Insulation on HVAC and fire protection systems can provide it with an additional layer of protection against extreme temperatures. Grandview research report offers an analysis of key players in the Insulation Industry. The global insulation market size estimated at USD 52.18 billion in 2018 is expected to expand at a CAGR of 5.7% over the forecast period till 2025. Increasing consumer awareness regarding energy conservation is estimated to propel growth. Factors such as rapid industrialization and urbanization in emerging countries such as China, India, Philippines, Malaysia, and Indonesia, drive the need for better infrastructure. Moreover, increasing regulatory support and demand for residential and industrial insulation are the factors estimated to fuel the product demand.
In North America, the glass wool sector is estimated to expand at a CAGR of 5.0% over the forecast period. Glass wool is a thermal insulator consisting of flexible and knotted glass fibers, which traps air inside resulting in low density.
Funding by the U.S. Department of Energy for the development of phenolic foams, is estimated to boost demand for products, which, in turn, is estimated to drive global growth. Factors such as fluctuating raw material prices and limited production in the U.S. are estimated to hamper the overall growth in the forthcoming years. The rising presence of manufacturing industries in China, India, Brazil, and Mexico is estimated to boost the demand for fiberglass insulating material in industrial buildings thereby driving the market growth.
Rising demand for sustainable residential buildings on account of growing population and urbanization is a recent application trend. Furthermore, technological enhancements in thermal insulation like vacuum panels and R&D activities to advance transparent thermal products are expected to drive the industry growth.
