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Insulation Products Market Report 2024 - Insulation Products Market Size, Share And Trends
Insulation Products Market
According to The Business Research Company's, The insulation products market size has grown strongly in recent years. It will grow from $65.02 billion in 2023 to $69.25 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to energy efficiency regulations, construction boom, rising awareness of environmental impact, government incentives and rebates, climate variability and extreme temperatures.
The insulation products market size is expected to see strong growth in the next few years. It will grow to $87.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to stricter energy efficiency standards, renewable energy integration, focus on green building certifications, global urbanization trends, rising focus on indoor comfort. Major trends in the forecast period include high-performance materials, green and sustainable insulation, smart insulation technologies, health and indoor air quality, digitalization in manufacturing.
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Market Drivers and Trends:
Increased residential buildings are expected to propel the growth of the insulation products market. Residential buildings refer to the buildings used for housing. The trend for energy-efficient construction is creating demand for insulation products. For example, in January 2023, 1,406,000 new housing units were constructed in the USA, a 12.8% growth from January 2022. Therefore, increased residential buildings will drive the insulation products market.
Technological advancements are the key trends gaining popularity in the insulation products market. Companies operating in the insulation products market are adopting new technologies to sustain their position in the market. For instance, in August 2021, Owens Corning, a US-based company that manufactures fiberglass composites, roofing, insulation, and associated materials and goods launched PINK Next Gen fiberglass technology. This technology is a tightly woven network of soft, fine fibers produced using the cutting-edge fiber technology of PINK Next Gen Fiberglas, creating a super-resilient blanket of insulating micro-pockets. Compared to other insulation materials and spray foam insulation, the new product is safer for installers and residents and can be installed more quickly.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Saint-Gobain S.A; Rockwool International A/S; Huntsman Corporation; Atlas Roofing Corporation; GAF Materials Corporation; Kingspan Group plc; BASF SE; Owens Corning; Knauf Insulation GmbH; Johns Manville Corporation; Bridgestone Corporation; Covestro AG; Armacell International Holding GmbH; DuPont de Nemours Inc.; Cellofoam North America Inc.; Recticel NV/SA; Lloyd Insulations (India) Limited; L'ISOLANTE K-FLEX S.p.A.; Nichias Corporation; NMC SA; Paroc Group; Pittsburgh Corning Corporation; Polyglass S.p.A.; Superglass Insulation Ltd.; Superlon Worldwide Sdn Bhd; TechnoNICOL Corporation; Thermafiber Inc.; Uralita SA.
Insulation Products Market 2024 Key Insights:
• The insulation products market will grow to $87.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Rising Demand For Residential Construction Boosting The Insulation Products Market
• Technological Advancements Transforming The Landscape Of Insulation Products In The Market
• Asia-Pacific was the largest region in the insulation products market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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