Albany, NY -- (SBWIRE) -- 11/13/2017 -- A new research report by Transparency Market Research (TMR) states that the global insulation market is highly competitive. The leading companies in this market, such as, Owens Corning and Huntsman, are concentrating on product diversification with the use of technology. Going forward, the key market participants will also focus on expansion of their businesses in emerging economies, states the research report.
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According to TMR's estimations, the opportunity in the global market for insulation was US$37.8 bn in 2013. Rising at a CAGR of 8.0% during the period from 2014 to 2020, the market is likely to worth US$64.9 bn by the end of the forecast period. Among all insulating materials, fiberglass has been enjoying a higher demand and is expected to remain witnessing so over the next few years, reports the market study.
Residential Construction to Remain Contributing Maximum to Global Insulation Market
The research report considers residential construction, non-residential construction, and Industrial, HVAC, and OEM as the main application area of insulation. The residential construction segment has been registering a high demand for insulating product for last few years. In 2013, it emerged as the leading contributor to this market with a share of 48%. With house owners becoming aware of the benefits of insulation, the segment is likely to retain its position throughout the period of the forecast. The industrial application segment is also projected to experience a healthy demand for insulation in the years to come.
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The report also presents a geographical assessment of the global market for insulation. As per the report, Asia Pacific led the global market in 2013 with a share of more than 41%. Thanks to the emergence of India and China as the two key consumers of construction materials, the regional market is expected to remain on the top over the next few years, notes the research study.
Depleting Energy Resources Trigger Need for Insulation
The global market for insulation has gained significantly from the rising concerns over energy conservation. "The swift pace of the depletion of energy resources and the consequent rise in energy price have triggered the need for insulation, as it helps in energy conservation, thereby reducing utility bills," says the author of the market study.
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Over the last few years, the emphasis on insulation has increased substantially, thanks to rising level of awareness among consumers pertaining to global warming and the alarming surge in the emission of greenhouse gases. The technological advancements in industrial production techniques are likely to create an extensive demand for insulation in factories and noncommercial spaces in the near future.
Although the market's growth may be hindered by the volatility in the raw material prices, the significant rise in the automobile industry and the electronic industry will continue to drive this market over the forthcoming years, states the research report.
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