New York, June 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insulation Products Global Market Report 2023" - https://www.reportlinker.com/p06466583/?utm_source=GNW
, and Recticel NV/SA.
The global insulation products market is expected to grow from $60.94 billion in 2022 to $65.02 billion in 2023 at a compound annual growth rate (CAGR) of 6.71%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $82.11 billion in 2027 at a CAGR of 6.01%.
The insulation products market consists of sales of insulation facings, cellulose, polyvinyl chloride, calcium silicate, furniture, aerogel, phenolic foam, perlite, and natural fibers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Insulation products refer to a substance that offers thermal insulation or reduces heat flow between objects. Insulation improves the thermal performance of the building envelope by decreasing heat gain in hot weather and heat loss in cold weather, lowering the need for cooling and heating.
Asia-Pacific was the largest region in the insulation products market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the insulation products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main insulation types include thermal, acoustic, and other insulation types. The materials used are mineral wool, fibreglass, stone wool, polyurethane foam, fleximble elastomeric foam and other materials that are distributed through offline and online channels for use by various end-users such as building and construction, industrial, transportation, consumer and others.
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.
In March 2023, Installed Building Products Inc., a US-based construction company that specializes in existing home insulation and after-paint products, residential, and commercial insulation construction acquired Anchor Insulation Co. Inc. for an undisclosed amount. Through this acquisition, Installed Building Products expanded its presence for residential, commercial, and industrial customers throughout the Northeastern United States. Anchor Insulation Co. Inc. is a US-based company that offers installation of mechanical, residential, and industrial insulation.
The countries covered in the insulation products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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