Insulation Materials Market to Reach $53 Billion
DUBLIN, Ireland — The global insulation materials market is expected to reach $53.3 billion by 2021, growing at a compound annual growth rate of 6.2 percent between 2016 and 2021, according to a report from ResearchandMarkets.com.
This growth is anticipated due to the benefits provided by insulation materials, such as emission reduction, less energy consumption, and the material’s potential to be recycled and reused. Building rating systems, stringent government regulations and emission control norms, and large-scale investment by government and federal agencies are some of the other factors propelling the growth of the insulation materials market globally.
The demand for insulation materials varies according to geographical regions. The insulation materials market holds a prominent share in various countries of North America, Asia-Pacific (APAC), Europe, and the rest of the world. The APAC market accounted for a major share in the total revenue in the year 2016. The region is reported to have the highest growth rate as compared to the others because of the growing automotive, construction, and telecommunication industries, along with rapid industrialization and digitalization. Additionally, the low cost of setting up of manufacturing facilities and the low cost of insulation materials in the region further propel the demand of insulation materials in the APAC market.
Publication date: 4/30/2018