Polyisocyanurate Insulation Market - Forecast(2023 - 2028)

Report Code: CMR 16911 Report Format: PDF + Excel

Polyisocyanurate Insulation Market Overview

The Polyisocyanurate Insulation Market size is estimated to reach US$18.1 billion by 2027, after growing at a CAGR of 6.2% during the forecast period 2022-2027. Polyisocyanurate (PIR) or polyiso is a thermoset plastic produced as a foam for thermal insulation prepared using polyol and isocyanate. The materials are similar to polyurethane except for a high proportion of methylene diphenyl diisocyanate and polyester-derived polyol instead of polyether polyol. Polyisocyanurate insulation has major applications in commercial roof structures, walls and floor insulation, refrigeration products and others, owing to superior thermal insulation, installation ease and reusability, thereby acting as a driver in the polyisocyanurate insulation industry. In addition, the rising trend for sustainable energy standards is propelling growth scope for the polyisocyanurate insulation market. Moreover, the disruptions led by the covid-19 outbreak due to disturbance in construction activities, supply chain disruption, falling demand and other lockdown restrictions impacted the growth scope. However, significant recovery in the major end-use sector is boosting the demand for polyisocyanurate insulation for a wide range of applicability and utilization in automotive, construction and consumer goods. Thus, the polyisocyanurate insulation industry is anticipated to grow rapidly and contribute to the polyisocyanurate insulation market size during the forecast period.

Polyisocyanurate Insulation Market Report Coverage

The report: “Polyisocyanurate Insulation Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Polyisocyanurate Insulation Industry.

By Type: Liquid, Spray and Rigid Foam/Board.
By Application: Walls, Roofs, Ceilings, Heating Ventilation and Air Conditioning (HVAC) Systems, Refrigerators and Others.
By End-use Industry: Building & Construction (Residential, Commercial, Industrial and Infrastructural), Automotive [Passenger Vehicles [PVs], Light Commercial Vehicles 9LCVs) and Heavy Commercial Vehicles (HCVs)], Consumer Goods and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle-East (Saudi Arabia, UAE, Israel and Rest of the Middle-East) and Africa (South Africa, Nigeria and Rest of Africa)].

Key Takeaways

  • North America dominates the Polyisocyanurate Insulation Market, owing to growth factors such as the flourished base for the residential, commercial and industrial sectors, initiatives towards infrastructural projects and fast-paced urbanization, thereby boosting growth in this region.
  • The flourishing building & construction sector across the world is propelling the demand for polyisocyanurate insulation for various applications in thermal, hybrid and acoustic insulation for walls and roofs, ceilings and others, thereby influencing the growth in the polyisocyanurate insulation market size.
  • The rigid foam type segment has high demand over liquid and sprays owing to superior R-value per inch and preference for wall and flat roof applications in construction.
  • However, the arising health hazards and availability of substitutes for polyisocyanurate foams act as a challenging factor in the polyisocyanurate insulation industry.

Figure: Polyisocyanurate Insulation Market Revenue Share, By Geography, 2021 (%)

Polyisocyanurate Insulation Market

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Polyisocyanurate Insulation Market Segment Analysis – By Type

The rigid foam/board segment held a significant Polyisocyanurate Insulation Market share in 2021 and is estimated to grow at a CAGR of 6.1% during the forecast period 2022-2027. The rigid foam/board has high demand due to superior features such as lightweight and high efficiency in building & construction activities. The preference for polyisocyanurate insulation foams or polyurethane is flourishing in the construction sector for the majority of flat roofs and wall assembles compared to spray and liquid types as it offers a high R-value per inch and great efficiency across a wide range of temperatures. Thus, with the flourishing utilization of rigid foam/board polyisocyanurate insulation in the building & construction sector, the rigid foam/boards type segment is projected to grow rapidly in the polyisocyanurate insulation market during the forecast period.

Polyisocyanurate Insulation Market Segment Analysis – By End-use Industry

The building & construction segment held a significant Polyisocyanurate Insulation Market share in 2021 and is projected to grow at a CAGR of 6.5% during the forecast period 2022-2027. The lucrative growth in the building & construction sector is influenced by growth factors such as rising government for infrastructural projects and residential housing and rapid industrialization. According to World Bank data, the growth of the construction sector in the South Asia region is 6.6% in 2022. According to European Construction Industry Federation (FIEC), construction activity increased by 10.3% in volume in France for the year 2021 compared to 2020. With the robust production and growth scope for the building & construction sector, the demand for polyisocyanurate insulation for applicability in ceilings, walls, roofs, HVAC systems and others is growing, which, in turn, is projected to boost its growth prospect in the building & construction industry during the forecast period.

