OEM Insulation Market Set for Rapid Growth and Trend, by 2027
OEM Insulation Market – Overview
OEM means Original Equipment Manufacturer that indicates to a company that produces a part or a subsystem of a product that is being used by another organization. Thermal insulation or simply insulation allows the product to cut down the heat gain or loss at the minimum by creating a barrier between the surfaces at the varying temperatures. There are wide range of applications and end-use verticals for the OEM insulation. Naturally, the growth of the market is expected to achieve a stellar growth over the course of the given forecast period of 2019 to 2027.
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OEM Insulation Market – Notable Developments
Some of the key developments in the global OEM insulation market are given below:
- In June 2019, Owens Corning, a leading brand in the global OEM insulation market announced that the company is planning to unveil new technologies that will help in the development of advanced buildings that will be more reliable, sustainable, and energy efficient.
- In May 2019, Saint Gobain SA announced that the company has successfully acquired Pritex, a promising player in the thermal and acoustic solutions. This move is expected to enhance the current product portfolio of the company.
OEM Insulation Market – Drivers and Restraints
A plethora of micro as well as macro-economic factors are helping to expand the reach of the global OEM insulation market. One of the biggest driving factor for the growth of the market is its growing demand from its end use sectors. Telecom, semiconductor, manufacturing, energy & utilities, and offshore oil & gas are some of the biggest end-use application industry. These industries constantly need high amounts of insulation for fire related, thermal related, or acoustic related activities. Thus, their growth directly complements to the growth of the global OEM insulation market.
Another important trend that has been observed in the global market for OEM insulation is of the growing popularity of foamed plastic insulation. The growing use of plastic foam insulation across the activities of building and construction is thus expected to help the overall development of the global OEM insulation market.
In addition to this, the market is developing at a rapid pace owing a significant backing from the government or regulatory bodies. With rising energy and environment concerns, OEM insulation helps in building sustainable green buildings and other energy conservation activities. Naturally, the regulatory bodies are encouraging the use of OEM insulation and thus driving the global market.
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OEM Insulation Market – Geographical Outlook
The global OEM insulation market is divided into five key regions viz. Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Of these, the global market is currently led by the Asia Pacific region. The market in the region accounts for the highest share in terms of both value and volume. The growth of the OEM insulation market in the Asia Pacific region is mainly attributed to the booming construction industry and the development of several commercial as well as residential building projects. Moreover, due to the presence of emergence of developing nations such as India and China, the growth of the OEM insulation market is only expected bolster further. These nations are investing heavily for the development of their domestic infrastructure. Their economies are opening up for foreign investments and are thus presenting a lucrative market space for the leading companies in the domain.
In addition to this, the growing awareness about the benefits of energy-efficient buildings and projects are also helping to create a positive opinion about the OEM insulation. It is thus lending a helping hand for the overall development of the market.
Impact of COVID-19 on OEM Insulation Market
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