According to a new study by Future Market Insights (FMI), the Thermal Insulation Materials market is set to grow steadily at a CAGR of over 4% through the end of the forecast period in 2031. Increasing demand for temperature control and energy efficiency from the construction and automotive industries is expected to drive demand for thermal insulation materials.
Global demand for thermal insulation materials has rapidly gained momentum due to concerns related to energy conservation. Strict government regulations related to emissions from the construction and automotive sectors will boost demand over the long term.
In construction operations, thermal insulation also provides benefits in supporting ancillary building structures, including roofs and floors. Niche applications in aerospace structures are driving investment in research and product development alongside investment in smart city infrastructure, with a focus on materials and design.
End-user customization of product offerings based on density, thermal conductivity, thickness and more will influence market developments for the foreseeable future. The growing demand for thermal insulation materials, especially from emerging economies, offers important growth opportunities.
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On the other hand, volatility in commodity prices will test the growth of market participants. Market sellers are more likely to focus on growth prospects in fast growing segments while solidifying their positions in relatively sluggish products.
Key Takeaways of Thermal insulation material Market Study
- Thermal insulation material sales to increase at above 4% CAGR through the assessment period.
- Backed by strong demand from the building and construction sector, insulation for 1ºC to 100ºC will hold the lead in 2021.
- Continuing issues in terms of energy supplies in the U.K. and Germany markets to register higher growth.
- United States is projected to record strong demand driven by rising applications in automotive sector.
- China will emerge as a high potential market, with investments in urbanization and manufacturing efforts in the country.
“Thermal insulation materials find widespread applications in spacecraft, buildings, clothing, mechanical systems, and in automotive offerings among others. Customization on the basis of specific heat capacity, thickness, surface emissivity, thermal bridging, thermal conductivity, and density will support demand as per the requirements of the target area,” Says an FMI analyst.
Advances in green building will drive growth
According to FMI, thermal insulation material has a huge application in the building and construction industry as the focus shifts to the resource efficiency sector. and eco-friendly materials. In addition, due to fluctuations in high energy prices and concerns related to environmental impacts and the health and comfort of residents worldwide, there is significant growth in the construction of green buildings.
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In addition , green building rating systems used in developed regions of Europe and North America, such as Leadership in Energy and Environmental Design, are contributing to growth.
- Stone Wool
- Fiber Glass
- Plastic Foam
- -160°C to -50°C
- -49°C to 0°C
- 1°C to 100°C
- 101°C to 650°C
Who is Winning?
The global thermal insulation material market can be considered as moderately consolidated, with a few leading players accounting for a prominent share of the overall thermal insulation material market. Manufacturers are increasingly focused on investments into research and development aimed towards new product launches.
Key market participants including BASF SE, Asahi Kasei Corporation, Rockwool International A/S, E. I. du Pont de Nemours and Company, Bayer AG, Berkshire Hathway (Johns Manville), Dow Chemicals Company, Owens Corning, Saint Gobain S.A., and Kingspan Group PLC amongst others are also focusing on consolidating their presence in the global market by entering into strategic industry collaborations with other market participants.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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