Insulation Products Global Market Report 2024

The insulation products market has grown strongly in recent years. It will grow from $65.02 billion in 2023 to $69.25 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The expansion observed in the historical period can be ascribed to energy efficiency regulations, a surge in construction activities, heightened awareness of environmental impact, government incentives and rebates, and the influence of climate variability and extreme temperatures.

The insulation products market is expected to see strong growth in the next few years. It will grow to $87.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be linked to more stringent energy efficiency standards, the integration of renewable energy, a focus on achieving green building certifications, global urbanization trends, and an increasing emphasis on indoor comfort. Prominent trends expected in the forecast period encompass the utilization of high-performance materials, the adoption of green and sustainable insulation practices, the implementation of smart insulation technologies, a heightened focus on health and indoor air quality, and the digitalization of manufacturing processes.

The expansion of residential buildings is poised to drive the growth of the insulation products market. Residential buildings, designated for housing purposes, are experiencing a surge in demand for insulation products due to the prevailing trend toward energy-efficient construction. In January 2023, the USA witnessed a 12.8% growth in new housing unit construction, with 1,406,000 units compared to January 2022. This substantial increase in residential buildings is expected to be a significant catalyst for the insulation products market.

The upward trajectory of transportation is anticipated to fuel the growth of the insulation products market. Transportation, involving the movement of people, goods, or materials, relies on insulation products to regulate temperature, conserve energy, reduce noise, protect cargo, prevent condensation, and provide lightweight solutions across various modes of transport. As of June 2023, the American Trucking Associations reported that the US trucking industry generated $875.5 billion in annual revenue in 2021, constituting 80.4% of the country's freight bill. This surge in transportation activities is a key driver for the insulation products market.

Technological advancements emerge as a prominent trend gaining momentum in the insulation products market. Companies within the market are adopting new technologies to maintain their competitive positions. For example, in August 2021, Owens Corning, a US-based manufacturer of fiberglass composites, roofing, and insulation, introduced PINK Next Gen fiberglass technology. This innovative technology utilizes a tightly woven network of soft, fine fibers produced through cutting-edge fiber technology, creating a resilient insulating blanket with micro-pockets. The product, compared to other insulation materials and spray foam, enhances safety for installers and residents while allowing for quicker installation.

Innovative product development, particularly in sustainable low-level thermal insulation products, is a strategy adopted by major companies to boost revenues in the insulation products market. Sustainable low-level thermal insulation products aim to provide thermal resistance and energy efficiency while minimizing environmental impact throughout their lifecycle. For instance, in October 2023, Freudenberg, a Germany-based company specializing in thermal insulation products, introduced two environmentally conscious products, DOWN FEEL WA 150LB and FIBERBALL WB 400LB, under its comfortemp brand. These products, made from low-level Bisphenol A (BPA) recycled PET fibers, exemplify the company's dedication to sustainability and innovation, offering eco-friendly alternatives to traditional insulation materials that prioritize both comfort and environmental responsibility.

In March 2023, Installed Building Products Inc., a US-based construction company specializing in insulation and after-paint products for existing homes, residential, and commercial construction, successfully acquired Anchor Insulation Co. Inc. for an undisclosed amount. This strategic move expanded Installed Building Products' presence in the Northeastern United States for residential, commercial, and industrial customers. Anchor Insulation Co. Inc., based in the US, is recognized for its expertise in the installation of mechanical, residential, and industrial insulation.

Major companies operating in the insulation products market report are Saint-Gobain S.A, Rockwool International A/S, Huntsman Corporation, Atlas Roofing Corporation, GAF Materials Corporation, Kingspan Group plc, BASF SE, Owens Corning, Knauf Insulation GmbH, Johns Manville Corporation, Bridgestone Corporation, Covestro AG, Armacell International Holding GmbH, DuPont de Nemours Inc., Cellofoam North America Inc., Recticel NV/SA, Lloyd Insulations (India) Limited, L'ISOLANTE K-FLEX S.p.A., Nichias Corporation, NMC SA, Paroc Group, Pittsburgh Corning Corporation, Polyglass S.p.A., Superglass Insulation Ltd., Superlon Worldwide Sdn Bhd, TechnoNICOL Corporation, Thermafiber Inc., Uralita SA.

Asia-Pacific was the largest region in the insulation products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global insulation products market report during the forecast period. The regions covered in the insulation products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insulation products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The principal types of insulation encompass thermal, acoustic, and other varieties. Materials utilized include mineral wool, fiberglass, stone wool, polyurethane foam, flexible elastomeric foam, and other substances. These materials are distributed through both offline and online channels, catering to diverse end-users such as building and construction, industrial, transportation, consumer, and others.

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The insulation products market consists of sales of insulation facings, cellulose, polyvinyl chloride, calcium silicate, furniture, aerogel, phenolic foam, perlite, and natural fibers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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