Insulation Market Analysis 2023-2030

Board Insulation, Blanket Insulation, Pipe Insulation and Others (Foam) Insulation Market

Insulation Industry | Forecast 2030

Insulation Industry Data Book – Board Insulation, Blanket Insulation, Pipe Insulation and Others (Foam) Insulation Market

The economic value generated by the insulation industry was estimated at approximately USD 53.34 billion in 2022. This economic output is an amalgamation of businesses that are involved in the manufacturing of insulation, distribution & supply, and application of insulation.

The growth of the chemical processing industry globally is expected to have a significant impact on the demand for pipe insulation materials. Industrial pipe or process piping is generally used to transport water, steam, and industrial gases at varying temperatures around an industrial facility. The term industrial pipes is inclusive of various types of plumbing systems that carry liquids and gases used for heating and cooling purposes. Industrial pipes are expected to withstand highly aggressive environments. These pipes are generally made of steel, cast iron, copper, or specialty metals such as brass. Insulation of these piping systems helps reduce heat loss and conserve the energy required for heating and cooling the processed liquids.

Board Insulation Market Insights

The global board insulation market size was estimated at USD 12.8 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.6% from 2023 to 2030. This growth can be attributed to the increased focus on energy efficiency and the growing demand for sustainable building materials across the globe. As the cost of energy increases, there is a growing demand for insulation materials that aid in reducing energy consumption. Board insulation is a highly effective way to insulate buildings and this trend is expected to grow at a significant pace during the forecast period.

Rigid board insulation is highly effective at insulating buildings to curb the energy requirements for heating and cooling. It is effectively easy to install, and the operating cost makes it an ideal choice for most of the building contractors. This is particularly important in cold climates, where it is important to minimize heat loss. As a result, the demand for boards from the building & construction industry is expected to increase during the forecast period.

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Blanket Insulation Market Insights

The global blanket insulation market size was estimated at USD 14.5 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. This growth can be attributed to the increasing use of insulation in building & construction and industrial applications. Blanket insulation can also be utilized for acoustic fabrication in warehouses and other commercial buildings, as well as thermal insulation in interior spaces. The construction industry is expected to reach about USD14 trillion by the end of 2030 due to increasing urbanization and increased spending on housing and remodeling across the globe. Owing to the increase in the use of blankets across the construction sector is expected to drive the market during the forecast period.

The use of blanket insulation generates cheaper energy bills, and year-round comfort by assisting with low maintenance and a comfortable temperature. Additionally, noise reduction from outside and between floors and rooms makes it an ideal choice of insulation for both commercial and residential spaces. Sustainability, comfortability, and low maintenance are some of the major factors fueling the blanket insulation demand throughout the forecast period.

Pipe Insulation Market Insights

The global pipe insulation market size was estimated at USD 8.87 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. Rising awareness pertaining to energy conservation among consumers is expected to drive the market over the forecast period.The market witnessed a severe downfall in investments in the industrial sector owing to the pandemic, thereby impacting overall growth. In addition, a dramatic fall in crude oil prices led to a drop in fiscal resources for oil-producing countries, which affected the product demand from the oil & gas sector. The market in Asia Pacific is expected to witness exponential growth over the forecast period on account of the rising number of industries in economies, such as China and India.

Rapid urbanization coupled with the rising demand for residential and commercial construction is anticipated to further fuel the market growth. Increasing adoption of district heating systems, driven by rising electricity tariffs, rising environmental awareness, and technological advances is expected to propel market growth in the U.S. In addition, rising investments in the expansion of gas liquefaction terminals are expected to drive the demand for pipe insulations over the forecast period.The presence of a large number of manufacturers and service providers, coupled with the easy availability of raw materials and easy installation processes, has resulted in intense market competition.

Other Insulation Market Insights

The other insulation market includes foam-based blocks, materials in the form of loose-fill, foil-faced craft paper. The market is expected to grow at a significant rate over the coming years due to rising construction and renovation activities across the globe. In addition, increasing demand from the cryogenic application industry for specialized and customized insulation requirements, growth in remodeling activities, and government initiatives for the construction of affordable housing solutions are expected to fuel the growth of the other insulation market in the coming years.

Building & construction and industrial application together accounted for the major market share of about 85% in 2022. Factors such as the rising population, rapid urbanization, commercialization, and growing investments in the construction of houses with smart technology saving energy are expected to boost the growth of the market in the country.