Increasing concern about energy efficiency is the key factor driving market growth
Fiberglass Insulation Market Size – USD 9.52 Billion in 2020, Growth – at a CAGR of 3.6%, Trends – Increasing industrialization in developing countries
The global Fiberglass Insulation Market size is expected to reach USD 12.72 Billion in 2028 and register a revenue CAGR of 3.6% over the forecast period, according to the latest report by Reports and Data. Demand for district energy systems, rapid industrialization in developing countries, increasing concerns about energy efficiency, and increasing oil production in the U.S., Saudi Arabia, Iran, and others has been driving steady revenue growth of the global Fiberglass Insulation market in the recent past. In addition, rising demand for thermal insulation in various industrial sectors increasing focus on green buildings due to the various benefits and advantages are other key factors expected to continue to drive market revenue growth going ahead. Fiberglass Insulations are a type of material or combination of materials used to create a protective layer around pipes to maintain internal temperature. Deployment of thermal insulation solutions have been increasing in the recent past owing to increasing focus on energy efficiency and need to reduce carbon footprint.
Fiberglass Insulation products are commonly used in the industrial sector, oil fields and refineries, district energy systems, buildings and constructions, and others. Industrial application segment accounted for largest revenue share in the global market in 2020. This can be attributed to increasing demand for thermal insulation in food processing and chemical industries, and increasing industrialization in developing countries.
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Top Companies: Owens Corning, Thermaxx Jackets, Saint-Gobain, Armacell International S.A., Huntsman Corporation, Johns Manville, Knauf Insulation, BASF SE, Armacell International SA, and Covestro AG.
Some Key Highlights From the Report:
- In March 2021, va-Q-tec and Uponor launched an insulated system for local heating networks, Uponor Ecoflex VIP. It helps to reduce CO2 emissions, and comes with Vacuum Insulation Panels (VIPs) that offer enhanced flexibility and minimize installation time.
- Rock wool segment accounted for largest revenue share in the global market in 2020. This can be attributed to increasing application of rock wool due to its various benefits such as cost-effectiveness, eco-friendly, and non-flammable nature.
- North America is expected to register significantly larger revenue share over the forecast period. Rapid technological advancements and rising preference for green building are some major factors driving revenue growth of the market in this region.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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Market Segmentation:
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global Fiberglass Insulation market is segmented into:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Fiberglass
- Rock wool
- Elastomeric Foam
- Polyurethane Foam
- Others
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Industrial Sector
- Oil and Refineries
- District Energy Systems
- Building Construction
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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