DataM Intelligence

Market Overview:

Insulation materials are energy-efficient materials that offer thermal performance by minimizing heat gain or loss in the necessary applications. The main function of insulating materials is to conserve energy, which helps to impede heat transfer. Radiant barriers and reflecting insulation systems are only two examples of the many diverse product types of insulating materials available. Fiberglass, urethane foam, rock wool, cellulose, polystyrene, vermiculite, wood fiber and slag wool are the insulating materials that are used the most commonly. The use of insulation materials reduces heat transfer.

Market Size Growth Rate:

As per the research report by DataM Intelligence, the global insulation materials market size was valued at USD 33.87 billion in 2021; it is projected to reach USD YY billion by 2029, with growth at a CAGR of 9.1% over the forecast period 2022-2029. An enormous opportunity for the market for insulation materials may arise from the increased introduction of novel functional polymer materials that are environmentally benign and polyester substrates for insulation materials. For instance, the cutting-edge insulating material Y-Warm has introduced at the Munich Internationale Fachmesse für Sportartikel und Sportmode (ISPO) event on February 13, 2020. The market for insulation material may see significant growth due to the groundbreaking thermal insulation material known as Y-Warm, used in garments and other important industries. The need for eco-friendly materials will probably grow quickly in the coming years due to the increasing introduction of these materials.

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Market Drivers:

Rising middle-class populations in developed and developing nations have been driving up demand for heating, acoustic and cooling comfort, likely to increase demand for insulation. By increasing the insulation of the building envelope, appliances and other equipment, insulation materials impact the overall energy efficiency and sustainability of buildings. In new construction projects (near-zero energy buildings) and retrofitting/refurbishing (renovation) initiatives, various insulating materials are employed to cut down on energy use. Mineral wool (such as glass or stone) and polymer foams are two common forms of insulation materials used in buildings (e.g., polyurethane, polystyrene, etc.).

Market Restraints:

Some drawbacks of high-performance foams may limit the global market expansion for insulating materials over the predicted period. Some of their main drawbacks are rigid polyurethane foams’ low thermal resistance, high flammability and much smoke production when burning. Due to inconsistent performance and very expensive raw ingredients, the usage of polyurethane materials on an industrial scale is restricted. Foamed polyurethane board for external wall thermal insulation has drawbacks. The physical stability of the board is bad due to the core foam plastic formula’s disorderly and unstable ratio and the poor thermal insulation effect. Since the construction of the spray type has not been figured out, it is difficult to guarantee the project’s quality.

Market Opportunities

Over the projection period, there are likely to be many opportunities for insulating materials due to the increased adoption of eco-friendly building rules that can reduce power consumption by up to 50% with innovative construction materials in emerging nations. Several developing nations are funding programs to comply with new energy regulations and reduce pollution in thermal energy production. The insulation materials will benefit from these trends, providing greater opportunities for manufacturers.

Additionally, cutting-edge tools like BIM (Building Information Modeling) and wider adoption of drones, simulations, augmented reality, 3D printing and other technologies may improve construction efficiency and minimize waste. The decreased waste creation may reduce the demand for construction CAMs, but it may also present new business prospects for chemical manufacturers.

COVID-19 Impact Analysis

Major changes have been brought about by COVID-19, particularly in the engineering and building sectors. Due to the global lockdown caused by the COVID-19 pandemic, engineering and construction (E&C) projects are being postponed or abandoned. The health of employees and subcontractors is a huge worry, which puts supply chains in danger. Many businesses that have had to lay off employees may worry about their future availability and skill set. 

The effects of the lockdowns may compel certain building and contracting businesses to restructure debt, look for new sources of finance or risk going bankrupt because most of them lack significant financial reserves. In the coming years, COVID-19 could deteriorate before improving, harming insulation materials. In reaction to the crisis, a survey found that roughly 81% of CFOs think about cost savings and 60% said they would postpone or cancel investments, especially in facilities and CAPEX, operations and manpower.

Some vendors and subcontractors may not survive due to the severe economic effects of COVID-19. Suppliers from abroad might be more prone to delays. It is a tremendous difficulty for many E&C organizations to gain visibility into and control over the behaviors of their diverse supply chains at the site level. The various restrictions imposed by the Governments to counteract the virus’s impacts could result in a lack of raw materials and labor, disrupt the supply chain and pose additional obstacles to the market’s expansion.

Market Challenges:

The use of insulating materials and the requirements for energy efficiency are not widely known. Insulation against heat loss is mainly standard practice in regions with frequent cold weather; it is used while building new structures and renovating existing ones. The necessity to enhance energy efficiency is not mentioned. Additionally, the market growth is slowed by factors including high upfront expenditures, a lack of financing choices, the time & effort needed to complete renovations in existing buildings and relatively long payback periods for some improvements.

