Insulation Market is projected to witness growth with an excellent CAGR of 8.6% over the forecast period. Rising awareness related to energy conservation is driving growth of the insulation market. Although the construction industry has endured subdued records after the outbreak of worldwide financial crisis in 2008, growing apprehensions over enhanced energy efficiency in residential and non-residential buildings, coupled with surging energy costs are rendering HVAC materials as a popular choice. Zero energy buildings have gained prominence as regulatory authorities are incorporating legislation highlighting the importance of minimizing energy loss with the help of Retrofit construction.
Foamed
plastic insulation is gaining huge traction especially in North America and the
rest of U.S. allowing it to acquire significant market share from mineral wool
and fiberglass products. Strong residential growth in China and India is
driving demand for this industry. The growing competitiveness among the
construction companies is significantly opening up employment opportunities,
specifically in building renovation sector.
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In
2019, Nemo has launched new synthetic material called FeatherCore that weighs
less and packs smaller. They manufacture sleeping bags using synthetic fills
called PrimaLoft Silver, which can retain its warmth even in moisture-laden
environments.
Some
of the key players operating in insulation industry consist of Dow Building
Solutions, Byucksan Corporation, GAF Materials Corporation, Huntsman
Corporation, Guardian Building Products Inc., Johns Manville, Saint-Gobain
S.A., CertainTeed Corporation, Cellofoam North America Inc., ROCKWOOL
International A/S, Owens Corning, Atlas Roofing Corporation, and Kingspan
Group.
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Countries like Korea and Japan with tropical climate have
experienced greater adoption of HVAC for thermal protection of air conditional
systems. Roofing and foaming techniques demand is projected to advance in
developing countries owing to rapid industrialization and construction
activity. Government efforts to minimize energy consumption predominantly in
Western Europe is anticipated to impel implementation of new building codes
that mandate more insulation usage. Europe is emerging as a leader R&D for
rendering cost-effective energy savings with its existing Energy Performance of
Buildings Directive.
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