The global glass wool insulation market value is predicted to reach US$ 4.2 billion in 2023. Overall sales of glass wool insulation are likely to rise at 4.8% CAGR, taking the total market valuation to US$ 6.8 billion by 2033.
The adoption of glass wool insulation is expected to remain high in the residential construction sector. This is due to rising focus of homeowners on reducing energy consumption as well as costs. The target segment is anticipated to register a CAGR of 4.6% CAGR through 2033.
Rising adoption of glass wool insulation in residential & industrial buildings, HVAC systems, and other appliances is expected to drive the global market forward. This is due to the ability of glass wool insulation to reduce energy consumption and increase savings.
Glass wool insulation is a commonly used and effective option for enhancing energy efficiency, thermal comfort, and acoustic performance of buildings. It is also known as fiberglass insulation.
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Glass wool insulation is lightweight, fire-resistant, eco-friendly, and corrosion-resistant. It is used for thermal and acoustic insulation. Increasing usage of glass wool insulation in buildings and industrial applications for reducing heat transfer and improving energy efficiency is expected to boost the target market.
The exponential growth of residential sector due to increasing population is creating lucrative opportunities for glass wool insulation manufacturers. This trend is likely to further escalate during the forecast period amid rising trend of green construction.
According to the United Nations (UN), the global population is estimated to reach US$ 9.7 billion in 2050 and 10.4 billion by 2100. This is expected to create a high demand for new residential buildings which in turn will bolster glass wool insulation sales.
Glass wool insulation helps homeowners to improve energy efficiency, acoustic performance, and thermal comfort of buildings. As a result, this type of insulation is gaining immense popularity in residential sector.
Growth in the global wool insulation market will also be triggered by several other factors. These include implementation of stringent energy efficiency regulations by governments across the world and growing popularity of green buildings.
Glass wool insulation also finds usage in HVAC systems as well as industrial equipment. Growing adoption of these products will therefore uplift glass wool insulation during the assessment period.
Key Takeaways from the Glass Wool Insulation Market Report:
The global glass wool insulation industry is projected to total a valuation of US$ 6.8 billion by 2033.
Based on application, residential construction segment is expected to thrive at 4.6% CAGR through 2033.
The United States market is expected to reach a valuation of US$ 1.2 billion by 2033.
Demand in Japan is predicted to rise at 4.6% CAGR through 2033.
Sales revenue in China is projected to total US$ 1.3 billion by 2033.
The United Kingdom market is set to expand at 4.6% CAGR between 2023 and 2033.
Japan market size is anticipated to reach US$ 1.0 billion by 2033.
“Rising popularity of green buildings and enforcement of new energy efficiency regulations are expected to present lucrative growth opportunities for glass wool insulation companies during the assessment period. To take advantage of these opportunities, key companies need to continuously upgrade their portfolios by launching new products with enhanced features.” - says a lead Future Market Insights (FMI) analyst
Who is Winning?
The key players are concentrating on developing new light and environment-friendly products to meet evolving end user demand. They are also employing strategies such as acquisitions, partnerships, mergers, alliances, collaborations, and distribution agreements to improve their revenues and strengthen their footprint.
Recent developments:
In August 2022, Owens Corning launched a new fiberglass insulation called PINK Next Gen Fiberglass.
In May 2023, URSA partnered with UPM Biochemicals in order to develop eco-friendly building insulation that could help to significantly reduce energy consumption and lower Co2 emissions.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the global glass wool insulation market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on application (residential construction, commercial & industrial construction, industrial & HVAC applications, appliances & other applications) and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).