Insulation Industry to Witness Increasing Demand from EV Companies - Grand View Research, Inc.
SAN FRANCISCO, July 11, 2023 /PRNewswire/ -- The global insulation industry size stood at USD 65 billion in 2022 and will witness an upward trajectory on the back of the growing penetration of sustainable buildings and infrastructure, according to the "Insulation Industry Data Book, 2023 - 2030," published by Grand View Research. Concerted efforts to enhance workplace safety have furthered the demand for insulation products and materials. Prominently, rigorous regulation warranting the use of the materials to boost energy efficiency has redefined the global landscape; it could serve as a catalyst for meeting Sustainable Development Goals (SDGs). Industry players are expected to emphasize reducing fuel consumption and technological advancements to underpin their value propositions.
Forward-looking companies have upped investments in building thermal insulation to minimize energy consumption by preventing heat gain or loss. An uptick in residential, commercial and industrial buildings, underpinned by the green trend, has made eco-friendly structures prevalent. By 2030, the World Green Building Council has advised halving emissions of the buildings and construction sector. An IEA report claimed that the operation of buildings contributed 30% of the global final energy consumption in 2021. These trends have furthered the demand for recyclable insulation and renewable technologies amidst surging energy demand. The global building thermal insulation market size garnered around USD 33.5 billion in 2022 and is poised to exhibit a CAGR of 4.8% from 2022 to 2030.
Order your copy of the free Sample of "Insulation Industry Data Book - Insulation, Industrial Insulation, Building Thermal Insulation, Active Insulation, Electric Vehicle Insulation and Aerospace Insulation Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
The automotive sector has witnessed a proliferation in demand for insulation materials in electric vehicles. The IEA report alluded to the sales of EVs in China (pegged at 3.3 million) in 2021, while Europe observed 2.3 million EV sales during the period. Insulation manufacturers are likely to inject funds into foamed plastics for superior impact resistance and lightweight materials in EVs. Thermal materials have received an impetus in battery pack management, while acoustic insulation has garnered traction to minimize vehicle noise. The global electric vehicle insulation market size reached USD 1.7 billion in 2022 and is expected to depict a strong CAGR of 19.5% through 2030.
Industry dynamics could have an overarching influence on the global outlook. Some trends and opportunities are delineated below:
- Industrial insulation has become sought-after following the surge in energy demand and the need for fire- and personal -protection.
- Stakeholders expect insulation to exhibit profound demand in the aerospace sector amidst surging security threats. Besides, expanding aircraft building materials has propelled the aerospace insulation market growth.
- Asia Pacific will experience investment galore in light of thriving construction activities and the growth of the transportation industry.
Stakeholders envisage the U.S. and Canada to provide promising growth opportunities, partly due to rising aircraft manufacturing, EV production and green building trends. In March 2022, the Biden Administration announced an infusion of USD 3.1 billion to minimize utility bills with energy-efficiency home upgrades. The Weatherization Assistance Program (WAP) retrofit funding will include the installation of insulation, upgrading electrical appliances and updating heating and cooling systems. Bullish government policies to lower energy costs and create energy-efficient homes will reinforce the position of the North America insulation industry.
The regional footprint will further receive an uptick with the notable footprint of thermal insulation. Pronounced growth of the construction sector amid soaring energy costs has prompted industry players to boost their product portfolios.
The competitive landscape suggests that well-established and emerging players will infuse funds into organic and inorganic strategies, including technological advancements, innovations, R&D activities, joint ventures and mergers & acquisitions. To illustrate, in October 2022, Knauf Group announced pouring €135 million (approximately USD 147 million) to bolster insulation production capacity in Romania. The company expects the availability of Mineral Wool Insulation to bolster the renovation of buildings.
During the same period, Owens Corning announced an injection of USD 24.5 million in construction and machinery that could create 50 jobs. The construction of a 550,000-square-foot manufacturing facility adjacent to the Fort Smith facility could see the company manufacture insulation, fiberglass composite and roofing materials.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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