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Dublin, May 12, 2023 (GLOBE NEWSWIRE) — The “The US Insulation Market: Analysis By Material Type (Foam, Glass wool, Stone wool, and Others), By End Market (Residential, Commercial, and Industrial), By Building Type (Renovation, and New Build) Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The US insulation market in 2022 stood at US$11.64 billion, and is likely to reach US$15.22 billion by 2028. The US insulation market is projected to grow at a CAGR of 4.56% during the forecast period of 2023-2028.
Insulation is a vital material used to reduce the transfer of heat, sound, or electricity in various applications. Insulation provides benefits, which include lower energy costs, decreased greenhouse gas emissions, improved indoor comfort, reduced noise pollution, and increased safety.
The focus on energy conservation and sustainability in recent years has boosted demand for insulation materials in the US market. Building codes and regulations mandating higher levels of insulation in new construction projects have further contributed to the growth of the insulation market.
The use of insulation in the residential, commercial, and industrial sectors is essential for creating more sustainable, cost-effective solutions while enhancing comfort and promoting safety.
The US Insulation Market Dynamics:
- Growth Drivers: The increase in construction activities in the US has driven the insulation market, as more buildings require energy-efficient insulation materials. This growth can be attributed to population growth, urbanization, economic development, and infrastructure expansion. The demand for insulation in residential, commercial, and industrial buildings has risen to meet energy regulations and sustainability goals. The growth in construction spending has directly impacted the demand for insulation materials in the US. Further, the market is expected to grow owing to rapid urbanization, rapid change in climate, surge in renovation activities of old buildings, growing awareness of energy conservation, etc. in recent years.
- Challenges: Raw material price volatility poses a significant challenge for the US insulation market, as fluctuations in raw material prices can lead to higher production costs and affect profitability for insulation manufacturers. Managing this volatility is crucial for maintaining stable production costs and sustaining growth in the industry. Additionally, other factors like regulatory and environmental concerns, etc. are other challenges to the market.
- Market Trends: The growing inclination towards the adoption of smart and energy-efficient building concepts in the US is a trend that is expected to drive growth in the insulation market. This trend reflects the increasing awareness of the importance of sustainability, energy conservation, and occupant comfort in the built environment. The pursuit of green building certifications, such as LEED and ENERGY STAR, emphasizes the use of cutting-edge insulation materials to achieve rigorous energy efficiency standards. This trend stimulates innovation in insulation products and presents opportunities for insulation manufacturers to address the changing requirements of smart and energy-efficient building projects. More trends in the market are believed to grow the insulation market during the forecasted period, which may include increasing penetration of artificial intelligence and machine learning, emerging industrial robotics, adoption of renewable energy, rising demand for temperature-sensitive products, advancement in transportation sector, etc.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has had a negative impact on the US insulation market, resulting project delays, labor shortages, and supply chain disruptions, with a shift towards home renovation projects and a preference for more cost-effective insulation options, prompting insulation businesses to adjust their products and sales methods.
The post-COVID impact on the US insulation market is expected to result in a shift towards sustainable and energy-efficient materials, increased demand in the residential sector, continued adoption of digital technologies, and potential supply chain challenges.
Competitive Landscape and Recent Developments:
The US insulation market is competitive with a mix of global and local players. The market is moderately fragmented, allowing room for small to medium-sized businesses to succeed. Companies compete on product quality, performance, price, innovation, and customer service. Compliance with regional building codes and energy-efficiency criteria is critical, and investment in R&D is crucial for developing new insulation materials.
Companies use various distribution methods, including direct sales, distributors, retailers, and e-commerce platforms, to gain a competitive advantage. The industry has seen several mergers and acquisitions (M&A) in recent years, as companies strive to expand their market presence and diversify their product portfolios.
Further, key players in the US insulation market are:
- Owens Corning
- Compagnie de Saint-Gobain S.A.
- Rockwool International A/S
- Huntsman Corporation
- Dow Inc.
- BASF SE
- Kingspan Group PLC
- Armacell International S.A.
- Covestro AG
- Berkshire Hathaway (Johns Manville)
- Carlisle Companies Incorporated
- Knauf Group (Knauf Insulation)
- GAF Materials Corporation
- Hood Companies, Inc.(Atlas Roofing Corporation)
|No. of Pages||110|
|Forecast Period||2023 – 2028|
|Estimated Market Value (USD) in 2023||$12.18 Billion|
|Forecasted Market Value (USD) by 2028||$15.22 Billion|
|Compound Annual Growth Rate||4.6%|
|Regions Covered||United States|
Key Topics Covered:
1. Executive Summary
3. The US Market Analysis
3.1 North America Insulation Market: An Analysis
3.1.1 North America Insulation Market: An Overview
3.1.2 North America Insulation Market by Value
3.1.3 North America Insulation Market by Region (the US, and Canada)
3.2 The US Insulation Market: An Analysis
3.2.1 The US Insulation Market: An Overview
3.2.2 The US Insulation Market by Value
3.2.3 The US Insulation Market by Material Type (Foam, Glass wool, Stone wool, and others)
3.2.4 The US Insulation Market by End Market (Residential, Commercial, and Industrial)
3.2.5 The US Insulation Market by Building Type (Renovation, and New Build)
3.3 The US Insulation Market: Material Type Analysis
3.3.1 The US Insulation Market by Material Type: An Overview
3.3.2 The US Foam Insulation Market by Value
3.3.3 The US Glass-wool Insulation Market by Value
3.3.4 The US Stone-wool Insulation Market by Value
3.3.5 The US Others Insulation Market by Value
3.4 The US Insulation Market: End Market Analysis
3.4.1 The US Insulation Market by End Market: An Overview
3.4.2 The US Residential Insulation Market by Value
3.4.3 The US Commercial Insulation Market by Value
3.4.4 The US Industrial Insulation Market by Value
3.5 The US Insulation Market: Building Type Analysis
3.5.1 The US Insulation Market by Building Type: An Overview
3.5.2 The US Renovation Insulation Market by Value
3.5.3 The US New Build Insulation Market by Value
4. Impact of COVID-19
4.1 Impact of COVID-19 on the US Insulation Market
4.2 Impact of COVID-19 on the US Construction Market
4.3 Impact of COVID-19 on Demand for the US Insulation Materials
4.4 Post-COVID-19 Impact on the US Insulation Market
5. Market Dynamics
5.1 Growth Driver
5.1.1 Rapid Urbanization
5.1.2 Increase in Construction Spending
5.1.3 Rapid Change in Climate
5.1.4 Surge in Renovation Activities of Old Buildings
5.1.5 Growing Awareness of Energy Conservation
5.2.1 Raw Material Price Volatility
5.2.2 Regulatory and Environmental Concerns
5.3 Market Trends
5.3.1 Increasing Penetration of Artificial Intelligence and Machine Learning
5.3.2 Emerging Industrial Robotics
5.3.3 Adoption of Renewable Energy
5.3.4 Growing Inclination toward the Adoption of Smart and Energy-efficient Building Concepts
5.3.5 Rising Demand for Temperature-Sensitive Products
5.3.6 Advancement in Transportation Sector
6. Competitive Landscape
6.1 The US Insulation Market Players: Competitive Landscape
6.2 The US Insulation Market Players: Mergers & Acquisitions
7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/7squ58
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