it is classified into building & construction, industrial, transportation, consumer goods and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players that operate in the global insulation products market include Huntsman Corporation, Kingspan Group, BASF SE, Owens Corning, Saint-Gobain, Armacell, Wincell Insulation Co., LTD., LX Hausys, ROCKWOOL A/S and Asahi Kasei Corporation. These players have adopted product launch as their key strategy to strengthen their presence in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insulation products market analysis from 2022 to 2032 to identify the prevailing insulation products market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the insulation products market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global insulation products market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Acoustic and Others
- Thermal
By Material
- Mineral Wool
- Fiberglass
- Stone Wool
- Polyurethane Foam
- Phenolic Foam
- Others Insulation
By End Use Industry
- Building and Construction
- Industrial
- Transportation
- Consumer Goods
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Asahi Kasei Corporation
- Kingspan Group
- BASF SE
- Owens Corning
- LX Hausys
- Wincell Insulation Co., LTD.
- ROCKWOOL A/S
- Huntsman International LLC
- Saint-Gobain
- Armacell
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INSULATION PRODUCTS MARKET, BY TYPE
CHAPTER 5: INSULATION PRODUCTS MARKET, BY MATERIAL
CHAPTER 6: INSULATION PRODUCTS MARKET, BY END USE INDUSTRY
CHAPTER 7: INSULATION PRODUCTS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the insulation products market was valued at $62.1 billion in 2022, and is estimated to reach $102.6 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.Thermal insulation is a substance or construction technique used to reduce or stop the flow of heat between two surfaces or environments with different temperatures. The primary objective is to keep an area, such as a building, vehicle, or other system, at a comfortable and constant temperature. These heat transport methods are limited by thermal insulating materials. Common materials used for thermal insulation include fiberglass, mineral wool or rock wool, foam boards, cellulose, polyurethane foam, and reflective insulation. They are poor heat conductors due to their low thermal conductivity, which helps in reducing heat movement. Some of the key players offering thermal insulation products include Armacell, BASF SE, Saint-Gobain, Rockwool A/S, and others.
Thermal insulation plays a crucial role in maintaining comfortable and energy-efficient environments. It maintains indoor temperatures efficiently, eliminating the need for excessive heating or cooling, by preventing the movement of heat in various areas or surfaces. Thermal insulation is widely used in different end-use industries such as building & construction, HVAC systems, automotive, electrical & electronics, aerospace, industrial applications, and others.
Many manufacturers provide their thermal insulation products that are utilized in different end-use markets. For instance, Johns Manville, a leading manufacturer and marketer of premium-quality insulation, offers various thermal insulation products for high and low-temperature industrial applications. Its mineral wool is ideal for applications in which a light, simple-to-install insulation with strong thermal performance is required. It produces mineral wool in a wide range of forms and sizes and currently offers a full line of industrial insulation made of water-repellent MinWool-1200. Furthermore, in March 2022, Armacell, a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams, established a new facility in Singapore to provide thermal insulation and protection systems to customers in the region. With this expansion, additional local and regional HVAC and construction companies are expected to be supported by innovative system solutions built on ArmaFlex and ArmaGel flexible insulation materials. Owing to these factors, the rise in demand for thermal insulation products is anticipated to drive the market growth during the forecast period.
Furthermore, acoustic insulation reduces the amount of sound energy that travels through the material by absorbing, dampening, or blocking sound waves. It is frequently used to improve privacy, productivity, and general wellbeing in buildings, residences, companies, recording studios, theaters, and industrial facilities. Furthermore, there are many kinds of acoustic insulation materials, including mass-loaded vinyl, mineral wool, sound-absorbing foams, and acoustic panels. These materials are applied to walls, ceilings, floors, and other surfaces to provide barriers against unwanted noise.
Acoustic insulation enhances the sound insulation of interior spaces while simultaneously reducing noise and protecting the environment. It helps reduce noise pollution and its possible detrimental impacts on adjacent residents and wildlife by preventing excessive noise from escaping buildings or construction sites. Some of the companies offer acoustic insulation products that are popular across numerous industries. For instance, Owens Corning, a manufacturer of insulation solutions, provides a diverse range of acoustic insulation products. One such product is Thermafiber SAFB (Sound Attenuation Fire Blanket), which are mineral wool insulation batts designed to provide both sound management and fire protection in a variety of UL fire-rated wall and floor-ceiling systems. It is manufactured without formaldehyde.
Mechanical insulation is used on pipes and ducts in HVAC systems to minimize heat gain or loss while distributing conditioned air. The system maintains the desired temperature more successfully by insulating these components, which results in energy savings and lower operating expenses. In addition, mechanical insulation helps avoid condensation on chilled water pipes, which could otherwise result in moisture-related problems and damage.
It is crucial in industrial applications for preserving the proper process temperatures, protecting against freezing, or overheating, and ensuring worker safety. Furthermore, it is frequently used to reduce heat loss or gain and maintain the ideal operating conditions for various operations in refineries, chemical plants, power plants, and other industrial facilities.
Many manufacturers have designed mechanical insulation products used in HVAC systems and pipe insulation systems. For example, Manson Insulation provides a range of premium mechanical insulation materials that are intended for surfaces with irregular shapes, such as chimneys, ductwork for heating & cooling, and pipes. Its products for elevated temperatures withstand temperatures of up to 1000° F (538° C). In addition, all the products are created using sustainable materials such as sand and recycled glass. Owing to these wide applications of acoustic and mechanical insulation, the demand for insulation products is expected to increase tremendously during the forecast period.
Increasing construction industry
The growth of industries in developing countries has led to increased construction activities for factories, warehouses, and commercial spaces. Industrial facilities often require proper insulation to regulate temperature and reduce energy consumption. This has further contributed to the demand for insulation materials. The construction industry, on a global scale, has been expanding due to increased investments in infrastructure projects, commercial buildings, and residential complexes. The use of insulation materials in construction projects has become more prevalent to comply with energy efficiency standards and to achieve sustainable building practices. Furthermore, developing countries have witnessed a surge in industrial activities as they strive to boost their economies and compete globally. The establishment of new industries and the expansion of existing ones require proper insulation in their facilities to ensure efficient energy management, control temperature fluctuations, and enhance safety standards.In addition, the construction industry has been thriving worldwide, especially in developing countries, due to increased investments in infrastructure projects, real estate development, and urban renewal initiatives. Insulation materials are widely used in construction to meet energy codes & regulations, enhance building performance, and create sustainable structures. Insulation materials play a crucial role in improving energy efficiency by reducing heat transfer, thus minimizing the need for excessive heating or cooling in buildings. This helps to lower energy consumption, contributes to reducing greenhouse gas emissions, and mitigates the impact of climate change
Key Finding Of The Study:
By type, the acoustic and others segment is expected to dominate the market at the highest CAGR of 5.3% during the forecast period.By material, the other segment is expected to dominate the market at the highest CAGR during the forecast period.
By end-use industry, the transportation segment is expected to dominate the market at the highest CAGR of 5.6% during the forecast period.
By region, Asia-Pacific dominated the market with highest revenue shares of morethan 40% in 2022.
Companies Mentioned
- Asahi Kasei Corporation
- Kingspan Group
- BASF SE
- Owens Corning
- LX Hausys
- Wincell Insulation Co., LTD.
- ROCKWOOL A/S
- Huntsman International LLC
- Saint-Gobain
- Armacell
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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