A new research report by Transparency Market Research (TMR) states that the global insulation market is highly competitive. The leading companies in this market, such as, Owens Corning and Huntsman, are concentrating on product diversification with the use of technology. Going forward, the key market participants will also focus on expansion of their businesses in emerging economies, states the research report.
According to TMR’s estimations, the opportunity in the global market for insulation was US$37.8 bn in 2013. Rising at a CAGR of 8.0% during the period from 2014 to 2020, the market is likely to worth US$64.9 bn by the end of the forecast period. Among all insulating materials, fiberglass has been enjoying a higher demand and is expected to remain witnessing so over the next few years, reports the market study.
The global market for insulation has gained significantly from the rising concerns over energy conservation. “The swift pace of the depletion of energy resources and the consequent rise in energy price have triggered the need for insulation, as it helps in energy conservation, thereby reducing utility bills,” says the author of the market study.
Over the last few years, the emphasis on insulation has increased substantially, thanks to rising level of awareness among consumers pertaining to global warming and the alarming surge in the emission of greenhouse gases. The technological advancements in industrial production techniques are likely to create an extensive demand for insulation in factories and noncommercial spaces in the near future.
Although the market’s growth may be hindered by the volatility in the raw material prices, the significant rise in the automobile industry and the electronic industry will continue to drive this market over the forthcoming years, states the research report.
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