San Francisco, California, Jan. 23, 2015 (GLOBE NEWSWIRE) -- The global market for insulation is expected to reach USD 67.16 billion by 2020, according to a new study by Grand View Research, Inc. Growing awareness towards building energy efficient homes especially in Asia Pacific and Latin American countries coupled with growth in global construction market is expected to remain a key driving factor for the market over the forecast period. However, volatile pricing nature of key raw material is expected to hamper the market growth over the next six years.
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Fiberglass emerged as the leading product segment and accounted for 43.9% of total market revenue in 2013. Fiberglass along with being the largest segment is also expected to be the fastest growing insulation product at an estimated CAGR of 9.1% from 2014 to 2020. Fiberglass was closely followed by foamed plastic, with market revenue estimated to reach USD 26.96 billion by 2020.
Further key findings from the study suggest:
- With increasing awareness for energy efficient homes, applications in residential construction emerged as the most dominant segment and accounted for over 50% of total market revenue in 2013. In addition to being the largest application, residential construction is also expected to be the fastest growing application segment, at an estimated CAGR of 10% from 2014 to 2020. Global demand for insulation products in non-residential applications is expected to exceed USD 16 billion by 2020, growing at an estimated CAGR of 7.9% from 2014 to 2020.
- Asia Pacific emerged as the leading the regional market for insulation and accounted for 41.8% of total revenue in 2013. Emerging real estate scenario in this region has been contributing to the growth of this market. On account of the above mentioned factors, Asia Pacific is expected to be the fastest growing regional market for insulation at an estimated CAGR of 9.4% from 2014 to 2020.
- North America and Europe on the other hand, are fairly mature markets for insulation and are expected to grow below global industry growth rates over the forecast period. North American market for insulation is expected to exceed USD 13 billion by 2020 at an estimated CAGR of 8.1% from 2014 to 2020.
- Some of the leading companies operating in the global market for insulation include Owen Cornings Corp, Berkshire-Hathaway, Saint Gobain, Certain Teed, Bayer Material Science, Rockwool International, BASF and Huntsman Corporation among some other companies.
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For the purpose of this study, Grand View Research has segmented the insulation market on the basis of product, application and region:
Global Insulation Product Outlook (Market Revenue, USD Million, 2012 - 2020)
• Foamed Plastic
• Mineral Wool
• Global Insulation Application Outlook (Market Revenue, USD Million, 2012 - 2020)
• Residential Buildings
• Non-Residential Buildings
• Industrial, HVAC & OEM
Insulation Regional Outlook (Market Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research