Global Insulation Market: Snapshot
The primary job of insulation, be it thermal, electric, or acoustic, is to minimize the interaction between a substance and its environment. This can work in the form of thermal insulation for houses and other construction, electric insulation for wires and cables, etc. The global insulation market has been driven in recent years by the expansion of the construction industry, which is likely to remain a prime driver for the market in the coming years. The rising demand from the automotive industry is also likely to play an important role in the development of the global insulation market in the coming years.
During the ongoing decade, the global insulation market is expected to rise close to threefold, and is expected to be valued at US$64.9 bn in 2020.
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Booming Construction Industry Drives Demand for Thermal, Electric, Acoustic Insulation
The construction industry has undergone steady recovery following the global economic slowdown in 2008-09 and has enjoyed sustained growth over the last decade. The demand for residential construction has exhibited a steady upward curve in the last few years thanks to the rising disposable income of consumers in developing regions. The quickening pace of immigration into major cities across the world has also added to the rising need for new residential construction. Commercial construction is also likely to rise in volume in the coming years due to the rising number of corporate institutions and the rising demand for entertainment and shopping units such as malls and theaters.
The steady growth of the global automotive industry has also had a crucial impact on the trajectory of the global insulation market. Consistent advancements in automotive design have led to large-scale use of insulation materials in automobiles for thermal, acoustic, as well as electric insulation. The rising use of automotive electronics is likely to ensure sustained demand from the global insulation market in the coming years, whereas the rising demand for premium cars could also sustain steady demand for acoustic insulation.
The consumer electronics industry is also likely to remain a key consumer in the global insulation market. The rising disposable income of consumers has led to rapid growth of the consumer electronics industry in recent years, whereas the rising technological sophistication of smartphones has necessitated the increasing use of electric insulation.
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Asia Pacific Likely to Retain Dominance in Global Insulation Market
The global insulation market is led by Asia Pacific, which accounts for more than 40% of the expanding market. The steadily growing construction and automotive industries in Asia Pacific are vital for the insulation market in the region, while the consumer electronics industry in countries such as China, India, South Korea, and Japan has also shown no signs of slowing down and could thus play a key role in the development of the global insulation market in the coming years. The automotive industry in China and India has exhibited a steep growth trajectory in recent decades, with the former already a contender to established automotive industries in Japan and Europe. The increasing demand for passenger as well as commercial and transport vehicles in these two emerging countries is likely to lead to steady demand from the global insulation market in the coming years.
The dynamic development of countries such as China and India has also led to large-scale installation of infrastructure components, which is likely to remain a major driver for the Asia Pacific insulation market in the coming years. Other Southeast Asian countries such as Thailand, Indonesia, Malaysia, and Vietnam could also become crucial consumers in the global insulation market due to the rising demand in these countries for stable infrastructure.
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Leading companies in the global insulation market include Owens Corning, Huntsman