How Will Cooling Appliance Demand Propel Insulation Market Growth?

Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency. 

The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 and 2020 are the warmest in the past 40 years.

Within the application segment, the residential construction category held the largest share in the insulation market in the recent past, due to the surging use of insulation products in the construction of housing structures, on account of the booming population. Whereas, the HVAC and OEM category is projected to witness the fastest growth in the foreseeable future, owing to the burgeoning demand for insulation materials in the industrial and marine sectors to control humidity and temperature, save operational costs, and reduce noise.

Globally, the European insulation market generated the highest revenue in the recent past. This was on account of the mounting public awareness about the benefits of insulation and the increasing focus of the EU on promoting thermal insulation as a means of energy conservation. In the region, the German market will display the fastest growth in the next 10 years. Furthermore, North American and European countries will collectively account for the largest market share in the coming years, due to the presence of established players and massive demand for cooling appliances in these regions.

Thus, the surging need for cooling appliances will augment the demand for insulation products, globally.

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