Insulation Market (By Product: Expanded polystyrene, Glass wool, Mineral wool, Cellulose, Calcium silicate, Others; By Function: Thermal, Acoustic, Electric, Others; By Form: Blanket, Foam, Board, Pipe, Others; By End User) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033


Insulation Market Size and Growth 2024 to 2033

The global insulation market size was estimated at USD 58.94 billion in 2023 and is projected to hit around USD 117.07 billion by 2033, poised to grow at a compound annual growth rate (CAGR) of 7.10% during the forecast period from 2024 to 2033. The U.S. insulation market size was valued at USD 9.76 billion in 2023.

Insulation Market Size 2024 to 2033

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Insulation Market Key Takeaways

  • Asia Pacific region was valued at USD 22,444.65 million in 2023.
  • By end user, the building and construction segment was valued at USD 21,259.37 million in 2023.
  • By material, the expanded polystyrene segment was valued at USD 13,570.25 million in 2023.
  • By insulation type, thermal insulation segment was valued at USD 38,022.94 million in 2023.

Insulation means the use of any material that would be helpful in blocking the transfer of every type of sound or electricity or shock, moisture as well as heat from any two adjacent bodies which are insulated. Insulation installed in order to stop the loss or the entry of electricity or cloud or even heat. In order to provide insulation for the roof, glass fiber is used similarly there are very different types of materials which are used for insulation. Glass fiber or the glass wool used for insulating the transfer of heat is buildup of flexible as well as knotted fiber. As there have been any goodies in the awareness among the consumers about the conservation of the environment and saving the energy there has been a growth in the global insulation market. In the recent years there has been a growing demand for the usage of cold storage warehouses as well as the use of cold storage in the form of transport. Rapid urbanization and industrialization have changed the lifestyle of the consumers. 

Insulation plays a very important role in the cold storage units. Increased use of insulation in the cold storage technology will lead to the growth of the market during the forecast period. The presence of stringent government regulations due to the environmental issues and the cost of the raw materials which seems to be fluctuating every now and then will hamper the growth of the insulation market in the coming years. Even though the insulation at various sites remain intact for decades there are some signs that indicate for an upgrade. There are chances of mold growing anywhere due to the dampness in the walls as well as the roofs. Add bold happens to be one of the reasons why the insulation can be damaged. 

The increasing demand for insulation has also created greater demand for energy which is not very good for the environment. There are many other elephants of the use of glass wool. Prolonged use or exposure to glass wool can lead to different respiratory diseases and it can also lead to the elements of the eyes. There are other materials that are carcinogenic in nature which are used for the purpose of insulation. The presence of stringent policies which work for limiting the production of such materials may affect the growth of the market.

Due to the outbreak of the COVID-19 pandemic the insulation industry also suffered just like many other industries in the market. The growth of the market was limited during the pandemic. Due to restriction on the movement and restrictions on many activities related to construction there was a slow growth for the insulation industry. As the demand for insulation material had dropped during the pandemic. The amount of investments in this industry had also reduced during the pandemic. In the United States pandemic had affected the insulation market to a great extent. As the construction industry well as the engineering industries had come to a halt the market for insulation materials had dropped to a great extent. During the government policy of social distancing the profits of the industry had come down. The ongoing construction sites were also shut down during the pandemic which affected the market.

Asia Pacific Insulation Market Size 2024 to 2033

The Asia Pacific insulation market size was valued at USD 22.44 billion in 2023 and is expected to be worth around USD 46.53 billion by 2033, growing at a CAGR of 7.56% from 2024 to 2033.

Asia Pacific Insulation Market Size 2024 to 2033

The Asia Pacific region has dominated the market in the past and it is expected to dominate the market in the coming years. In the countries like China there has been a great amount of production of oil which has increased the use of insulation. In order to prevent the wastage of energy the oil production industry seeks insulation solution. 

Apart from the Asia Pacific region the North America region is also expected to have a good amount of share in terms of revenue during the forecast period. The presence of a large number of manufacturing, power, oil and gas industries in this region has led to an increased demand for insulation. All of these industries require insulation for preventing the loss and transfer of heat. In order to prevent the losses of energy and to enhance the performance of the machines the market for insulation is expected to grow well during the forecast period. These companies are also focusing on regular maintenance of the machines in order to increase their productivity. Rapid industrialization in the European region will also lead to a market growth. I saw the number of manufacturers of the insulation products is present in the European region this region is also expected to generate a good amount of revenue.

Insulation Market Share, By Region, 2023 (%)
  • The North America insulation market size was valued at USD 13.49 billion in 2023 and is expected to be worth around USD 25.88 billion by 2033, growing at a CAGR of 6.73% from 2024 to 2033.
  • The Europe insulation market size was estimated at USD 15.57 billion in 2023 and is projected to reach around USD 30.92 billion by 2033 with a CAGR of 7.10% from 2024 to 2033.
  • The LAMEA insulation market size was exhibited at USD 7.43 billion in 2023 and is anticipated to hit around USD 11.35 billion by 2033 with a CAGR of 4.32% from 2024 to 2033.

Insulation Market Growth Factors

As the building and the construction industry I see the growth in the recent years there has been an increase in the need for insulation for these construction sites. In order to maintain the temperature of the house the debate for insulation is growing rapidly. Insulation helps in providing better indoors with controlled temperature as insulation is helpful in reducing the transfer of heat from the environment. In order to control the temperature indoors throws and excessive use of heaters which consumes a lot of energy but the introduction of insulation for controlling the heat inside the house has reduced the usage of energy. There has been a growing demand for the installation of insulation in various commercial infrastructure. 

