Thermal insulation market projected to grow 4.2% annually
The global thermal insulation materials market is expected to grow at a compounded annual rate of 4.2 percent through 2020, according to a new report.
In total, the market will be valued at $53 billion in the next four yers, Future Market Insights (FMI) finds in "Thermal Insulation Material Market – Global Industry Assessment and Forecast; 2015–2020."
The report, according to a press release, analyzes the value of the global thermal insulation material market by material type, region and temperature range and provides information regarding market dynamics, value chain, competitive landscape, current trends, market estimations and forecast.
Thermal insulation materials are used to hamper the flow of heat energy from high temperature to low temperature. Thermal insulation material is used almost in every industry to decrease energy consumption and to maintain desired temperature in an area.
Thermal insulation materials are primarily used in construction industry. Globally, buildings account for one third of the total energy consumed, of which approximately 50 percent is used in heating and cooling of the building.
Construction sector output, manufacturing industry output, construction industry spending and urbanization trends are some of the macro-economic drivers of the market. Developed economies, such as North America and Europe, have formulated regulations concerning energy efficiency buildings.
According to Concerted Action Energy Performance of Buildings (a joint initiative program of member states of European Union and European Commission), approximately all new buildings constructed in the member states by 2020 should comply with zero–energy standards.
Even emerging countries government are actively promoting the use of thermal insulation material. In 2014, Andhra Pradesh (India) adopted Energy Conservation Building Code (ECBC) under which commercial and public buildings in the state are expected to cut costs and slash energy usage by 40-60 percent through the use of green building materials. Such regulations and initiatives are identified as underlying driving factors of the market.
However, there are few challenges thermal insulation industry is facing: low awareness of thermal insulation material in emerging economies and high capital cost of thermal insulation in building.
Asia Pacific thermal insulation material market is estimated to represent the highest growth globally in 2015. Middle East and Africa construction industry has represented substantial growth in past few years and likely to continue the trend during the forecasted period as well.
New building codes implemented in MEA, along with continued expected growth of the construction industry, is anticipated to generate demand for thermal insulation material in the region.
Market participants covered in the report include Berkshire Hathway (Johns Manville), Rockwool International A/S, E. I. du Pont de Nemours and Co., Bayer AG, Owens Corning, BASF SE, Asahi Kasei Corp., Dow Chemicals Co., Kingspan Group PLC and Saint Gobain S.A.
Topics: Architectural Firms, Building Owners and Managers, Construction Firms, Consulting - Green & Sustainable Strategies and Solutions, Energy Saving Products, Engineering Firms, Great Commercial Buildings, Healthy & Comfortable Buildings, Insulated Concrete Forms (ICF), Insulation, Office Buildings, Sustainable Communities, Urban Planning and Design, Wall Systems / Curtain Walls