Global Insulation Market to Have 8% CAGR by 2020
Based on a report published by Zion Research, the insulation globally was valued at more or less $40 billion two years ago and is projected to attain at least $65 billion by 2020, having a compound annual growth rate (CAGR) of an estimated 8 percent from 2015 to 2020.
The study categorized the insulation market based on the key products such as fiberglass, plastic foam, mineral wool, and others. Fiberglass turned out as the largest product segment with more than 40 percent of the total market share in 2014. It is widely used in various applications owing to its superb properties and low cost. Plastic foam is also one of the main product segments and is anticipated to have significant growth. Plastic foams are primarily used for acoustic and thermal insulation in residential, commercial, and industrial applications.
Insulation is mainly used in the residential buildings, industrial, nonresidential, HVAC and OEM, and many other sectors. The residential building category led the insulation market in 2014 with more than 50 percent share of the overall revenue generated in the said year. The growth of this category is primarily due to the growing global urbanization and increased disposable income.
In terms of region, Asia Pacific has the largest market for insulation and is responsible for more than 40 percent share of the overall revenue generated two years ago. The insulation market in this region is projected to show strong growth, thanks to the speedy growth in infrastructure. On the other hand, North America is the second largest market for insulation when it comes to revenue. The regional segmentation includes the present and future demand for Europe, Asia Pacific, North America, Middle East, Latin America, and Africa with its further bifurcation into major countries such as the United States, France, the United Kingdom, Brazil, China, Germany, India, and Japan. This category also includes the demand for insulation depending on individual applications in all the countries and regions.