With the technological advancements, the construction methods, materials, and insulation materials have developed significantly. According to the market intelligence report by BIS Research titled, ‘Global Insulation Material Market- Analysis and Forecast (2017-2021)’, the market is expected to register growth at a CAGR of 6.2% during the forecast period. To increase the global footprint, insulation material manufacturers are coming up with various strategies such as product launches, mergers, and acquisitions with different distribution networks. Further, various countries’ government, federal agencies, and private research institutes are putting in substantial efforts to reduce the energy consumption and to increase the awareness as well as the benefits of insulation materials among the consumers.
In March 2018, Knauf Insulation, UK’s sustainable insulation manufacturer and Veolia developed a new high-tech glass recycling facility to treat used glass bottles and jars, with the capacity of 60,000 tonnes per year. The new facility enables Knauf Insulation to secure its glass supply and maximize the use of recycled materials instead of using the fresh material. The facility uses the latest technology to sort and separate glass at the micro-level with exceptional accuracy, delivering an ultra-pure glass cullet.1
In March 2018, Woodland based Chemical giant, Huntsman Corp. acquired Demilec, Texas based manufacturer of spray foam and special insulation, to expand its business in the insulation market. “The integration of Demilec into our polyurethane business offers significant synergies and delivers substantially higher and very stable margins by pulling through large amounts of polymeric MDI (methylene Diphenyl diisocyanate into specialized spray foam systems” said by Peter Huntsman, president and CEO of Huntsman Corp.2
Last year, in November 2017, Rockwool International A/S started the construction of a basalt mineral wool production plant in Romania with an investment of $55.3 million. This expansion is expected to help the company to move towards fire safety and energy efficient buildings. Further, the project will strengthen the companies’ strong presence in Romania and will contribute to the growth of local economy.3
The market for insulation material is intensively competitive on the global level due to the presence of a large number of market players. Some of the established players of the market are BASF SE, Huntsman Corporation, Knauf Insulation, Johns Manville, Nova Chemicals Corporation, and Evonik industries, among others. These players provide a broad product portfolio for the specific needs of the insulation industry and have a strong presence in North America, Asia- Pacific, and European region. Moreover, Extensive R &D activities and appropriate regulatory environments are some of the prerequisites for the growth of the market.