Insulation Products Market Poised for Remarkable Growth: Expected to Reach $71.7 Billion by 2026
The global Insulation products market size is projected to grow from USD 55.1 billion in 2021 to USD 71.7 billion by 2026, at a CAGR of 5.4% between 2021 and 2026. The growth of this market is attributed to growing stringent regulations for energy-efficient insulation equipment, increase in number of HVAC applications, technological advances, and growing demand in construction, industrial, and transportation industries in Asia Pacific and North American regions.
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The Insulation products market is dominated by large players, such as Covestro AG (Germany), Owens Corning Corp. (US), Rockwool International A/S (Denmark), Saint-Gobain ISOVER (France), Knauf Insulation (US), Huntsman Corporation (US), Armacell International S.A. (Luxembourg), Johns Manville Corporation (US), Kingspan Group (Ireland), Soprema Group (France), Cellofoam International GmbH (Germany), Recticel NV/SA (Belgium), China Jushi Co. Ltd. (China), and Rogers Corporation (US). These players have adopted various growth strategies, such as expansions, new product developments, acquisitions, and agreements, to enhance their market footprint and improve their product portfolios. Expansion of their manufacturing plants and offices, globally, is the key strategy adopted by the major players to cater to the increasing demand for Insulation products.
The pandemic has impacted more than five billion people across the world, till April 2020. More than 100 countries were under complete or partial lockdown which impacted the Insulation products business globally and regionally. Supply chain disruption and lockdown due to the pandemic have impacted the GDP of all major economies, such as Germany, the US, Japan, the UK, India, Italy, and France. However, the Insulation products market is showing signs of recovery and is expected to grow at a moderate rate during the forecast period.
Since January 2020, many Insulation products manufacturers have entered into various agreements, launched new products, and expanded their production capacities. In December 2020, Owens Corning announced the launch of FOAMULAR NGX (Next Generation Extruded), which is an XPS foam used as a building material, and it delivers 90% reduction in global warming.
In November 2020, Covestro AG developed a sustainable cast elastomer solution, enabling the offshore industry to reduce carbon footprints and environmental impact. The polyurethane elastomers are based on cardyon brand polyols, which contain CO2 and offer the performance as corresponding petrochemical-based elastomers.
In February 2020, Rockwool International A/S announced the acquisition of Parafon, the producer of stone wool-based acoustic solutions. Parafon will be a part of Rockwool’s Rockfon business.
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Other companies have initiated the following developments:
- In September 2021, Johns Manville launched new product in its building insulation segment namely, Corbond High Yield Open-Cell Spray Polyurethane Foam. The product is 100 percent water blown, low density and Class A rated.
- In August 2020, China Jushi Co., Ltd., announced new product addition in its glass fiber insulation segment, E9 Ultra High Modulus. The product is developed using advanced in-built production technology. The launch of this product provides greater opportunities to the company to strengthen its footprints globally.
- In August 2020, Armacell International S.A. announced the launch of ArmaGel DT, blanket-type insulation product, which is a next generation flexible aerogel blanket for dual-temperature and cryogenic applications.
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