Insulation Market – Industry Insights By Growth, Emerging Trends And Forecast By 2024
According to the global insulation market report by IMARC Group, the market is expected to grow at a CAGR of around 6.5% during 2019-2024. Insulation can be defined as the technique of preventing the entry or exit of heat, sound and electricity from an enclosed space. Mineral wool, polyethylene, polystyrene, wooden hardboards, spray foams and adhesive strips are the most common types of insulation materials available in the market. These materials usually have low thermal conductivity and are used as an energy flow barrier to minimize heat loss from bare pipes and uninsulated valves.
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Global Insulation Market Trends
The global market is driven by the thriving construction industry across the globe. Heavy investments in infrastructural development by governments of various nations is also contributing to the market growth. Furthermore, the market is driven by the automotive industry, which is increasingly using insulation materials in automobiles to minimize noise, vibrations and enhance sound absorptions. Other factors, including growing awareness regarding energy conservation, burgeoning sales of cooling appliances, rapid industrialization, along with technological advancements in thermal insulation, are further contributing to the market growth.
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Insulation Market Segmentation
Market Breakup by Material Type:
Mineral Wool
Polyurethane
Polyethylene
Polyvinyl Chloride
Polystyrene
Calcium Silicate
Others
Market Breakup by Function:
Thermal
Electric
Acoustic
Others
Market Breakup by Form:
Pipe
Foam
Blanket
Board
Others
Market Breakup by End Use Industry:
Power
Chemical and Petrochemical
Oil and Gas
Construction
Automotive
Food and Beverage
Others
Market Breakup by Region:
Asia Pacific
Europe
North America
Middle East and Africa
Latin America
Some of the major players operating in the industry include 3M Company, GAF, Knauf Insulation, Johns Manville, Owens Corning, Saint Gobain, Recticel (ebr:REC), Kingspan Group, URSA, Rockwool Group, Atlas Roofing Corporation, BASF Polyurethanes, Owens Corning, Byucksan Corporation, Bridgestone Corporation
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