Polyisocyanurate Insulation Market Segment Analysis – By Geography

North America held the largest Polyisocyanurate Insulation Market share in 2021 up to 41%. The significant growth for polyisocyanurate insulation in this region is influenced by the established production base for the construction activities, flourishing infrastructural projects and rapid urbanization. According to the Conference Board of Canada, the residential construction investment rose by 7.6% in March 2021 to US$10.99 billion over the past 11 months. According to the United States Census Bureau, the total privately-owned housing units completed in the U.S rose from 1326 thousand units in December 2021 to 1465 thousand units in May 2022. According to Statistics Canada, the total investment in building construction saw an increase of 2.7% in April 2022 over the previous month. With the rising building & construction projects, the utilization of polyisocyanurate insulation for thermal, hybrid and acoustic insulation in the residential, commercial and industrial sectors is growing, which, in turn, is projected to boost the growth prospects for polyisocyanurate insulation in North America region during the forecast period.

Polyisocyanurate Insulation Market Drivers

Surging Utilization in Residential Building & Construction Sector :

The polyisocyanurate insulation which is shaped by a mixture of isocyanate and polyol has major utilization in the residential sector for green buildings, private houses and others for thermal insulation and lower energy consumption. The residential sector is growing rapidly owing to factors such as a rise in residential building projects, initiatives by the government and rapid urbanization. According to the National Investment Promotion & Facilitation Agency, the construction industry in India is expected to reach US$ 1.4 trillion by 2025. According to the States Census Bureau, the total residential construction in the US increased from US$797.728 in May 2021 to US$947,272 in May 2022. With the flourishing residential housing and building activities, the utilization of polyisocyanurate insulation in walls and roofs, ceilings and HVAC systems is rising, which, in turn, is fueling its demand and driving the polyisocyanurate insulation industry.

Flourishing Growth of the Automotive Industry:

Polyisocyanurate Insulation has significant applications in the automotive industry for heat transfer between solid, liquid and gas phases. The automotive sector experiences lucrative growth owing to growth factors such as rising public transportation, demand for fuel-efficient and vehicle electrification and rising income levels. According to the European Automobile Manufacturer Association, South America car production grew by 11% while US car production grew by 3.1% in 2021. According to the China Association of Automotive Manufacturers (CAAM), the production and sales of new energy vehicles reached 1.29 million units and 1.25 million units in quarter 1st of 2022 respectively, showing an increase of 140% year-on-year. With the increase in automotive vehicle production, the applicability of polyisocyanurate insulation for heat transfer, HVAC in vehicles and others is rising, which, in turn, is boosting its demand, thereby driving the polyisocyanurate insulation industry.

Polyisocyanurate Insulation Market Challenge

Health Hazards Associated with Polyisocyanurate and Availability of Alternative:

The polyisocyanurate insulation foams are prepared by reacting polyols and isocyanates and usually contain TCPP, a halogenated flame retardant, which is considered hazardous to health and leads to toxicity. This act as a growth-restraining factor for the polyisocyanurate insulation market. In addition, various alternatives for polyisocyanurates such as spray foam polyurethane for insulation create competition in the market. Moreover, various foams such as engineered polystyrene insulation offer superior features over polyisocyanurates such as high moisture absorption, more R-value and recyclability. Thus, the utilization and demand for PIR insulation foams face major growth hindrances; thereby the polyisocyanurate insulation industry anticipates a slowdown.

Polyisocyanurate Insulation Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Polyisocyanurate Insulation Market. The top 10 companies in the Polyisocyanurate Insulation Market are:

  1. DowDuPont Inc.
  2. Saint-Gobain
  3. Atlas Roofing Corporation
  4. GAF Materials Corporation
  5. BASF SE
  6. Owens Corning Insulating Systems
  7. Kingspan Group plc
  8. Honeywell International Inc
  9. IKO Industries Ltd
  10. Rmax Operating LLC

Recent Developments

  • In November 2021, GAF announced the expansion of commercial roofing operations with the start of production at the polyisocyanurate insulation manufacturing plant for its EnergyGuard line of products, thereby increasing the capacity and growth scope.
  • In March 2021, Belgium-based Recticel signed an agreement to acquire the thermal polyisocyanurate insulation business of the Gor-Stal, intending to further expand the insulation business and growth scope.
  • In November 2019, Johns Manville (JM) acquired ITW Insulation Systems, well known for premium, low-temperature polyisocyanurate insulation foam, intending to expand the insulation business and offer a well-rounded portfolio.

