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According to IMARC Group’s latest report, titled “Insulation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027″, the global market reached a value of US$ 50.3 Billion in 2021. Insulation represents a thick substance deployed for eliminating the transmission of electricity, sound and heat in physical spaces. It involves various low thermal conductivity components, including pipes, blankets, boards, and foams that are typically accessible in mineral wools, polyethene and polystyrene material types. Insulation assists in saving non-renewable resources, mitigating corrosion, moisture condensation, and carbon footprints, and promoting minimal energy consumption. Consequently, they are extensively employed in industrial and residential areas.
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The increasing construction activities, along with the rising need to optimize machine performance and make manufacturing processes more efficient are primarily driving the global insulation market growth. Additionally, growing environmental concerns have prompted governments of various nations to implement favorable policies that promote the uptake of insulation materials, which further aids in ensuring energy conservation and sustainable development. Moreover, the increasing incorporation of thermal insulation in heating, ventilation, and air conditioning (HVAC) systems for minimizing power consumption, ensuring optimum temperature of the medium, and preventing the risk of condensation is also propelling the market growth. Besides this, extensive fundings in industrial infrastructure and the increasing demand for cold storage units in food and beverage (F&D) industry are contributing to the market growth. Looking forward, IMARC Group expects the insulation market to reach US$ 69.4 Billion by 2027, exhibiting at a CAGR of 5.4% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
Breakup by End Use Industry:
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