Along with the growing demand for insulation there has been a growth in the demand for solutions that are helpful in saving energy. There has been a growth in the demand for the products that provide insulation in the vehicles which will be helpful in improving the performance of the engines. A lot of energy is generated through the Engines. There has been a growth in the demand for insulation materials in the vehicle industry as it will be helpful in reducing the amount of noise made by different types of engines. 

Report Scope of the Insulation Market

Report Coverage

Details

Market Size in 2023

USD 58.94 Billion

Market Size by 2033

USD 117.04 Billion

Growth Rate from 2024 to 2033

CAGR of 7.10%

Base Year

2023

Forecast Period

2024 to 2033

Segments Covered

Product, Function, Form, End User, Geography

Companies Mentioned

GAF, Saint Gobain, Recticel, Kingspan Group, URSA, Rockwool Group, Knauf Insulation, Johns Manville, 3M Company, Owens Corning


Material Insights

The basis of the material, the expanded polystyrene segment is expected to have the largest market share during the forecast period. The segment has dominated the market in the past and it is expected to grow well during the forecast period.

Expanded polystyrene is manufactured with the help of rigid polystyrene. It is a type of a plastic foam which is extremely lightweight as well as high tensile. Due to these characteristics of the expanded polystyrene material the market is expected to grow during the forecast period. It shall have a steady compound annual growth rate. As the glass hole is also light in weight and has the property of being strong its demand is expected to grow for insulation of sound as well as heat. There shall be a growth in the demand for glass wool due to its use in the turbine and heat exchangers. It is also expected to have a great demand in the coming years due to its use in various industries that have large amount of heat generation through different irregular surfaces. As stone wool offers insulation properties for heat which happens to be a byproduct of the natural volcanic eruption. This product is highly heat resistant. The segment is also expected to grow well during the forecast period.

End User Insights

Depending upon the end user, the construction segment is expected to have a dominant position during the forecast period. As there has been an increase in the demand for insulation in the urban areas the market is expected to grow well during the forecast period. Insulation intensive construction is in great demand. There has been an increased use of insulation even in the transport industry. Major lifestyle changes have created a great demand for insulation due to its use in cold storage and transport activities. There has been a growing demand for the use of insulation materials in the refineries as well as the petrochemical industries. It helps in reducing the loss as well as the gain of heat in such industries. This is extremely beneficial in saving energy. 

Insulation helps in maintaining the temperature of the machines which helps in providing better output. Chemical reactions turn out better due to the use of insulation materials which prevent the loss of heat. It is also helpful in preventing condensation during various chemical processes. There has been a growth in the demand for better insulation materials which provide superior quality of thermal insulation for the ventilation, heating as well as the cooling equipments. It also helps in preventing any fire and also reduces the amount of noise created during the processes. In order to prevent the transfer of heat insulation is also used in different appliances used in the household sector. Various appliances like microwaves and refrigerators as well as the water heaters build insulation. Insulation is also used in the transportation industry. It is used in airplanes, ships as well as though automotives. 

Global Insulation Market Revenue, By End User, 2022-2023 (US$ Million)

By End User 2020 2021 2022 2023
Building and Construction 18,859.48 19,544.76 20,361.40 21,259.37
HVAC and OEM 8,671.49 8,999.56 9,389.07 9,817.18
Transportation 12,558.02 13,027.46 13,585.42 14,198.75
Appliances 5,287.44 5,425.52 5,596.06 5,784.36
Others (Furniture, Packaging, etc.) 7,103.69 7,322.95 7,588.53 7,881.13

 

The transportation industry is also expected to have a great demand for insulation in the coming year period in order to provide comfort and better safety to the passenger insulation is expected to play a important role. In order to prevent noise pollution from affecting the comfort of the traveler insulation plays a very important role in the airplanes. Due to an increased use of insulation in various industries the market is expected to grow well during the forecast. Constant research and development in providing better solutions will be helpful in creating great demand for the products.

Insulation Market Recent Developments

  • Alert insulation was acquired by Installed Building Products in order to expand its business in the year 2021.
  • The production of commercial insulation products of stone wool was announced by Rockwool in the year 2021. The production shall commence in the manufacturing unit which is located in West Virginia.

Insulation Market Companies

  • GAF
  • Saint Gobain
  • Recticel 
  • Kingspan Group
  • URSA
  • Rockwool Group
  • Knauf Insulation
  • Johns Manville
  • 3M Company
  • Owens Corning

Segments covered in the report

By Product

  • Expanded polystyrene
  • Glass wool
  • Mineral wool
  • Cellulose
  • Calcium silicate
  • Others

By Function

  • Thermal
  • Acoustic
  • Electric
  • Others

By Form

  • Blanket
  • Foam
  • Board
  • Pipe
  • Others

By End User

  • Industrial use
  • Construction
    • Residential
    • Non-residential & Commercial
  • Original equipment manufacturer
  • Transportation
    • Automotive
    • Marine
    • Aerospace
  • Appliances
  • Packaging
  • Furniture
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of insulation market?
The global insulation market size was accounted at USD 58.94 billion in 2023 and it is expected to reach around USD 110.58 billion by 2032.
What will be the CAGR of global insulation market?
The global insulation market is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2032.
Who are the prominent players operating in the insulation market?
The major players operating in the insulation market are GAF, Saint Gobain, Recticel, Kingspan Group, URSA, Rockwool Group, Knauf Insulation, Johns Manville, 3M Company, Owens Corning and others.
Which are the driving factors of the insulation market?
Rapid industrialization has created a great demand for the use of insulation in urban areas which is extremely helpful in the conservation of energy.
Which region will lead the global insulation market?
Asia Pacific region will lead the global insulation market during the forecast period 2023 to 2032.

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