CHICAGO, March 1, 2022 /PRNewswire/ -- According to the report "OEM Insulation Market by Material Type (Mineral Wool, Polyurethane Foam, Flexible Elastomeric Foam, Other Insulations), End Use (Building & Construction, Industrial, Transportation, Consumer), & Region - Global Forecast to 2026", published by MarketsandMarkets, the global OEM Insulation Market size is projected to grow from USD 31.0 billion in 2021 to USD 40.8 billion by 2026, at a CAGR of 5.6% between 2021 and 2026. Increasing power and energy requirements in emerging economies and stringent regulations mandating the use of insulation materials for energy conservation are driving the OEM insulation market. Many HVAC equipment manufacturers are focusing on bringing in technical advancements of HVAC equipment used in construction sector which is driving the OEM insulation market globally. Another factor driving the growth of OEM insulation market is large number of public transport vehicles adopting air-conditioned technology. Governments of various countries are now adopting an integrated approach to conserve energy and bring in place an energy management system, which varies according to traffic and environmental conditions.
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Mineral Wool segment estimated to lead the OEM insulation market, in 2021
By material type, the mineral wool segment accounted for the largest share in the overall OEM insulation market. Minera wool finds high demand in building & construction segment and this growth can be attributed to the increasing population, expanding building insulation market, need for energy efficient equipment, rising environmental awareness, and need for cost savings. Mineral wool is non-combustible, has higher density and R-value, and also provides good acoustic properties which makes it a preferable choice in building & construction end use.
The building & construction sector is estimated to be leading end use in OEM insulation market, in 2021
By end use, the building & construction segment is expected to lead the overall OEM insulation market in 2021. Increasing investments and construction of commercial offices, warehouses, data centers, and SEZs are the key drivers which are driving the demand for HVAC equipment in the building & construction segment. OEM insulation is preferred in building & construction end use as it provides low thermal conductivity, energy saving ability, sound control, reduction in greenhouse gas emission, and results into cost saving. OEM insulation finds applications in doors, walls, ceilings, panels, and floors in commercial buildings.
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Europe projected to account for the largest share in the OEM insulation market during the forecast period
In 2021, Europe is estimated to account for the largest share in the OEM insulation market, while Asia Pacific is projected to register the highest CAGR of 6.2% between 2021 and 2026. Although there is a decline in the Asia Pacific market in 2020 due to the COVID-19 impact, the market is expected to grow at a moderate rate during the forecast period. This growth can be attributed to the increasing demand in mineral wool and PUF in countries, such as China, South Korea, India, Japan, Vietnam, and Australia.
Covestro AG (Germany), Owens Corning Corp. (US), Rockwool International A/S (Denmark), Saint-Gobain ISOVER (France), Knauf Insulation (US), Huntsman Corporation (US), Armacell International S.A. (Luxembourg), Aspen Aerogels Inc. (US), Johns Manville Corporation (US), Kingspan Group (Ireland), China Jushi Co. Ltd. (China), and Rogers Corporation (US) are the key players in the market.
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