ALBANY, New York, March 27, 2019
ALBANY, New York, March 27, 2019 /PRNewswire/ -- Transparency Market Research (TMR) predicts that the global thermal insulation market is highly fragmented as the market features a strong presence of the number of global and local players. Some of the key players including Armacell, BASF SE, Asahe Kasei Corporation, Johns Manville, The Dow Chemicals Company, Covestro AG, DuPont Insulcon Group, and Isolatek International are operating in the global thermal insulation market.
According to TMR, the global thermal insulation market is expected to expand at a CAGR of 5.4% to attain a value of US$77,770.7 mn by 2025-end. The market acquired a value of US$48,288.3 mn in the year 2016.
Based on foam type, the rigid board segment accounted for more than 30% of share in the overall market in 2016. Based on the end user, the building & construction segment held the largest share of 50% in the same year. Based on the region, the Asia Pacific dominated the global thermal insulation market by accounting more than 35% share in 2016 the overall market. The region is expected to retain its dominance over the forecast period and is accountable for a revenue of US$34535.8 mn by 2025-end. This growth of the industry in the region is attributable to growing industrialization and urbanization, which is encouraging demand for thermal insulation materials.
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Growing Demand for Green or Zero Tolerant Buildings to Propel Market Growth
Thermal insulation material reduces the absorption of outdoor heat within buildings. A Rising temperatures globally is creating a need for the use of proper building isolation. Use of this material lowers the dependence on air conditioning, which is leading to cost cutting of energy consumption. Thereby, numerous governments are engaging in initiatives to endorse the use of energy efficiency and efficient developments, which has an important role in growth of the thermal insulation market.
Additionally, rising demand for effective insulation mainly from residential and non-residential buildings for cutting the energy cost is boosting demand for advanced thermal insulations. Moreover, growing awareness about benefits and its availability globally, mainly in developing regions is driving growth of the global thermal insulations market. Especially, growing demand for the green or the zero tolerant building mainly from the residential sector is driving acceptance for thermal insulation material, which in turn fuels market growth.
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Growing Support from Numerous Government to Propel Market Growth
Growing industrialization globally mainly in the developing countries is boosting the demand for metal powders in numerous end-use industries. Widening applications across the industries such as aerospace and automotive are fuelling growth of the thermal insulation market. Additionally, the European Commission's Energy Performance of Buildings Directive (EPBD) has graded the materials over its efficiency, ease of use, and environmental impact that is directing the use of thermal insulations. Such support is bolstering growth of the thermal insulation market.
However, the thermal insulation market growth is hindered due to the high price of insulation materials, which is reflecting negatively on the adoption of thermal insulation material. Nonetheless, growing advancements in materials, which makes the material suitable to be used in a range of industries. Further, usage of thermal insulation material is soaring across numerous industries such as iron powders in numerous industries including machinery manufacturing, infrastructure, energy, automotive, and rail. This is offering numerous lucrative opportunities for growth of the global thermal insulation market.
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This information is encompassed in the report by TMR, titled, "Thermal Insulation Market (Product - Cellular Material, Fibrous Material, and Granular Material; Foam - Rigid Board, Rigid Foam/Foam Board, Flexible Foam, Sprayed Foam, Batts, Loose Fillers, and Barriers; End-user - Building & Construction, Oil & Gas, Aerospace & Aviation, Mechanical Systems, Clothing, Automotive, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."
For the study, the thermal insulation market has been segmented as follows:
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