Key drivers for OEM insulation market have been identified
The global OEM insulation market is one that is expected to grow steadily over the course of the next decade, according to a new study published by Precedence Research.
The research predicts that the OEM insulation market size will rise to approximately €49.74 billion ($53.2 billion) by the year 2030, which would be a compound annual growth rate of 5.59% from the market’s €13.56 billion valuation in 2022.
Precedence Research cites a number of reasons as to why the OEM insulation market is expected to see this aforementioned growth. One driver is the growing adoption of OEM insulation in industries such as construction and the building sector.
“The use of insulation in the construction and the building industry is expected to have a dominant position even in the coming years and it is expected to have the largest market share in terms of revenue during the forecast period,” the report notes.
There has reportedly been a rise in the implementation of acoustic insulation within modern infrastructures, and new innovations in heating and ventilation mean that the OEM insulation market is key for developing urban regions.
Another driver of this market is the growing demand for consumer products that are energy efficient. Meanwhile, the transport sector is expected to drive demand for the insulation market further, due to the growing adoption of air conditioning in different modes of transport. As insulation helps manufacturers with testing fireproofing and regulating temperatures, the automotive industry is expected to further bolster demand within the OEM insulation industry.
The report cites technical installation such as FEF (Flexible Elastomeric Foams) as one way to be energy-efficient in the world of OEM insulation. This innovation’s “usage in ventilation purposes, cooling and heating purposes will drive the market growth in the coming years and it is expected to provide major opportunities for the growth of the market during the forecast period,” it is claimed.