As per the MRFR analysis, the global Commercial Insulation market is exhibiting a significant growth, and is anticipated to retain this growth through the forecast period, to reach USD 2,708.1 million by 2024.
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The market growth is attributed to increasing demand from building & construction industry for various applications, such as institutions, hospitals, office buildings, malls, airports, food & beverage, residential buildings, general commercial buildings, warehouses, and others. Office buildings is the major application for accounting major share and general commercial buildings is the fastest growing application in the overall commercial insulation consumption. In addition to this, the global market is driven by the increasing installation of insulation material in commercial applications to reduce energy cost. Owing to such factors, the global market is anticipated to witness significant growth at a CAGR of 5.71% through the forecast period.
The global Commercial Insulation market is segmented on the basis of type, application, and region.
The type of commercial insulation needed to provide energy efficiency includes wraps/sheets, coatings, and adhesives & sealants. By 2024, wraps/sheets is estimated to dominate the commercial insulation market, growing at a CAGR of 6.26%. The type of wraps/sheets commercial insulation include aluminum foil laminate, multi-ply composite membrane, insulation jacketing tapes, polyethylene duct wraps, and others. Among the type of wraps/sheets, aluminium foil laminates accounted for the largest market share of 41.8% in 2016 and is projected to lead the market, growing at a CAGR of 6.78% by 2024. Aluminum foil laminates are used in commercial building for insulating ducts and pipes.
Growing use of insulation material in building & construction industry is the most prominent factor driving the demand for global commercial insulation across the globe. Increasing use of commercial insulation has been seen in urban areas due to emerging technology awareness and importance of insulation material in commercial buildings.
The demand for commercial insulation in Asia and the Middle East has been expected to grow due to ample opportunities available because of the development of infrastructure. Asia Pacific accounted for the fastest growing market with a CAGR of 6.79% during the forecast period, due to the growing demand for energy efficient materials to enhance and maintain building temperature.
Furthermore, the growing opportunities in the Middle East offer various opportunities for investors, as several commercial buildings and offices are under construction with huge investments in the UAE, Qatar, and Iran. Some of the under construction projects in the UAE are Capital District, Business Bay, Masdar City, and Al Burjeel Hospital.
North America is highly focused on providing cost-effective and secured insulation for commercial applications. The renovation of buildings and regulations of control environment act increases the opportunity for manufacturers to provide energy efficient insulation in commercial pipes and buildings. Hence, commercial insulation market has enough potential to sustain in North America.
The lack of adequately skilled labor can affect the installation cost in commercial buildings, which in turn, restrains the market growth. However, increasing awareness, innovation, and training programs offers better future for commercial insulation market.
The study was conducted using an objective combination of primary and secondary information, including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape, in addition to a SWOT analysis of key vendors.
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