According to the report titled ‘Global Residential Insulation Market: Analysis By Material (Fiberglass, Foamed Plastic, Mineral Wool, Others), Project Type, Area of Building, Housing Type, By Region, By Country (2020 Edition) : Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global residential insulation market was valued at USD 26.12 billion in 2019 and is expected to rise exponentially during the period 2020-2025.
 

Growing urbanization and rapid industrialization, particularly in developing economies like India and China, coupled with massive investments in the construction of residential buildings are factors propelling the growth of global residential insulation market.
 

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In this regard, World Green Building Council in 2019 reported that all the new buildings, renovations, and infrastructure to be developed and constructed in the future will have at least 40 percent less embodied carbon, and zero operational carbon by 2030 and will become operational carbon-free by the year 2050.
 

Furthermore, strategic measures undertaken by prominent players in terms of new product launches, mergers & acquisitions, are further accelerating development of global residential insulation market.
 

Citing an instance, Johns Manville Corporation introduced a mineral wool-based insulation product in 2017, that was non-combustible and offered fire-resistant, highly thermal-efficient features and was named JM CladStone Water & Fire Block Insulation.
 

From a regional standpoint, Asia Pacific is currently leading the business sphere in terms of revenue share and is likely to witness significant growth during the projected timeline due to the surging construction of luxury housing units, combined with huge spending on infrastructure developments in emerging economies of the region.
 

The competitive landscape of worldwide residential insulation industry is defined by companies such as CertainTeed Corporation, Knauf Insulation, Owens Corning, Kingspan Group plc, Johns Manville Corporation, DuPont de Nemours, Inc., Huntsman Corporation, American Rockwool, Inc., Covestro AG, and BASF SE among others.