The global air conditioner and refrigerator markets are witnessing significant growth, majorly because of the increasing demand for these systems from countries such as China and India. Moreover, due to global warming, the need for energy efficient heating, ventilation, and conditioning (HVAC) equipment is also surging. The energy efficiency of HVAC systems is determined by the amount of energy that is being consumed for the desired level of heating or cooling; hence the lesser the energy consumed, the higher the efficiency of the appliance. In order to reduce the consumption of energy by enhancing the efficiency of insulation materials utilized in heating and cooling systems, various technological advancements are being undertaken.
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The rising requirement for insulating materials for residential and industrial applications is a key driving factor of the insulation market. Over the past few years, the U.S. has registered a significant growth in the demand for housing, which has resulted in the increased residential construction activities. A similar situation is being witnessed in European countries, which are recovering from the negative economic growth. All these residential projects are creating a high demand for insulating materials in order to save energy costs. Moreover, insulation products are utilized in industries for thermal and acoustic insulation. Most of the industries and manufacturing units today need insulation for cost-effective operations.
The process of insulation refers to the prevention of flow of sound, heat, or electricity, either from or into a building, by making use of non-conducting material. As per a study conducted by P&S Intelligence, in 2017, the global insulation market reached a value of $52,296.0 million and is predicted to grow at an 8.6% CAGR during the forecast period (2018–2025). The primary products utilized for providing insulation are mineral wool, expanded polystyrene (EPS), glass wool, and extruded polystyrene (XPS). Some other insulating products include calcium silicate, cellular glass, melamine foam, polyethylene, aerogel, calcium-magnesium-silicate fibers, perlite, expanded rubber, and spray foam.
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Among all the insulation products, the largest demand was created for glass wool during 2014–2017. Glass wool is a thermal insulator comprising knotted and flexible glass fibers that traps the air inside, resulting in low density. The insulator is made up of sand and has acoustic and thermal insulation properties, in addition to low weight and high tensile strength. During the forecast period, however, the largest demand is projected to be created for EPS. This is ascribed to its extensive usage in several thermal and acoustic applications due to its various properties including fire resistance, durability, light weight, and ease of recycling.
The different application areas of insulators are non-residential construction, residential construction, and HVAC, industrial, and original equipment manufacturers (OEM). Out of these, the largest demand for insulating materials was created for residential construction applications during 2014–2017. This is attributed to the large-scale utilization of various insulating products in construction activities, which are increasing at a high rate due to the surging population and rising income of people around the globe. The fastest growth in demand for insulators is expected to be created for the industrial, HVAC, and OEM application.
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