Insulation Market is projected to surpass $70 billion by 2024, U.S. to stand out as a major revenue pocket

Global Insulation Market Report offers market size, share, overview, segmentation by types, application, countries, key manufactures, cost analysis, industrial chain, sourcing strategy, downstream buyers, marketing strategy analysis, distributors/traders, factors affecting market, forecast and other important information for key insight.

Insulation Market in North America has turned out to be one of the potential hotbeds for market investment. This can be primarily attributed to the increasing governmental initiatives with regards to energy efficient housing schemes across the belt. Moreover, the active participation by the private entities has also added substantially to the regional landscape. In this regard, the IEX USA (Insulation Expo USA) event held last year created a significant buzz in the North America market.

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It is prudent to mention that not only the U.S. but the entire world has been a recipient of these trends. While Europe procured 25% of the global insulation market size in 2017, Asia Pacific has also registered lucrative proceeds with an anticipated CAGR of 6% over 2018-2024. Backed by a barrage of such strong regulatory guidelines to promote advanced insulating techniques, the market stands to gain much over the ensuing years.

Speaking of the competitive landscape, the industry is rather fragmented with the participation of myriad players inclined toward adoption of modern and sustainable technologies. While the major players including the like of Rockwool International, Huntsman International, etc. already procure a major portion of the market share, the anticipated trends point toward various small-scale manufacturers and regional players gaining a substantial edge in the competitive terrain. All in all, the global insulation market share is projected to exceed a valuation of USD 70 billion by 2024.

Reportedly, 1200 insulation market players including Armacell, Johns Manville, Edge-Sweets Company, Roxul Technical Insulation, and Climatech International attended the event which encompassed innovative technologies around thermal insulation for industrial as well as commercial applications. In terms of profitability potential, North America is forecast to surpass USD 16 billion by 2024.

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Fi-Foil’s launch of two revolutionary insulation products in 2017 NAHB sent out waves of anticipation in insulation market, especially amidst the backdrop where energy efficiency trends are predominantly shaping the business landscape. Reportedly, these two highly innovative, environmentally viable reflective insulators, brainstormed by renowned architect Phil Kean, were presented at the yesteryear International Builders Show in Orlando. The two products dubbed HY-Fi and M-Shield were allegedly chosen for The New American Remodeled Home and The New American Home respectively.

As per a recent report by the American Chemistry Council – The Contributions of Insulation to the U.S. Economy in 2016, the U.S. insulation market nearly contributes USD 20 billion annually to the country’s economy.  Not just that, the expansive business space also creates an employability of approximately 400,000 throughout U.S. In fact, the overall regional insulation industry is deemed to have a perpetual and positive impact on three mainstream domains – energy, infrastructure, and healthcare, which are also ruled by the legislative policies.

According to a survey organized by the North American Insulation Manufacturers Association (NAIMA) in the year 2016, U.S. manufacturers nearly utilized over 1.8 billion pounds of recycled materials in the production of commercial, residential, thermal, and acoustical insulation. Speculation states it is roughly around total municipal solid waste generated in the country by 1 million Americans in a year. The statistic vividly underlines the sustainability trends predominant in the U.S., that not only promotes energy saving insulation products but also meets the environmental protection criteria.

 

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