September 05, 2023 12:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
Valley Cottage, New York, UNITED STATES Heat Insulation Material
NEWARK, Del, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global glass wool insulation market value is predicted to reach US$ 4.2 billion in 2023. Overall sales of glass wool insulation are likely to rise at 4.8% CAGR, taking the total market valuation to US$ 6.8 billion by 2033.
The adoption of glass wool insulation is expected to remain high in the residential and construction sector. This is due to the rising focus of homeowners on reducing energy consumption as well as costs. The target segment is anticipated to register a CAGR of 4.6% CAGR through 2033.
Rising adoption of glass wool insulation in residential & industrial buildings, HVAC systems, and other appliances is expected to drive the global market forward. This is due to the ability of glass wool insulation to reduce energy consumption and increase savings.
Glass wool insulation is a commonly used and effective option for enhancing energy efficiency, thermal comfort, and acoustic performance of buildings. It is also known as fiberglass insulation.
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Glass wool insulation is lightweight, fire-resistant, eco-friendly, and corrosion-resistant. It is used for thermal and acoustic insulation. Increasing usage of glass wool insulation in buildings and industrial applications for reducing heat transfer and improving energy efficiency is expected to boost the target market.
The exponential growth of the residential sector due to the increasing population is creating lucrative opportunities for glass wool insulation manufacturers. This trend is likely to further escalate during the forecast period amid a rising trend of green construction.
According to the United Nations (UN), the global population is estimated to reach US$ 9.7 billion in 2050 and 10.4 billion by 2100. This is expected to create a high demand for new residential buildings which in turn will bolster glass wool insulation sales.
Glass wool insulation helps homeowners to improve energy efficiency, acoustic performance, and thermal comfort of buildings. As a result, this type of insulation is gaining immense popularity in the residential sector.
Growth in the global wool insulation market will also be triggered by several other factors. These include the implementation of stringent energy efficiency regulations by governments across the world and the growing popularity of green buildings.
Glass wool insulation also finds usage in HVAC systems as well as industrial equipment. Growing adoption of these products will therefore uplift glass wool insulation during the assessment period.
Key Takeaways from the Glass Wool Insulation Market Report:
“Rising popularity of green buildings and enforcement of new energy efficiency regulations are expected to present lucrative growth opportunities for glass wool insulation companies during the assessment period. To take advantage of these opportunities, key companies need to continuously upgrade their portfolios by launching new products with enhanced features.” - says a lead Future Market Insights (FMI) analyst
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The key players are concentrating on developing new light and environment-friendly products to meet evolving end user demand. They are also employing strategies such as acquisitions, partnerships, mergers, alliances, collaborations, and distribution agreements to improve their revenues and strengthen their footprint.
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Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the global glass wool insulation market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on application (residential construction, commercial & industrial construction , industrial & HVAC applications, appliances & other applications) and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
About FMI – Chemicals and Materials
The Chemicals and Materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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The thermal insulation material market is expected to reach US$ 70.74 billion in 2023, rising to US$ 122 billion by 2033, following a 5.6% CAGR
The global cold insulation market is expected to grow at a CAGR of 8.1% during the period 2022 to 2032. By 2032, the market is expected to reach a valuation of US$ 14894.8 million.
Demand for fiberglass market is predicted to rise at a CAGR of 4.3% over the forecast period (2022-2028) and reach a valuation of US$ 13.1 Billion by 2028.
The global building thermal insulation market size is expected to be worth US$ 44,233.7 Million in 2032, growing at a CAGR of 4.3% during the forecast period.
The global OEM insulation market size is projected to reach US$ 23,284.8 million by the end of 2033, representing a 4.3% CAGR between 2023 and 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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