Description :
Insulation materials are used in the various end-use industry such as automotive , oil & gas , wires & cables , non-residential construction , HVAC & OEM , and residential construction to reduce the energy consumption and to stop the flow of heat , sound or electricity from going out or coming inside something .
The global insulation materials market is anticipated to reach $ 92,570 million by 2022 compared to $ 60,000 million in 2015 growing at a CAGR of 6.2 % during the forecast period . It is segmented based on type , end-use industry , and geography . The rise in construction activities , infrastructural development , automotive , and consumer goods sector has resulted in the increased demand for insulation materials . In addition , insulation materials have gained increased adoption in the consumer goods and packaging industry owing to the rise in consumption of insulation materials in these end-user industries . In terms of applications , the market is categorized as automotive , residential construction , HVAC & OEM , nonresidential construction , wires & cables , oil & gas and others . The global insulation materials market is on a continuous rise due to growth in construction industry in developing countries such China , India , and Brazil .
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Based on the type , insulation materials are segmented as mineral wool , polyurethane foam , polyethylene , polyvinyl chloride , expanded polystyrene , extruded polystyrene and others . Polyurethane foamdominated the global insulation materials market in 2015 , because these materials are usually cheaper than installing foam boards , and these applications usually perform better because the liquid foam molds itself to all the surfaces .
Based on the application , insulation materials are segmented as automotive , residential construction , HVAC & OEM , non-residential construction , wires & cables , oil & gas and others . Wires & cables industry dominated the insulation materials market in 2015 , followed by the non-residential construction segment and the trend is expected to remain same during the forecast period .
Region-wise , the market is analyzed across North America , Europe , Asia-Pacific , and LAMEA . Asia-Pacific led the market in 2015 , and is anticipated to maintain this trend during the forecast period , due to the increase in demand for insulation materials in construction sector . Moreover , the rise in per capita insulation materials consumption in emerging economies of China and India is projected to drive the demand for insulation materials in Asia-Pacific .
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