Market Research Future (MRFR) has published on the "Flexible Insulation Market”
Market Research Future (MRFR) has published a cooked research report on the “Global Flexible Insulation Market” that contains information from 2018 to 2032. The flexible insulation market is estimated to register a CAGR of 5.5% over the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global flexible insulation market— Armacell, BASF SE, ContiTech AG, Fletcher Insulation, Johns Manville, Kingspan Group, Owens Corning, Saint-Gobain, Superlon, Thermaxx Jackets.
Flexible Insulation Market Highlights
The global flexible insulation market is accounted to register a CAGR of 5.5% during the forecast period and is estimated to reach USD 14.4 billion by 2032.
Flexible insulating materials are a class of materials that include elastomeric polymers, glass, and foamed plastics like polyolefin or polystyrene. Flexible insulating materials feature exceptional insulating characteristics and structural flexibility, allowing for easy installation of these materials. Several R&D activities have been carried out over time to increase the insulating qualities of these materials to reduce energy loss and heat transmission. The flexible insulating materials provide superior heat and sound insulation solutions in infrastructure and are also utilized in various consumer products such as refrigerators, water coolers, and others. These materials inhibit heat transfer, minimize energy consumption, and improve comfort and safety in buildings, industrial processes, and transportation.
The key factors driving the global flexible insulation market expansion are rising demand for energy-efficient solutions in the construction and industrial sectors, increasing focus on sustainability and environmental regulations, and growing awareness of the benefits of insulation in reducing carbon emissions and improving indoor air quality. Moreover, technological advances in materials science and manufacturing processes have enabled the development of high-performance and cost-effective insulation products, fueling market growth.
Segment Analysis
The global flexible insulation market has been segmented based on type and material.
Based on type, the market is segmented into Acoustic Insulation, Electrical Insulation, and Thermal Insulation. The thermal insulation segment held the largest market revenue share in 2022.
The global flexible insulation market has been segmented based on material into Aerogel, Cross-Linked Polyethylene, Elastomer, Fiberglass, and Others. The fiberglass segment was expected to hold the largest market share in 2022.
Regional Analysis
Based on region, the global flexible insulation market has been divided into North America, Europe, Asia-Pacific, and the rest of the World. North America consists of US and Canada. The Europe flexible insulation market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The flexible insulation market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World’s flexible insulation market comprises the Middle East, Africa, and Latin America.
North America holds the largest global flexible insulation market revenue share due to the region's increasing emphasis on energy conservation and sustainable building practices. The growing demand for eco-friendly insulation materials and stringent regulations to reduce carbon emissions drive market growth. The presence of major players in the region is further fueling the flexible insulation market expansion. For instance, in October 2021, Owens Corning announced its plan to expand its production capacity for flexible insulation products in North America to meet the growing demand for energy-efficient insulation materials.
Moreover, the Europe market has been steadily expanding over the projection period, driven by the strict regional regulations to lower carbon emissions and promote energy efficiency. The increased demand for sustainable building materials and the rising adoption of green building practices drives European market growth. The region's focus on developing renewable energy sources and reducing greenhouse gas emissions is expected to propel market growth in the coming years.
The Asia-Pacific flexible insulation market is predicted to rise significantly throughout the forecast period, owing to the expanding construction industry and increasing demand for energy-efficient buildings. The region's growing industrialization and urbanization and increased residential and commercial development projects drive market development. Furthermore, government initiatives and regulations to promote energy efficiency in buildings are propelling regional market growth. For example, the Japanese government pledged a USD 5.6 billion investment in energy-efficient building projects to reduce the country's carbon emissions in November 2021.
Other regions, such as Latin America, the Middle East, and Africa, are expected to expand considerably due to the developing construction industry and increased emphasis on energy efficiency. Rising demand for eco-friendly insulation materials and government initiatives to promote energy conservation will likely boost flexible insulation industry expansion in these regions. For example, the Dubai Supreme Council of Energy intends to introduce new laws to improve energy efficiency in buildings in November 2021, which is projected to increase demand for energy-efficient insulating materials in the region.
Key Findings of the Study
- The global flexible insulation market is anticipated to reach USD 14.4 billion by 2032, at a CAGR of 5.5% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market for flexible insulation due to the rapid industrialization, urbanization, and infrastructural developments in emerging economies such as China, India, and Southeast Asian countries, along with the increasing demand for energy-efficient buildings and the growth of the automotive and aerospace industries.
- Based on type, the thermal insulation segment was attributed to holding the largest market in 2022, with an approximate market share of 44%.
- Armacell, BASF SE, ContiTech AG, Fletcher Insulation, Johns Manville, Kingspan Group, Owens Corning, Saint-Gobain, Superlon, Thermaxx Jackets.
Read More about this Report: Flexible Insulation Market
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Base Year | 2021 |
Companies Covered | 15 |
Pages | 128 |
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