Insulation Market Size:
The insulation market was valued around USD 40.06 billion in 2014 and is expected to reach roughly USD 74.75 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 7.06% during the forecast years
Insulation Market Growth Driving Factors and Opportunities:
The global insulation market is largely driven by a burgeoning development in industries like residential, non-residential, and others. This is essential because of insulation products being used in the construction sector. Of all these types, covering in residential construction is seeing rampant use in recent times, consequently driving the global market to grow rapidly. Aside from the residential sector, even the industrial field is supposed to depict an extensive use of insulation results, consequently increasing the insulation market.
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Another prominent driving factor involves the depletion of energy resources that makes it extremely necessary for using insulation products to conserve whatever service available. A growing bias regarding this factor is seen in companies and non-commercial spaces, wherein extensive use of covering has been noted to occur, consequently hitting the market.
Fast industrialization and building construction costs in emerging economies are essentially making the need for better support and insulating materials for proper use of limited energy resources. Increasing demand for advanced building materials offering more permanent and energy efficient homes will make insulation market size. Rising electricity consumption likely to prompt modern construction techniques among builders to reduce the overall operational cost.
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Insulation Market Geographical Insights:
North America insulation market is expected to be worth over USD 16 billion by 2024. Growing promotional activities by the government concerning energy efficient housing schemes are generating strong interest in insulating products. According to the U.S. Department of Energy, American households accounts for over 50- 70% of energy loss. It has also provided guidelines for insulating systems that reduce the cost of air leakages of home, energy utilization for heating and cooling purpose at business buildings and domestics houses.
Some of the Key Players Covered in this Insulation Market Report are:
Key players working in the insulation materials market include BASF SE, Covestro AG, now DuPont, Owens Corning, Rockwool International A/S Huntsman International LLC, Kingspan Group PLC, Asahi Kasei Corporation, Saint-Gobain S.A., Johns Manville, Evonik Industries AG, Atlas Roofing Corporation, GAF Materials Corporation, and Bridgestone.
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