Detroit, MI – May 12, 2025 – Stratview Research forecasts the global insulation market to grow at a CAGR of 3.3% from 2023 to 2028, reaching an estimated USD 83.2 billion by 2028. This growth is driven by increasing construction activities, rising industrial projects, and a heightened focus on energy efficiency and comfort in residential and commercial spaces.
Market Segmentation:
- By Material Type:
- Plastic Foam: Expected to remain the largest segment due to its high insulation value, low water absorption, resistance to mold and mildew, versatility, low thermal conductivity, longevity, fire resistance, and ease of installation.
- Fiberglass: Anticipated to be the fastest-growing material type, owing to its effectiveness, durability, eco-friendliness, energy efficiency, ease of installation, and low cost.
- By End-Use Industry:
- Construction: The largest end-use segment, driven by increased urbanization and the need for energy-efficient buildings.
- Industrial: Growth fueled by the expansion of manufacturing and processing industries requiring thermal insulation.
- Transportation: Rising demand in automotive, marine, and aerospace sectors to enhance energy efficiency and passenger comfort.
Regional Insights:
- Asia-Pacific: Projected to maintain the largest market share through 2028, supported by rapid industrialization, urban development, and increased oil production in countries like China and India.
- Europe: Expected to be the fastest-growing region, attributed to stringent energy efficiency regulations and the presence of major insulation product manufacturers.
Key Players:
Stratview Research identifies the following as prominent players in the global insulation market:
- Owens Corning
- Saint-Gobain
- Rockwool International
- Knauf Insulation
- BASF SE
- Kingspan Group
Recent Developments:
- In April 2023, Saint-Gobain acquired Twiga Fiberglass Ltd., one of the leading glass fiber insulation manufacturers in India (Uttar Pradesh) for an enterprise value of US$ 51 million (Approx.)
- In August 2022, Owens Corning acquired Natural Polymers, LLC, a manufacturer of spray foam insulation for building and construction applications, for approximately US$ 111 million (net cash acquired).
- In June 2022, Xella Group sold its insulation business, URSA, to ETEX. URSA is one of the leading players in Europe for extruded polystyrene (XPS) and glass mineral wool.
- In March 2021, Recticel acquired FoamPartner, the Swiss-based global provider of high added-value technical foams. Recticel Flexible Foams and FoamPartner merged and formed the Recticel Engineered Foams business line.
For more detailed insights and customized reports, please visit Stratview Research.
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