Insulation Market Set for Significant Growth, to Reach $65 Billion by 2020
Market dominated by the residential buildings segment
DEERFIELD BEACH, Fla. — The global insulation market was valued at approximately $40 billion in 2014 and is forecast to reach approximately $65 billion by 2020, growing at a compound annual growth rate (CAGR) of around 8 percent from 2015 to 2020, according to a report published by Zion Research.
The insulation market is segmented on the basis of key products including plastic foam, mineral wool, fiberglass, and others. Fiberglass was the largest product segment, accounting for over 40 percent of overall market share in 2014. Fiberglass is commonly used in a variety of applications owing to its excellent properties and low cost. Plastic foam is another key product segment and is expected to witness significant growth. Plastic foams are mainly used for acoustic and thermal insulation in commercial, residential, and industrial applications.
Insulation is widely used in the residential buildings, nonresidential construction, industrial, HVAC & OEM, and other sectors. The insulation market was dominated by the residential buildings segment with over 50 percent share of the total revenue generated in 2014. The growth of this segment is mainly attributed to increasing global urbanization coupled with increased disposable income.
Asia Pacific is the largest regional market for insulation and accounted for over 40 percent share of the total revenue generated in 2014. The insulation market in the Asia Pacific region is expected to exhibit strong growth due to rapid growth in infrastructure. In terms of revenue, North America is the second largest market for insulation.
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Publication date: 3/23/2016