Growing Demand for Energy Efficient Buildings Driving the Global Insulation Market: Technavio
The global
insulation market is expected to grow at a CAGR of over
8% during the forecast period, according to Technavio’s latest report.
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Technavio has published a new report on the global insulation market from 2017-2021. (Photo: Business Wire)
In this report, Technavio
covers the market outlook and growth prospects of the global
insulation market for 2017-2021. By product type, this
market is segmented into wood insulation and plastic foam insulation.
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The growing need for energy efficient buildings is one of the
most important drivers of the global insulation market. Commercial
and residential buildings employ several temperature regulation
systems, and it is important to ensure that there is no energy
leakage to make efficient use of these systems.
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Technavio’s research study segments the global insulation market into
the following regions:
APAC: largest insulation market segment
“High rates of urbanization and industrialization is creating an
increasing requirement for energy. To ensure optimal utilization of the
available energy, residential and commercial end-users in the region are
making use of insulation systems. The energy efficiency provided by
insulation systems will drive the market growth in APAC,” says
Bharath Kanniappan, one of the lead analysts at Technavio for automation
research.
By product type, expanded
polystyrene accounts for the highest share amongst insulation
materials used in the region. Additionally, the growing awareness about
fire insulation in APAC is expected to provide an additional push to the
growth momentum in countries like China, Japan, and South Korea.
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EMEA: energy efficiency norms driving growth of insulation market in
the region
Glass wool and fiberglass insulation materials are the most popular
insulation materials in EMEA. Western Europe comprises the biggest
market for insulation with countries such as the UK, Germany, France,
Spain, and Italy, responsible for generating the highest revenue.
The energy efficiency norms in EU, and the Passivhaus standard
are the major factors that are influencing the market. In Europe, the construction
industry is driving the need for insulation in buildings.
Additionally, vendors are just tapping the potential of the insulation
market in the Middle East, which is expected to showcase fast growth.
Americas: LEED-certifications pushing for adoption of insulation
products in the region
“Retrofitting activities in both residential and non-residential
sectors will be the major revenue contributor in North America.
Continual focus on optimizing energy consumption and lowering operations
and maintenance costs is expected to provide momentum to the insulation
market in the US and Canada,” says Bharath.
Fiberglass insulation is the most popular insulation product in the US.
Among the South American countries, Brazil will emerge as the highest
contributor for insulation vendors, owing to the growing awareness about
energy conservation and the trend of obtaining LEED-certification for
buildings. The climatic conditions in South American countries are
typically wet and humid, which demonstrates a latent potential that the
vendors are beginning to capitalize.
The top vendors in the global insulation market highlighted in the
report are:
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BASF
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Huntsman International
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Knauf Insulation
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Owens Corning
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Recticel Insulation
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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