According to a new research report by Global Market Insights, the global insulation market to surpass USD $36 billion by 2024.
Rising concern pertaining to global warming along with high electricity bills will drive insulation market size, the report says, adding that implementation of more stringent building codes to promote energy efficient building construction by adding or replacing insulating materials in both residential and nonresidential structure will drive industry growth.
Increasing adoption of new building techniques offering superior performance in line with upgraded building regulations will further propel the product penetration rate, the report says.
With global construction output valued at over USD 8.8 trillion in 2016, there has been a corresponding surge in the application of advanced insulating materials across industrial and commercial application to reduce energy consumption and conservation norms.
At the same time, others are continuously focusing on building renovations with substantial energy conservation.
The report notes that the non-residential construction insulation market is expected to witness CAGR over 3.5 percent in terms of volume up to 2024.
Expansion in global commercial construction industry with focus on reducing energy consumption has enhanced the product demand, the report says.
Moreover, the Asia Pacific insulation market demand will witness fastest growth over the forecast period. Emerging economies such as Malaysia, Vietnam and Indonesia are expected to invest substantially in new infrastructure projects, funded by both public and private investment.
Increasing demand for new residential construction owing to rise in per-capita disposable income will also propel product application rate, the reports says, while the rapid construction of malls rapid construction of commercial buildings, malls, and sports complexes will augment the regional insulation market size.