PUBLISHER: Grand View Research | PRODUCT CODE: 1268772
PUBLISHER: Grand View Research | PRODUCT CODE: 1268772
The global insulation market size is expected to reach USD 102.47 billion by 2030, registering a CAGR of 6.6% according to a new report by Grand View Research, Inc. Rapid urbanization & industrialization and rising population in developing countries are estimated to boost the market growth in the projected period. Government initiatives to promote energy efficiency and sustainable development through insulation technologies are estimated to fuel the product demand from the industrial end-use segment. Initiatives through the Weatherization Assistance Program (WAP) by the U.S. government through federal funding to encourage the use of thermal insulation in low-income households are likely to drive the market growth in the North America region.
Strict insulation codes and laws effectuated by the European regulatory authorities have increased awareness about rising energy costs and the need for energy efficiency. The demand for industrial insulation is also estimated to exhibit high growth owing to the growing thermal energy production, which calls for the extensive need for insulation to maximize efficiency. In addition, the market in the U.S. is expected to benefit from recovering nonresidential building construction expenditures, particularly in the office and commercial segments. The rising awareness levels regarding environmentally friendly construction practices are expected to propel the product demand with an aim to reduce energy consumption.