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The global insulation market has been forecast to hit a value of US$35 billion by 2018, driven primarily by continuing construction activity in developing countries, and the turnaround in developed markets.
Rebounding from the slowdown it suffered after the 2008-09 financial crisis seriously impacted the construction industry, the global market for insulation products is predicted to register a growth of 5% per annum in volume terms over the next five years to reach a level of approximately 29 billion square meters of R-1 value by 2016.
Insulation refers broadly to any object in a building used as insulation for any purpose. While the majority of insulation in buildings is for thermal purposes, the term also applies to acoustic insulation, fire insulation, and impact insulation (e.g. for vibrations caused by industrial applications). Often an insulation material will be chosen for its ability to perform several of these functions at once.
In developing countries, insulation demand is expected to expand at a healthy pace due to rising building construction and industrial activity. In most developed countries, insulation sales are expected to rebound after falling in 2008 and 2009 due to housing market collapses in several countries. In addition, governments are expected to adopt new regulations concerning building insulation in an effort to reduce energy consumption, further boosting demand.
Europe remains the global market leader in demand for insulation materials. However, Europe is set to lose its market dominance to Asia-Pacific by 2015, which represents the fastest growing market for insulation products worldwide.
The rapid increase in the population and robust economic growth are the key factors driving growth in the residential as well as the non-residential construction market in Asia-Pacific, creating robust demand for insulation solutions.
For more information on the global insulation market, see the latest research: Global Insulation Market
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