The flexible insulation market is projected to reach USD 10.84 Billion by 2021, at a CAGR of 5.54% from 2016 to 2021.
The global flexible insulation market is expected to be driven by the growing demand from end-use industries such as building & construction, heating, ventilation and air-conditioning (HVAC) and the transportation sector. Flexible insulations are those insulations which can be applied successfully or flexibly in those applications wherein other materials cannot be used. Flexible insulations are used to save energy, maintain process temperatures, provide fire & sound protection, and prevent condensation.
Fiberglass insulation accounts for the largest share in the material segment. The market for fiberglass insulation is estimated to witness significant growth owing to the increasing usage in various applications due to its lightweight, non-combustible, high tear strength and corrosion-resistant nature. Also, fiberglass finds usage in various applications such as thermal insulation for pipe work in HVAC industries, flexible air ducts, residential and commercial refrigerators & freezers, jet-engine ducting, aircraft component, and commercial construction.
Thermal insulation is estimated to witness the largest share in the insulation type market. This is because thermal insulation provides a comfortable and hygienic indoor climate at low ambient temperatures. Also, growing use of thermal insulation for low temperature, intermediate temperature, and high temperature insulations is expected to drive its demand.
The European region is the largest market for flexible insulation, in terms of both, value and volume. The strict building energy codes, accompanied by European Union Directives to improve efficiency in buildings is expected to drive the demand for flexible insulation in the region. Strong demand for flexible insulation from the housing sector in countries like Germany is another reason for the growth of the flexible insulation market.
Lack of awareness about insulation in some of the countries of Africa, and Asia such as Libya, Western Sahara, Uzbekistan, Tajikistan, North Korea, and Nicaragua act as a restraint for the flexible insulation market.