The global commercial insulation market size is anticipated to inflate on account of the increasing awareness regarding sustainable living, shares Fortune Business Insights™, in its report, titled, “Commercial Insulation Market, 2024-2032.”
The surging need for insulation in apartments is rising as people are becoming more conscious towards maintaining a clean and healthy environment. The extensive usage of heating or cooling devices such as heaters, air conditioners, and refrigerators, among many others increases the emission of greenhouse gases. In order to avoid such hazardous consequences, people are demanding for insulation services in apartments and in various other establishments.
Moreover, manufacturers are keenly looking out for innovative ideas and developing modern solutions to satisfy the consumers’ needs. For instance, BASF, which is a chemical company, introduced an eco-friendly foam spray insulation material named Elastospray LWP in 2017. This is a modern solution to tackle commercial insulation, as well as industry insulation problems. These factors are expected to bolster the market growth during the forecast period.
List of Key Players Covered in the Commercial Insulation Market Report
- Owens Corning Insulating Systems, LLC
- Johns Manville- A Berkshire Hathaway Company
- Knauf Insulation
- Sobieski Services, Inc.
- USA Insulation Franchise Corporation
- BASF SE
- Huntsman International LLC
- 3M
- Compagnie de Saint-Gobain S.A.
Information Source: https://www.fortunebusinessinsights.com/commercial-insulation-market-103904
Market Segment
On the basis of material type, the global commercial insulation market is divided into foamed plastic, fiberglass, mineral wool, and others, such as cellulose and perlite.
By application, the market is categorized into walls, floor or slab, and roof or ceiling.
Based on the building type, the market is further classified into institutional, office, healthcare, retail and lodging, and others, such as museums and theaters.
With a geographical standpoint, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Highlights of the Report
The report provides a thorough study of the market segments and detailed analysis of the market overview. A profound evaluation of the current market trends, as well as the future opportunities is presented in the report. It further shares an in-depth analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The report sheds light on key players and their prominent strategies to stay in the leading position.
Market Drivers
Rise in Construction Activities to Demand Utilization of Insulation Material
People have become responsible regarding the environment and hence, the demand for commercial insulation in houses is increasing to make minimal utilization of the heating and the cooling devices. Additionally, the increasing urbanization would result in the surging demand for housing facilities. This would further promote the growth of the construction sector.
For example, the Indian real estate sector witnessed an inflated growth due to a rise in the demand for office and residential facilities. In 2019, real estate enticed around US$ 6.26 billion in investment. This is expected to bolster the market growth in the foreseeable future.
On the other hand, the commercial insulation installation process and materials are expensive. The utilization of more coats for better results would raise the product cost and this is anticipated to hinder the market growth.
Regional Insights
Europe to Dominate the Global Market Backed by Government’s Green Building Program
Europe holds a majority of the shares in the global commercial insulation market and is expected to maintain its leading position. This is owing to the stringent government laws regarding maintaining an eco-friendly building policy. The government has introduced several programs regarding usage of commercial insulation to maintain sustainability in the construction industry such as the Green Building Program for non-residential projects. This is anticipated to boost the market growth in this region in the upcoming years.
Asia Pacific is expected to witness a remarkable progress in the commercial insulation market owing to the high infrastructural activities and construction projects in this region. Leading countries in this region such as China, India, and others are seen developing housing facilities for its population. This is expected to surge the usage of commercial insulation in these projects. For example, in Shanghai, China, construction planning of a new city in the Pudong New Area was initiated in 2003 and was scheduled to be concluded by 2020. The aim was to allure 450,000 residents and 10 million tourists annually.
Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
Prominent players are adopting several strategies to bolster their positions in the market as leading companies. One such key strategy is acquiring other companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
In July 2020, Knauf Insulation, a key manufacturer of commercial insulation, has magnified its Soffit Linerboard range, which resulted in the best-in-class thermal performance and further added sturdiness to make installation process easier. The upgraded range will help consumers satisfy the increasing demand for non-combustible insulation in car parks, sports stadiums, and other commercial units.
Industry Development
August 2020: Owens Corning Insulating Systems, LLC, a key player in the commercial insulation market announced a new product line named FOAMULAR® NGX. The blowing agent in this new line of polyester foam products provides a 90% reduction in global warming contribution without forfeiting product performance.
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