Albany, NY, June 17, 2015 --(PR.com
)-- According to the latest report added to Market Research Reports Search Engine (MRRSE), the global market for insulation will reach a total value of US$64.91 billion by 2020. The report is titled “Insulation (Fiberglass, Plastic Foam, Mineral Wool and Others) Market for Residential Construction, Industrial, HVAC & OEM, and Nonresidential Construction Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
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This report from Transparency Market Research states that the global insulation market will grow at an 8.0% CAGR during the forecasting horizo n of 2014 to 2020. The market was valued at US$37.87 billion in 2013.
The product segment of fiberglass dominated the global insulation market with a total market share of 42% in 2013. However, this sector might not be able to maintain its dominance in the coming years. The number of fiberglass insulation producers has increased as a result of American subsidiaries of foreign firms and enhancements in productivity by U.S. manufacturers. It has led to excess production that the current and future market for fiberglass insulation cannot accommodate.
Furthermore, growth prospects of other product sectors such as plastic foam insulation could be hampered due to fluctuating costs of raw materials, particularly crude oil. Other product segments in the global insulation market are mineral wool, slag wool, and cotton wool.
Insulation materials find their application in the residential construction, nonresidential construction, industrial, OEM, and HVAC sectors. The residential sector held the position of the largest application sector with a 48% market share in 2013. The industrial application sector followed residential construction in terms of demand for insulation materials, due to the booming manufacturing industry.
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Geographically, the global insulation market is divided into North America, Europe, Asia Pacific, and RoW. Demand for re-insulation from the developed countries of Europe and North America will drive the global insulation market in the next few years. Additionally, the high demand for insulation from the OEM and HVAC sectors in Asia Pacific will fuel this regional market’s growth during the forecast period. In 2013, Asia Pacific held a mammoth market share of 41%.
Besides the aforesaid factors, the global insulation market will also benefit from increasing energy prices and building regulation codes. The popularity of green buildings is growing among users in both developed and developing nations, which will augment the market for environmentally beneficial insulation.
The notable players mentioned in the report are Johns Manville, Owens Corning, CertainTeed Corporation, Huntsman International LLC, ROCKWOOL International A/S, The Dow Chemical Company, and Duro-Last Roofing, Inc.
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