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1. Polyisocyanurate Insulation Market - Market Overview
    1.1 Definitions and Scope
2. Polyisocyanurate Insulation Market - Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-use Industry
    2.4 Key Trends by Geography
3. Polyisocyanurate Insulation Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Polyisocyanurate Insulation Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Polyisocyanurate Insulation Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Polyisocyanurate Insulation Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Polyisocyanurate Insulation Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Polyisocyanurate Insulation Market – by Product Type (Market size – US$ Million/Billion)
    8.1 Liquid
    8.2 Spray
    8.3 Rigid Foam/Board
9. Polyisocyanurate Insulation Market – by Application (Market size – US$ Million/Billion)
    9.1 Walls
    9.2 Roofs
    9.3 Ceilings
    9.4 Heating Ventilation and Air Conditioning (HVAC) Systems
    9.5 Refrigerators
    9.6 Others
10. Polyisocyanurate Insulation Market - by End-use Industry (Market Size - US$ Million/Billion)
    10.1 Building & Construction
        10.1.1 Residential
        10.1.2 Commercial
        10.1.3 Industrial
        10.1.4 Infrastructure
    10.2 Automotive
        10.2.1 Passenger Vehicles (PVs)
        10.2.2 Light Commercial Vehicles (LCVs)
        10.2.3 Heavy Commercial Vehicles (HCVs)
    10.3 Consumer Goods
    10.4 Others
11. Polyisocyanurate Insulation Market - by Geography (Market Size - US$ Million/Billion)
    11.1 North America
        11.1.1 the USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 the UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 the Netherlands
        11.2.6 Spain
        11.2.7 Belgium
        11.2.8 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zeeland
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle-East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle-East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Polyisocyanurate Insulation Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Polyisocyanurate Insulation Market – Industry/Competition Segment Analysis Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Polyisocyanurate Insulation Market – Key Company List by Country Premium Premium
15. Polyisocyanurate Insulation Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more

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LIST OF TABLES

1.Global Polyisocyanurate Insulation Market Analysis By Type Market 2019-2024 ($M)
1.1 Rigid Foam/ Board Market 2019-2024 ($M) - Global Industry Research
2.Global Polyisocyanurate Insulation Market Analysis By End User Market 2019-2024 ($M)
2.1 Roof Market 2019-2024 ($M) - Global Industry Research
2.2 Wall Market 2019-2024 ($M) - Global Industry Research
2.3 Transport Market 2019-2024 ($M) - Global Industry Research
3.Global Polyisocyanurate Insulation Market Analysis By Type Market 2019-2024 (Volume/Units)
3.1 Rigid Foam/ Board Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Polyisocyanurate Insulation Market Analysis By End User Market 2019-2024 (Volume/Units)
4.1 Roof Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Wall Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Transport Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Polyisocyanurate Insulation Market Analysis By Type Market 2019-2024 ($M)
5.1 Rigid Foam/ Board Market 2019-2024 ($M) - Regional Industry Research
6.North America Polyisocyanurate Insulation Market Analysis By End User Market 2019-2024 ($M)
6.1 Roof Market 2019-2024 ($M) - Regional Industry Research
6.2 Wall Market 2019-2024 ($M) - Regional Industry Research
6.3 Transport Market 2019-2024 ($M) - Regional Industry Research
7.South America Polyisocyanurate Insulation Market Analysis By Type Market 2019-2024 ($M)
7.1 Rigid Foam/ Board Market 2019-2024 ($M) - Regional Industry Research
8.South America Polyisocyanurate Insulation Market Analysis By End User Market 2019-2024 ($M)
8.1 Roof Market 2019-2024 ($M) - Regional Industry Research
8.2 Wall Market 2019-2024 ($M) - Regional Industry Research
8.3 Transport Market 2019-2024 ($M) - Regional Industry Research
9.Europe Polyisocyanurate Insulation Market Analysis By Type Market 2019-2024 ($M)
9.1 Rigid Foam/ Board Market 2019-2024 ($M) - Regional Industry Research
10.Europe Polyisocyanurate Insulation Market Analysis By End User Market 2019-2024 ($M)
10.1 Roof Market 2019-2024 ($M) - Regional Industry Research
10.2 Wall Market 2019-2024 ($M) - Regional Industry Research
10.3 Transport Market 2019-2024 ($M) - Regional Industry Research
11.APAC Polyisocyanurate Insulation Market Analysis By Type Market 2019-2024 ($M)
11.1 Rigid Foam/ Board Market 2019-2024 ($M) - Regional Industry Research
12.APAC Polyisocyanurate Insulation Market Analysis By End User Market 2019-2024 ($M)
12.1 Roof Market 2019-2024 ($M) - Regional Industry Research
12.2 Wall Market 2019-2024 ($M) - Regional Industry Research
12.3 Transport Market 2019-2024 ($M) - Regional Industry Research
13.MENA Polyisocyanurate Insulation Market Analysis By Type Market 2019-2024 ($M)
13.1 Rigid Foam/ Board Market 2019-2024 ($M) - Regional Industry Research
14.MENA Polyisocyanurate Insulation Market Analysis By End User Market 2019-2024 ($M)
14.1 Roof Market 2019-2024 ($M) - Regional Industry Research
14.2 Wall Market 2019-2024 ($M) - Regional Industry Research
14.3 Transport Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
2.Canada Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
3.Mexico Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
4.Brazil Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
5.Argentina Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
6.Peru Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
7.Colombia Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
8.Chile Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
9.Rest of South America Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
10.UK Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
11.Germany Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
12.France Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
13.Italy Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
14.Spain Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
15.Rest of Europe Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
16.China Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
17.India Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
18.Japan Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
19.South Korea Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
20.South Africa Polyisocyanurate Insulation Market Revenue, 2019-2024 ($M)
21.North America Polyisocyanurate Insulation By Application
22.South America Polyisocyanurate Insulation By Application
23.Europe Polyisocyanurate Insulation By Application
24.APAC Polyisocyanurate Insulation By Application
25.MENA Polyisocyanurate Insulation By Application