Global Building Insulation Market Will Reach USD 27.74 Billion by 2022: Zion Market Research
Zion Market Research has published a new report titled “Building Insulation Market by Material (Wool Insulation, Plastic Foams, and Others) for Wall Insulation, Roof Insulation, and Floor Insulation: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”. According to the report, global building insulation market was valued at around USD 22.63 billion in 2016 and is expected to reach approximately USD 27.74 billion in 2022, growing at a CAGR of slightly above 3.45% between 2017 and 2022.
The insulation in buildings contributes to reducing the required air-conditioning system size and also in reducing the annual energy cost. It helps in extending the periods of thermal comfort without reliance on mechanical air-conditioning especially during inter-seasons periods. The magnitude of energy savings as a result of using thermal insulation vary according to the building type, the climatic conditions at which the building is located and the type of the insulating material used. Insulation reduces the exchange of heat through the many surfaces in building walls, ducts, roof, etc.
The global insulation market is driven by several factors such as energy conservation and reduction of carbon foot prints. Growing public awareness about the need to save energy is another driving factor for building insulation market. Non-residential insulation is another important application of insulation materials. Green buildings with very low energy consumptions are provided with tax benefits by several governments across the globe which promote the growth of building insulation market.
However, Plastic foam insulation materials are susceptible to the volatility in crude oil prices in the international market as polystyrene is a downstream derivative of crude oil. This reduces the competitiveness of plastic foams with respect to fiber glass insulation materials. Nonetheless, development in the construction industry in economically developing countries will propel the demand for building insulation market during the forecast period. The global market for building insulation is segmented on the basis of material, application, and region. the material is segmented into wool insulation, plastic foams, and others. Wool insulation segment dominated the market in the year 2016 and is anticipated to continue leading the market for next few coming years. Due to the hygroscopic nature of wool, the insulation is able to absorb, store and release moisture, naturally controlling condensation levels within the building and improving internal air quality. Applications of the building insulation are wall insulation, roof insulation, and floor insulation. Among this application, roof insulation market generated the largest revenue for building insulation market owing to increase commercial and residential building insulation across the globe.