SAN FRANCISCO, June 21, 2016 /PRNewswire/ -- The global insulation market is expected to reach USD 93.34 billion by 2024, according to a new report by Grand View Research, Inc. Rising importance of energy efficient buildings owing to escalating energy costs is expected to remain a key driving factor for global insulation market.
Legislative frameworks such as new building codes by the European Union, energy efficiency improvement program by U.S. DoE, etc. are also considered to stimulate the market growth. Increasing construction spending, particularly in Asia Pacific and the Middle East, is also expected to have a positive influence on the market growth. Volatile prices of key raw materials are expected to challenge market profitability.
Foamed plastic was the leading product segment with demand share exceeding 45% in 2015. Favorable properties of the material, such as higher R-value (thermal resistance) and fire resistance are expected to propel the foamed plastic demand over the forecast period. Increasing demand from construction, as well as refrigeration industry, will have a considerable impact on the market growth. The segment is also expected to witness the highest growth of 8.9% from 2016 to 2024.
Access full research report at: http://www.grandviewresearch.com/industry-analysis/insulation-market
- Residential construction emerged as the leading application segment and accounted for 39.1% of total market revenue in 2015. Increasing construction spending in Asia Pacific, along with stringent regulations pertaining to the energy efficiency of households in North America and Europe is expected to spur the market growth.
- Nonresidential construction is expected to witness the highest growth of 9.1% over the forecast period. Increasing shopping malls, commercial complexes in Asia Pacific and the Middle East is expected to drive this segment.
- Asia Pacific led the global insulation industry with demand share estimated at 42.4% in 2015. Rapid industrialization along with construction growth on account of rising income levels has spurred the insulation products demand in this region. Asia Pacific is also expected to witness the highest growth of 9.4% over the forecast period. North America and European insulation industry will mainly be triggered by the recent regulations supporting energy efficient buildings.
- Product Outlook (USD Million, 2014 – 2024)
- Foamed Plastic
- Mineral Wool
- Application Outlook (USD Million, 2014 – 2024)
- Residential Construction
- Industrial, HVAC & OEM
- Non-residential construction
- Regional Outlook (USD Million, 2014 – 2024)
- North America
- Asia Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
- North America
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.
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SOURCE Grand View Research, Inc.