Insulation Market Trends

Growth Drivers

• Role of biocomposite insulating materials in the future of green construction- Mycelium biocomposites (MCB) have gained huge traction for the production of MCB insulation foams. It exhibits high moisture resistance, dimensional stability, hydrophobicity, and fire resistance. MCB is a circular, biodegradable insulation material widely used in the construction industry.  These mycelium biocomposites are manufactured using mushroom mycelium, rapeseed straw, Ganoderma resinaceum mycelium, and other agricultural byproducts and are a sustainable alternative to conventional insulation materials.
  
  Biohm is a prominent manufacturer of mycelium-based fiber-reinforced composites and monolithic materials for construction, interior or architecture development, and retail packaging end users. Mycelium composites are an emerging type of affordable and sustainable materials, experiencing rising research interest and commercialization, particularly in the U.S. and EU for construction applications. Since these materials utilize natural fungal growth for low-energy bio-fabrication, they offer the opportunity to upcycle abundant agricultural waste and by-products. MCB has customizable properties and showcases the potential to replace synthetic foams, plastics, and timber.

• Rampant technological innovations- Technological developments and a focus on addressing the changing demands of different industries have led to substantial progress and innovation in the insulation market. These improvements are anticipated to result in significant revenue growth and a wider range of opportunities for the electrical insulation materials market.
  
  In June 2022, DuPont Performance Building Solutions announced the reformulation of Thermax polyisocyanurate insulation to eliminate the use of halogenated flame retardants. This updated product formulation represents another advancement in DuPont's ongoing efforts to develop technologies that prioritize safety through design further driving the Insulation market growth.
• Rapid urbanization and increasing industrial development- The market is growing due to rapid urbanization and increasing industrial activity, and this rise is expected to continue during the projected period. Prominent participants in the global insulation sector are collaborating with small- and medium-sized manufacturers to expand their geographical footprint. Fiberglass and plastic foam are widely employed insulating materials in the global industry.
  
  The insulation market is expanding as a result of increasing infrastructure development initiatives in emerging economies and the continuously growing global population. In April 2021, Installed Building Products, Inc., acquired Alert Insulation to diversify its product offerings. Their primary products and services cater to business customers and include the installation of fiberglass insulation, fireproofing, and acoustical ceiling systems.

Challenges

• Rising health concerns - A major growth hurdle is the health risks of using insulating products. During laying, glass wool could damage the eyes and lungs. Due to styrene emissions, expanded and extruded polystyrenes are restricted. These insulation products' health risks limit their use and may slow insulation market growth in the projected term.

• Lack of awareness - The insulation materials industry may not reach its maximum growth potential if consumers remain unaware of the benefits of insulation. This could hinder the development of innovative and more efficient insulating techniques. Moreover, buildings lacking sufficient insulation consume a greater amount of energy, leading to an increase in their carbon footprint and the emission of greenhouse gases into the atmosphere.