By 2023, the value of the global glass wool insulation market is expected to reach USD 4.2 billion. By 2033, the market for glass wool insulation is expected to be valued at USD 6.8 billion, growing at a 4.8% annual growth rate.
It is anticipated that the residential construction industry will continue to use a high percentage of glass wool insulation. This is because homeowners are becoming more concerned with cutting expenses and energy use. Through 2033, the target segment is expected to grow at a CAGR of 4.6%.
The global market is anticipated to grow due to the increasing use of glass wool insulation in HVAC systems, other appliances, and residential and commercial buildings. This is because glass wool insulation has the capacity to both increase and decrease energy consumption.
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
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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.
Top Key Players in the Glass Wool Insulation Market
- Alghanim Industries
- Bradford Insulation Industries Ltd
- Chez Knauf Insulation SPRL
- Compagnie de Saint-Gobain
- Johns Manville Corporation
- Owens Corning
- URSA Insulation SA
- Fibertec, Inc.
- Fibertek Insulation LLC
- Knauf Insulation
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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