OEM Insulation Market worth $40.8 billion by 2026 | Key players Covestro AG, Owens Corning Corp., Rockwool International A/S, Saint-Gobain ISOVER, Knauf Insulation

According to recent market research "OEM Insulation Market by Material Type (Mineral Wool, Polyurethane Foam, Flexible Elastomeric Foam, Other Insulations), End Use (Building & Construction, Industrial, Transportation, Consumer), & Region - Global Forecast to 2026", The global OEM insulation market size is projected to grow from USD 31.0 billion in 2021 to USD 40.8 billion by 2026, at a CAGR of 5.6% between 2021 and 2026. Increasing power and energy requirements in emerging economies and stringent regulations mandating the use of insulation materials for energy conservation are driving the OEM insulation market. Many HVAC equipment manufacturers are focusing on bringing in technical advancements of HVAC equipment used in construction sector which is driving the OEM insulation market globally. Another factor driving the growth of OEM insulation market is large number of public transport vehicles adopting air-conditioned technology. Governments of various countries are now adopting an integrated approach to conserve energy and bring in place an energy management system, which varies according to traffic and environmental conditions.

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Mineral Wool segment estimated to lead the OEM insulation market, in 2021

By material type, the mineral wool segment accounted for the largest share in the overall OEM insulation market. Mineral wool finds high demand in building & construction segment and this growth can be attributed to the increasing population, expanding building insulation market, need for energy efficient equipment, rising environmental awareness, and need for cost savings. Mineral wool is non-combustible, has higher density and R-value, and also provides good acoustic properties which makes it a preferable choice in building & construction end use.

The building & construction sector is estimated to be leading end use in OEM insulation market, in 2021

By end use, the building & construction segment is expected to lead the overall OEM insulation market in 2021. Increasing investments and construction of commercial offices, warehouses, data centers, and SEZs are the key drivers which are driving the demand for HVAC equipment in the building & construction segment. OEM insulation is preferred in building & construction end use as it provides low thermal conductivity, energy saving ability, sound control, reduction in greenhouse gas emission, and results into cost saving. OEM insulation finds applications in doors, walls, ceilings, panels, and floors in commercial buildings.

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The global OEM insulation market size is projected to grow from USD 31.0 billion in 2021 to USD 40.8 billion by 2026, at a CAGR of 5.6% between 2021 and 2026. The growth of this market is attributed to growing stringent regulations for energy-efficient insulation equipment, increase in number of HVAC applications, technological advances, and growing demand in construction, industrial, and transportation industries in Asia Pacific and North American regions.

The OEM insulation market is dominated by large players, such as Covestro AG (Germany), Owens Corning Corp. (US), Rockwool International A/S (Denmark), Saint-Gobain ISOVER (France), Knauf Insulation (US), Huntsman Corporation (US), Armacell International S.A. (Luxembourg), Johns Manville Corporation (US), Kingspan Group (Ireland), China Jushi Co. Ltd. (China), and Rogers Corporation (US). These players have adopted various growth strategies, such as expansions, new product developments, acquisitions, and agreements, to enhance their market footprint and improve their product portfolios. Expansion of their manufacturing plants and offices, globally, is the key strategy adopted by the major players to cater to the increasing demand for OEM insulation products.

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The pandemic has impacted more than five billion people across the world, till April 2020. More than 100 countries were under complete or partial lockdown which impacted the OEM insulation business globally and regionally. Supply chain disruption and lockdown due to the pandemic have impacted the GDP of all major economies, such as Germany, the US, Japan, the UK, India, Italy, and France. However, the OEM insulation market is showing signs of recovery and is expected to grow at a moderate rate during the forecast period.
Since January 2020, many OEM insulation manufacturers have entered into various agreements, launched new products, and expanded their production capacities. In December 2020, Owens Corning announced the launch of FOAMULAR NGX (Next Generation Extruded), which is an XPS foam used as a building material, and it delivers 90% reduction in global warming.

In November 2020, Covestro AG developed a sustainable cast elastomer solution, enabling the offshore industry to reduce carbon footprints and environmental impact. The polyurethane elastomers are based on cardyon brand polyols, which contain CO2 and offer the performance as corresponding petrochemical-based elastomers.
In February 2020, Rockwool International A/S announced the acquisition of Parafon, the producer of stone wool-based acoustic solutions. Parafon will be a part of Rockwools Rockfon business.

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