Awareness Drives Insulation Demand

The global insulation market size is expected to reach US$102.47 billion by 2030, registering a compound annual growth rate (CAGR) of 6.6 per cent, says a report by Grand View Research, Inc. Government initiatives to promote energy efficiency and sustainable development through insulation technologies are estimated to fuel product demand. Expanded polystyrene insulation (EPS) emerged as the largest product segment and accounted for a 27.3 per cent share of global revenue in 2021. The segment is expected to continue its dominance over the forecast period due to the high demand for its lightweight and high-tensile plastic foam insulation property. Glass wool is expected to be the second-largest product segment by 2030 because of its thermal and acoustic insulation properties, such as high tensile strength. The rising awareness levels regarding environmentally friendly construction practices are expected to propel the product demand with an aim to reduce energy consumption.