BANGALORE, India , April 25, 2022 /PRNewswire/ -- Insulation Materials Market is segmented by Type (Mineral Wool, Polyurethane Foam, Polyethylene, Polyvinyl Chloride, Expanded Polystyrene, Extruded Polystyrene, and Others) and Application (Residential Construction, HVAC & OEM, Non-Residential, Wires & Cables, Automotive, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast 2021 - 2030. It is published in Valuates Reports under the Industrial Materials & Equipment Category.

The global insulation materials market was valued at USD 61.6 billion in 2020 and is projected to reach USD 101.9 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.

Major Factors Driving The Growth Of The Insulation Material Market

The rapid rise in demand for HVAC technologies in major commercial and industrial buildings to provide thermal comfort and acceptable indoor air quality is driving up demand for the insulation material market.

The insulation material market also benefits from a large number of ongoing residential and non-residential construction projects in emerging economies. During the forecast period, the ongoing trend of renovating old houses in developed countries due to drastic climate change is expected to provide lucrative opportunities for the insulation materials market.

Furthermore, the increase in disposable income among people, as well as the affordability of home appliances and automobiles that require insulating materials, are major factors driving the insulation materials market growth.

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TRENDS INFLUENCING THE GROWTH OF INSULATION MATERIAL MARKET

The increasing use of insulation material in the wires and cables is expected to drive the growth of the Insulation material market. Wire insulation is a protective layer that is applied to wires and cables to protect them from the elements. At the same time, the insulation or jacket prevents current from leaking from the wires into the environment. Wire insulation comes in a variety of types and materials to meet the needs of a wide range of wire materials, settings, and applications.

The increase in disposable income has in turn increased purchasing power, resulting in a surge in electronic goods purchases. Since electronic goods require insulating properties, there is an upward spike in the demand for insulator materials. This factor is expected to fuel the growth of the insulation material market.

Rapid urbanization and industrialization around the world have resulted in a surge in demand for the automotive industry. In the automotive industry, insulator materials such as silicone foams, polyester, polyurethane, and others are used. Heat shields, battery insulation, fire protection, and data recorder insulation are all examples of insulation applications in the transportation industry. Thus the increasing application in the automotive industry is expected to drive the growth of the insulation materials market.

Increasing the use of insulation material in the oil and gas industry is expected to drive the growth of the insulation material market. Mechanical systems used in oil and gas refineries, such as piping, chimney stacks, steel columns, and vessels, are critical components of any refinery. For the crude oil separation process, these mechanical systems transport a stream of liquids or gasses between large chemical processing units. Because each step in the separation process necessitates careful monitoring and temperature resistance or control, thermal insulation is required throughout the facility to aid in the processing of the crude oil.

Furthermore, insulation materials are widely used in HVAC for maintaining the temperature, reducing energy loss throughout the system, and preventing the risk of condensation. This factor is expected to fuel the growth of the insulation material market.

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INSULATION MATERIALS MARKET SHARE ANALYSIS

Based on region, Asia-Pacific is expected to hold the largest insulation material market share. One of the market's driving factors is the increase in building construction in major parts of the Asia-Pacific region.

Based on application, the global insulation materials market is dominated by the wires and cables segment. A typical cable wire and cable insulation product consist of an insulated wire conductor (usually copper) and a jacket that surrounds the insulated wire (s). For electrical isolation between the conductor and the ground, insulation is applied to conducting materials.

Based on type, the global insulation materials market is dominated by polyurethane foam. It's a closed-cell foam insulation material that starts with a low-conductivity gas in its cell, resulting in the gas's high thermal resistance.

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Key players profiled in the report include, BASF SE, Bayer AG, Saint-Gobain S.A, Rockwool International, Huntsman Corporation, Atlas Roofing Corporation, Bridgestone, Evonik Industries AG, GAF Materials Corporation, Kingspan Group PLC, and The DoW Chemical Company.

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- The global High Temperature Insulation Materials market size is estimated to be worth USD 4170.5 million in 2022 and is forecast to a readjusted size of USD 6154.2 million by 2028 with a CAGR of 6.7% during the review period.

- Organic Insulation Materials market size is estimated to be worth USD 9813.4 million in 2022 and is forecast to be a readjusted size of USD 12780 million by 2028 with a CAGR of 4.5% during the review period.

- Heat Insulation Materials market size is estimated to be worth USD 76690 million in 2022 and is forecast to be a readjusted size of USD 109400 million by 2028 with a CAGR of 6.1% during the review period.

- Refrigeration Insulation Materials market size is estimated to be worth USD 3819.3 million in 2022 and is forecast to be a readjusted size of USD 5115.3 million by 2028 with a CAGR of 5.0% during the review period.

- The global Electrical Insulation Materials market was valued at USD 13310 million in 2020 and it is expected to reach USD 16890 million by the end of 2027, growing at a CAGR of 3.5% during 2021-2027.

- Polyethylene Insulation Materials market size is estimated to be worth USD 28010 million in 2022 and is forecast to be a readjusted size of USD 36320 million by 2028 with a CAGR of 4.4% during the review period.

- Global Industrial Pipe Insulation Materials Market Insights and Forecast to 2028

- Global External Wall Thermal Insulation Materials Market Insights, Forecast to 2028

- Global Exterior Wall Building Insulation Materials Market Research Report 2021

- Global Cryogenic Insulation Materials Market Insights, Forecast to 2028

- Global Polyurethane Foam Insulation Market Insights, Forecast to 2028

Click Here To See Related Reports on Insulation Materials Market

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