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Insulation Materials Market Size Forecast to Reach $62 Billion by 2026

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Insulation Materials Market Size Forecast to Reach $62 Billion by 2026

May 05
03:15 2021
Insulation Materials Market Size Forecast to Reach $62 Billion by 2026

Insulation Materials Market
Increasing Building and Construction Activities Driving the Growth of Insulation Materials Market.

Insulation Materials Market size is forecast to reach $62 billion by 2026, after growing at a CAGR of 5.5% during 2021-2026. Growing consumer awareness regarding energy conservation and factors such as rapid industrialization and urbanization in developing countries such as China, India, the Philippines, Malaysia and Indonesia are driving the need for better infrastructure and insulation materials. In addition, increased regulatory support and demand for residential and industrial insulation are the factors estimated to drive the product demand. Further, insulation materials are witnessing a huge demand from the oil and gas industry, primarily owing to the increasing demand for subsea pipeline applications.

Insulation Materials Market Segment Analysis – By Material

The polyurethane foam segment held the largest share in the insulation materials market in 2020, owing to its extensive characteristics such as good thermal insulating properties, low moisture vapor permeability, high resistance to water absorption, relatively high mechanical strength, and low density. Polyurethane foam is effective as an insulator because it has a high proportion of unconnected closed microcells, filled with inert gas (minimum 90 per cent). Also, it is relatively easy and economical to install. Thus, the superior characteristic of polyurethane foam over other materials is anticipated to boost the demand for polyurethane foam-based insulation during the forecast period.

Insulation Materials Market Segment Analysis – By Application

The building & construction sector held the largest share in the insulation materials market in 2020 and is growing at a CAGR of 5.7% during the forecast period. In developing countries such as China, India, Australia and Singapore, there is a massive growth in the construction and transportation industry due to population growth, high urbanization, and rising per capita income. The Government of India, under the Regional Air Connectivity initiative, has plans to develop around 100 airports over the next 15 years. Industrial construction is anticipated to display lucrative growth in the market in various regions on account of increasing demand from industrial facilities. Thus, further influencing market growth.

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Insulation Materials Market Segment Analysis – By Geography

Asia Pacific region held the largest share in the insulation materials market in 2020 up to 35%, owing to growth in construction sector. Construction projects and investments in Asia Pacific region is significantly increasing, which is driving insulation materials market. For instance, in 2019, China government invested 1.9 billion on 13 public housing projects. According to International Trade Administration (ITA), the construction value of China in 2018 was USD 893.58, and the Chinese construction industry is forecasted to grow at an annual average of 5% in real terms between 2019 and 2023. The Green Building Action Plan also provides for the rehabilitation of some 400 million square meters of existing urban housing in northern China. Thus, owning to these factors the product demand is increasing in the Asia pacific region.

Insulation materials Market Drivers

Increasing Building and Construction Activities

The building and construction activities is increasing in various regions, due to economic reforms and rising per capita income of the individuals. For instance, in India, the government has initiated projects, such as ‘100 smart cities’ and ‘Housing for All by 2022,’ which are expected to drive the Indian residential construction market over the forecast period. According to International Trade Administration (ITA), the Australian construction industry is valued at approximately AUD150 billion (USD112 billion) annually and accounts for around 9% of GDP. According to the Building and Construction Authority (BCA), Construction demand is expected to hold steady over the medium term. For 2021 and 2022, demand is projected to range between S$27 billion and S$34 billion per year, and S$28 billion and S$35 billion per year for 2023 and 2024. In addition, the United States is witnessing noticeable investment for residential construction, and the trend is expected to remain the same in the near future. For instance, according to U.S Census bureau, in January 2020 value of construction put in place in residential and nonresidential construction increased to $567,555 million and $470,986 million from $546,532 million and $466,436 million in December 2019. The insulation materials are being widely used in the building and construction details of floors, walls and roofs/ceilings for new building constructions and for retrofitting existing buildings to maintain required temperature inside the building. Thus, the increasing building and construction activities is driving insulation materials market.

Insulation materials Market Challenges

Pricing Volatility of Raw Materials of Insulation Materials

The surge in prices of raw materials used for the manufacturing of polyurethane foam such as succinic acid, toluene diisocyanate, polyols, combined with volatility in crude oil prices has hampered the overall growth of the polyurethane foam-based insulation material market. Adipic acid is a feedstock for polyester polyols used in the manufacturing of polyurethane foams insulation materials. And, the stock of adipic acid has tautened over the past few months. Thus, the pricing volatility of insulation materials may restrain the market growth during the forecast period.

Emergence of COVID-19

The Covid-19 pandemic outbreak has impacted the imports and exports of various commodities in various regions. Governments of various countries have imposed export restrictions which are significantly disrupting with the supplies. In addition, the manufacturers are facing issues such as delays in receiving raw materials, which is further resulting in delayed shipments to the customer. Moreover, the quality of some raw materials has declined considerably and the shipments’ orders are being heavily affected due to the non-availability of vessels and blank sailing. All these factors are limiting the growth of insulation materials market growth.

Insulation Materials Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Insulation materials market. Major players in the Insulation materials market includes Atlas Roofing Corporation, BASF, Bayer, Certain Teed, Cellofoam North America Inc., Dow Building Solutions, GAF Materials Corp., and Knauf among others.

Key Takeaways

Asia Pacific dominates the market, owing to increase in manufacturing and construction activities in the region. Increasing disposable income and rise in urbanization are also the key factors driving the market in APAC.

Increasing demand for sustainable residential buildings due to the rising population and urbanization is a recent trend of application that is estimated to drive industrial growth. Furthermore, technological advances in thermal insulation such as vacuum panels and R&D activities to advance transparent thermal products are expected to drive market growth.

Due to the COVID-19 Pandemic most of the countries has gone under lockdown, due to which operations of various industries such as automotive, construction and so on has been negatively affected, which is hampering the insulation materials market growth.

Related Reports :

A. Building Insulation Materials Market

https://www.industryarc.com/Report/11675/building-insulation-materials-market.html

B. High Performance Insulation Materials (HPIM) Market

https://www.industryarc.com/Report/11657/high-performance-insulation-materials-market.html

For more Chemicals and Materials Market reports,Please click here

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