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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