A significant rise in investments across the construction sector focused on the development of robust infrastructure may drive industry expansion. The massive growth in the global population and an increasing number of people migrating from rural to urban regions have pushed the requirement for adequate housing and commercial spaces.
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The fast-paced urbanization and industrial growth across developed and developing economies have encouraged government and administrative authorities to make noticeable investments in infrastructure development, spurring the demand for advanced insulation systems. In addition, the increasing construction of energy-efficient buildings driven by the rising environmental concerns and growing awareness about the efficient use of resources may further strengthen the insulation market outlook.
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The plastic foam segment is expected to witness growth rate of around 7% and will reach a valuation worth USD 53 billion by 2030. The increasing popularity of plastic wool insulation can be credited to its superior thermal resistance, inexpensiveness, and relatively low vulnerability to insects and moths compared to naturally derived insulation materials such as sheep wool insulation. The rising concerns about environmental sustainability and rapid growth in the utilization of recycled materials may positively influence the plastic wool insulation demand.
The residential construction application accounted for more than 50% of the insulation market share in 2021 and is speculated to exceed USD 46 billion by 2030. The increasing number of housing projects driven by the robust economic landscape and the consistent improvement in disposable incomes may create new growth prospects for the industry. As per Eurostat facts and figures, the household investment rates in Cyprus, Finland, Netherlands, and Germany accounted for 12.5%, 12%, 12%, and 10%, respectively in 2020. These investments, coupled with the strict government regulatory framework towards sufficing the proper building codes and insulation, may foster product adoption across the residential sector.
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Regarding the regional landscape, the Asia Pacific insulation market is set to account for nearly 45% of the revenue share by 2030. Rapid population growth and surging urbanization and industrial development, paving the way for infrastructure expansion are likely to fuel the regional industry statistics. The Asia Pacific has witnessed a positive economic outlook and a substantial rise in people's living standards, driving the adoption of energy-efficient insulation solutions. Moreover, the increasing emphasis on providing better roads and building infrastructure by governments across regional economies such as China, India, and Japan may transform the regional market dynamics.
Notable shareholders in the insulation market include:
These companies have been constantly focusing on strengthening their strategic landscape to boost their global presence and expand their product offerings. For instance, in August 2022, ROCKWOOL launched its new product range comprising NyRock Rainscreen 032 and Frame Slab 032, leveraging NyRock technology to offer the lowest lambda stone wool insulation in Britain. The NyRock Rainscreen 032 product line is specially designed for sealed structures and ventilated cladding, such as curtain walling
The insulation industry experienced a significant drop in sales during the COVId-19 pandemic. The halt in new construction activities and repair and maintenance projects due to the imposition of strict lockdown measures across most economies resulted in diminishing demand for insulating materials. The non-availability of raw materials and labor migration disrupted the supply chain management. Aditionally, the diversion of government funds towards medical and healthcare further worsened the crisis. However, lately, with the significant reduction in COVID-19 infections and eased restrictions across several economies, the market is on its way to making a rapid recovery and may register considerable momentum over the coming years.
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Market, By Product
Market, By Application
Market, By Region
The market size of global insulation surpassed USD 49 billion in 2021 and is anticipated to exhibit nearly 7% CAGR during 2022 to 2030, driven by a significant rise in construction expenditure due to ongoing infrastructure development.
The plastic foam segment is speculated to depict over 7% gains through 2030 owing to the product’s superior thermal resistance, inexpensiveness, and relatively lower vulnerability to insects and moths.
The residential construction segment held more than 50% of the market share in 2021 and may exceed USD 46 billion by 2030 due to increasing household investments, rising disposable incomes, and a positive economic outlook.
Asia Pacific is set to expand at 7% CAGR and account for more than 45% of the revenues by 2030 largely due to massive population growth and emerging urbanization and industrial growth trends.
Major players partaking in the insulation industry include Owens Corning Corp, BASF, CertainTeed Corporation, Huntsman International, Dow Chemical Company, Rockwool International A/S, Knauf Gips KG, Johns Manville, Armacell International S.A., Lloyd Insulations (India), Atlas Roofing Corporation, and Duro-Last Roofing, Inc. among others.
