December 7, 2020 02:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, December 7, 2020 (GLOBE NEWSWIRE) - By 2027, the global building insulation market is expected to reach USD 38.588 billion, with a compound annual growth rate of 4.2% from 2020 to 2027. This is due to factors such as the rise of the construction industry and the growing global demand to reduce energy costs. This information was released by Fortune Business Insights in its latest report, with the title "Analysis of Building Thermal Insulation Market Size, Share and COVID-19 Impact, by material (mineral wool {glass wool, asbestos}, foam plastic {expanded polystyrene) [EPS], extruded polystyrene [XPS], polyurethane [PU], polyisocyanurate [PIR] and other foams}, cellulose, aerogel and others), according to the end use (residential and non- Residential), by application (floor and basement, wall and roof and ceiling), and regional forecasts for 2020-2027.” The report further observes that the market size in 2019 was USD 29,656.9 million.
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Insulation is an important technology that can help reduce energy consumption by preventing heat gain/loss in the building structure. This reduction in unwanted temperature changes greatly reduces the need for cooling and heating systems.
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The rise of the construction industry to promote growth
The rapid urbanization process has provided impetus for global construction activities. With the preparation of several residential and commercial projects, it provides an important opportunity for the adoption of advanced building insulation products. In addition, rising energy costs are driving demand for insulation services, which will contribute to the growth of the global building insulation market during the forecast period.
The residential sector occupies a major market share due to high energy consumption
As the high energy consumption of residential areas drives the demand for advanced building insulation materials to reduce energy costs, the residential segment based on end-uses is expected to maintain its leading position. According to the European Commission's report on the energy-saving building insulation material industry, residential buildings consume about 40% of the world's primary energy demand.
Governments in the Asia-Pacific region have invested heavily in the development of sustainable infrastructure projects to drive growth
Among all regions, the Asia-Pacific region is expected to maintain its dominant position and occupy the highest position in the global market during the forecast period. This dominance is attributed to the continuous increase in government spending on the development of sustainable infrastructure in China, India, and Japan, which has promoted the demand for advanced building insulation products in the region. The Asia-Pacific region was USD 13.806.5 billion in 2019.
The European market is expected to grow exponentially during the forecast period. This is attributable to factors such as the growing demand for innovative building insulation materials in the region from 2020 to 2027 for several renovation purposes of old and dilapidated buildings in the region.
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Major companies invest in facility expansion to increase sales revenue and maintain a dominant position
The global building insulation market is fragmented by the existence of major companies, which account for more than 70% of revenue. These companies are investing in expanding their facilities to meet the growing demand for building insulation products and to further maintain their dominant position in the highly competitive global market.
July 2019-Knauf Insulation announced the expansion of its fiberglass loose-fill insulation facility in Albion, Michigan. According to the company, the development of the plant will increase its production capacity by more than 30% to meet the growing insulation needs of residential and commercial spaces in the upper Midwest of the United States
The top companies in the global building insulation market are:
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Take a look at the relevant research insights:
Insulation material market size, share and industry analysis, according to material (mineral wool (glass wool, asbestos)), foam plastic (expanded polystyrene (EPS), extruded polystyrene (XPS), polyurethane (PU), poly Isocyanurate (PIR), cellulose, aerogel, others), forecast by application (HVAC and OEM, transportation, packaging, building and construction, others) and region, 2019-2026
Industrial insulation market size, share and industry analysis, by type (glass fiber, rock wool, calcium silicate, plastic foam, others), by form (pipe insulation, boards and blankets, others), by end-use industry (power generation, oil refinery, Chemical and petrochemical, fire protection, other) other and regional forecasts, 2019-2026
Foam insulation market size, share and industry analysis, by material (polystyrene, polyisocyanurate, polyurethane, phenolic resin, others), by type (rigid/board, flexible, spraying), by end-use industry (construction And construction, transportation, consumer appliances)) Other and regional forecasts, 2019-2026
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