EPS Insulation Is Dominating Global Insulation Market

Installation of insulation to prevent heat, power, or cloud entrance or loss. Glass fiber is employed similarly to other very diverse sorts of materials that are used for insulation to give insulation for the roof. Glass fiber, often known as glass wool, is made comprised of flexible and twisted fibers and is used to insulate the flow of heat.

This increase may be attributed in large part to the expanding use of recycled resources in the production of insulating materials as well as greater awareness of energy saving. The market is also growing as a result of rising investments in the building industry and the strong need for thermal and acoustic insulation. The insulation market is expected to reach USD 117.4 billion by 2030, according to P&S Intelligence.

Due to its affordability, accessibility, longevity, and lack of health risks, glass wool insulation has the second-largest industry share. Glass wool is also a good thermal insulator and a fire retardant.

Moreover, the advent of insulation for managing the heat within the home has lowered the consumption of energy. To manage the temperature indoors, excessive use of heaters is used, which uses a lot of energy. The development of insulation in different business facilities has been in increasing demand.

The growing demand for energy-saving measures has coincided with an increase in the demand for insulation. The demand for items that offer insulation in automobiles has increased, which will be beneficial for enhancing engine performance.

A significant amount of energy is produced by the Engines. The need for insulating materials has increased in the automotive sector because they will be useful in lowering the noise levels produced by various engine types.

Construction was the main industry where insulating materials were used, and it will continue to do so in the future, contributing over 25% of the worldwide market. This is mostly due to the extensive use of insulating materials in construction operations, which are occurring often as a result of population and wealth growth.

Numerous factors, including a growing emphasis on reducing energy use and the installation of effective, eco-friendly, and recyclable materials, rising consumer spending and the demand for new homes, increase in the demand for residential insulating materials in North America and Europe, expansion of the construction industry, and a focus on adopting energy-efficient technologies are all anticipated to have a significant impact.

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Why Are Buildings and Industrial Equipment Being Rapidly Insulated?

With the earth’s population on the path to reaching close to 11 billion by 2100, as per the United Nations (UN), the construction sector around the world is growing. However, the overuse of fossil fuels to produce electricity has led to a surge in the amount of greenhouse gases (GHG) in the atmosphere, which is, in turn, resulting in global warming and the increasing cases of severe respiratory diseases. Therefore, the focus has shifted rapidly to energy efficiency, so that less fossil fuels are burned at power plants and air pollution can be controlled.

P&S Intelligence says that due to these reasons, the insulation market, which generated $52.3 billion in 2017, will reach $101.3 billion by 2025, at an 8.6% CAGR during the forecast period (2018–2025). Insulation prevents heat loss and gain, depending on the requirement. Thus, building insulation is expected to keep them warm in winters and cool in summers. Buildings that are not insulated properly consume more electricity than those that are, as in the former’s case, heating and cooling systems have to work harder to maintain the temperature due to excessive heat loss and gain.

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In fact, a key opportunity for the players in the insulation market is the increasing infrastructure development activities in Mexico, Russia, India, South Africa, Brazil, China, and numerous other emerging economies. This, complemented by the rising concerns regarding GHG emissions from the power sector and surging government focus on energy-efficient buildings, is expected to drive the consumption of insulating materials in these nations. With the booming population and increasing disposable income making these countries increasingly urbanized, the market for insulation will keep growing.

Therefore, with the rising concerns regarding GHG emissions, the energy conservation initiatives being implemented to check the same will drive insulation efforts.

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Insulation Market to Witness 8.6% CAGR during 2018–2025

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. 

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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. 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. Among all the insulation products, the largest demand was created for glass wool during 2014–2017. 

 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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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.

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