Recent Developments in the Industry:

1. 1. For residential and commercial roofing systems, Atlas Roofing introduced TruRidge and HighPoint Roof Ventilation Products on July 14, 2020. Ventilation equipment makes living spaces more comfortable and lowers the temperature in residential and business spaces.
2. 2. The next-generation environmentally friendly spray foam insulation, called elastospray LWP, was introduced by BASF Company in June 2017 for insulating purposes. This foam offers more efficiency and defense against climate change in the building sector.

Market Segmentation:

As per the research analysis, the global insulation materials market is segmented by product into polyurethane foam, vacuum insulation panel, high-performance foam, fiberglass, ceramic fiber, aerogel and others.

1. Polyurethane Foam: Polyurethane foam insulation materials are non-fibrous; therefore, personal protection equipment is not required during mounting. 
2. They are commonly used in building and infrastructure. There are different types of polymer foam insulation materials, including polystyrene, polyethylene, polyisocyanurate, polyurethane and phenolic foam.
3. Vacuum Insulation Panel: A vacuum insulation panel (VIP) is a thermal insulation material composed of a gas-tight enclosure surrounding a rigid core from which the air has been evacuated. Traditionally Vacuum Insulation Panels have been used to increase energy efficiency in various applications. However, their performance and design flexibility provide many more valuable application opportunities.
4. High-performance Foam: It is increasing at the fastest growth rate owing to an increase in renewable energy production adoption for increasing the global energy demand in the insulation materials market.
5. Fiberglass: Fiberglass is an insulation material consisting of extremely fine glass fibers found in homes. Fiberglass is commonly used in different types of insulation, including a blanket, which is batts & rolls and loose fill. It is also available as rigid boards and duct insulation.
6. Ceramic Fiber: Ceramic fiber is a refractory material with a heat-resistant property. It is mainly composed of aluminum silicate, which includes fiber made from various polycrystalline fibers and molten glass. 
7. Aerogel: Aerogel is a porous ultralight material having extremely low weight, transparency and excellent thermal conductivity; thus, an ideal material for thermal insulation. Aerogels also have value in emerging applications such as energy storage, filtration and carbon capture. It is also desirable for application in windows owing to high visible solar transmittance.
8. Others: Some insulation materials include mineral wool (rock wool) and silicon.

Geographical Classification:

According to the report, the global insulation materials market is divided into regions, i.e., North America, South America, Europe, Asia-Pacific and Middle East & Africa.

Global Insulation Materials Market:

The building codes and regulations prevailing in the country, such as Residential Insulation Codes and Commercial Building Insulation Codes, are forcing the residential, commercial and industrial buildings towards the use of insulation materials are some of the major factors expanding the growth of the global insulation materials market.

Asia-Pacific Insulation Materials Market: The increasing demand for isolation materials from industrial, residential and commercial building applications is the primary factor driving sales in this region.

China Insulation Materials Market: One of the world’s largest end-user of insulating materials is thought to be China. The Chinese building industry and its cutting-edge technology are anticipated to fuel the rise of insulating materials.

India Insulation Materials Market: The adoption of insulation solutions in residential and commercial buildings is far lower in nations like India than in Western markets. Additionally, the government’s increased emphasis on advancing the nation’s technology breakthroughs will accelerate market growth.

Japan Insulation Materials Market: The market will grow due to rising industrialization, construction investment and government interest in energy conservation. 

Australia Insulation Materials Market: The country’s two biggest influencing elements are rising residential development costs and rising housing demand. 

Rest of Asia-Pacific Insulation Materials Market: Growing population, rising incomes and public awareness of energy efficiency are all important drivers of industry expansion. 

Competitive Analysis:

The major market participants are utilizing a variety of growth tactics, including new releases, cutting-edge technologies, acquisitions and partnerships, to fuel the expansion of the worldwide insulating materials market. For instance, to meet the rising demand for blowing and wool insulation products across North America, Knauf Insulation invested about US$ 35 million in developing the new site at Albion in 2019.

Major Companies:

Major market players contributing to the expansion include Saint-Gobain, Dow, BASF SE, Owens Corning, Knauf Insulation and Nova Chemicals Corp.

Additional Benefits Post Purchase:

1) Unlimited Analyst support for 1 year. 

2) Any query regarding the scope offered will be addressed within 24- 48 hours.

3) An excel sheet with market numbers will be provided separately.

The Full Report has the below insights.

• The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable projections about market size during the forecast period (2022-2029).
• Visualize the composition of global insulation materials market segmentation by product, application and region, highlighting the key commercial assets and players. 
• By Product: Polyurethane Foam, Vacuum Insulation Panel, High-Performance Foam, Fiberglass, Ceramic Fiber, Aerogel, Other
• By Application: Building and Infrastructure, Residential, Industrial, HVAC, Others
• By Region: North America, South America, Europe, Asia-Pacific, Middle East & Africa
• Identify commercial opportunities in the global insulation materials market by analyzing trends and co-development deals.
• The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
• Excel data sheet with thousands of global insulation materials market-level 4/5 segmentation data points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study. 
• Product mapping in excel for the key product of all major market players
• The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages. 

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