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The Growth of the Insulation Products Market Was Largely Influenced by Agreements and Expansions in the Past Few Years
MarketsandMarkets projects the global market for insulation products to grow from USD 43.53 Billion in 2016 to USD 62.84 Billion by 2021, at a CAGR of 7.46%. The growth of the insulation products market is supported by the growing parent industries such as construction, automotive, and aerospace & defense in both, developed and developing countries as well as the increasing need for sustainable and efficient ways of insulation which is responsible for safety of the surroundings.
The key players in the insulation products market are Avery Dennison Corporation (U.S.), E. I. du Pont de Nemours and Company (DuPont) (U.S.), Trelleborg AB (Sweden), Owens Corning Corporation (U.S.), 3M Company (U.S.), Sika AG (Switzerland), and BASF AG (Germany). The other notable players in the market are John Manville, Inc. (U.S.), Knauf Insulation (U.S.), and DUNMORE Corporation (U.S.). These players have emphasized and adopted various strategies to expand their global presence and increase their market share. Agreements & expansions, acquisitions & mergers, and new product launches are some of the major strategies adopted by the market players to achieve growth in the insulation products market.
The growth of the insulation products market was largely influenced by agreements and expansions in the past few years. The year 2016 experienced a large number of strategies adopted by top players in the market. Agreements & expansions, mergers & acquisitions, and new product launches formed the essential part of their strategies, which led to the flow of considerable income within the company. To maintain a competitive advantage over their competitors, top players emphasized on new product launches.
Agreements & expansions were adopted by most of the players in the insulation products market. Companies adopted these strategies to increase the reach of their offerings, improve their production capacity, and focus on core operations. Companies aim to serve the market efficiently by investing in manufacturing facilities and acquiring distribution centers in the fast-growing regions. As a result of the same, Trelleborg AB (Sweden) and BASF SE (Germany) emphasized on launching key strategies to expand business operations.
Trelleborg AB is a Sweden-based company which provides engineered polymer solutions that protect critical applications in severe environments for customers across various industries. The company has a business presence in every regional area–North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa–and operates in 44 countries across the world. The company has an excellent hold on the capital-intensive business segments such as oil & gas, transportation, agricultural, infrastructure, and aerospace. These capital-intensive segments accounted for a share of 51% of the total revenue of the company in 2015. The company has excellent expertise in the manufacturing of acoustic and thermal insulation products for capital-intensive market industries. These products are very light-weight and can be used in capital-intensive industries. The company’s insulation products deliver exceptional performance in extreme conditions. The company’s key competitors include 3M Company (U.S.) and Avery Dennison Corporation (U.S.).
BASF SE is one of the key manufacturers of chemicals and has superior expertise in the manufacturing of intermediate materials such as solvents, plasticizers, glues, and electronic chemicals. The company has excellent global reach with manufacturing sites in more than 80 countries and business operations in more than 200 countries around the world. BASF’s performance material segment manufactures and supplies insulation materials, plastics, plastic adhesives, polyurethanes foam, and other specialty products for residential & commercial construction, infrastructure, and energy & mining. These products are also preferred in the consumer durables segment such as appliances, furniture, athletic equipment, and medical devices. The company’s key competitors are 3M Company (U.S.), Avery Dennison Corporation (U.S.), Knauf Insulation (U.S.), and Sika AG (Switzerland).
Insulation Products Market by Insulation Type (Thermal, Acoustic, and Vacuum), Material (Mineral Wool, Fiberglass, and Foamed Plastics), End-use Industry (Residential, Commercial, and Industrial, HVAC & OEM), and Region - Global Forecast to 2021
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