Pune, India, Dec. 07, 2020 (GLOBE NEWSWIRE) -- The global building thermal insulation market size is expected to gain traction by reaching USD 38,588.8 million by 2027 while exhibiting a CAGR of 4.2% between 2020 and 2027. This is ascribable to factors such as the rising building and construction industry, along with the growing demand to reduce energy costs across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Building Thermal Insulation Market Size, Share & COVID-19 Impact Analysis, By Material (Mineral Wool {Glass Wool, Stone Wool}, Foamed Plastics {Expanded Polystyrene [EPS], Extruded Polystyrene [XPS], Polyurethane [PU], Polyisocyanurate [PIR], and Other Foamed Plastics}, Cellulose, Aerogels, and Others), By End-Use (Residential and Non-residential), By Application (Floor & Basement, Wall, and Roof & Ceiling), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 29,656.9 million in 2019.
Increasing Focus on Development of Healthcare Infrastructure amid COVID-19 to Favor Growth
The novel coronavirus is driving the demand for advanced healthcare services to contain its widespread globally. As a result, the government agencies are focusing on developing sophisticated healthcare infrastructures to treat COVID-19 patients, and further find solutions to limit its spread. This is likely to bode well for the market growth in the forthcoming years.
Thermal insulation is a vital technology that aids in the reduction of energy consumed by preventing heat gain/loss within a building structure. This reduction of unwanted temperature changes drastically reduces the demand for cooling and heating systems.
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DRIVING FACTORS
Rising Building & Construction Sector to Augment Growth
The rapid-paced urbanization has provided an impetus to building & construction activities across the globe. With several residential and commercial projects in the pipeline, it presents a significant opportunity for the adoption of advanced building thermal insulation products. Additionally, the rising energy costs are propelling the demand for insulation services that will contribute to the growth of the global building thermal insulation market during the forecast period.
SEGMENTATION
Residential Segment to Hold Major Market Share Owing to High Energy Consumption
The residential segment, based on end-use, is expected to remain at the forefront owing to high energy consumption by residential areas that drive the demand for advanced building thermal insulation materials to reduce energy costs. As per the European Commission report on the insulation materials industry for energy-efficient buildings, residential buildings consume about 40% of primary energy demand across the globe.
REGIONAL INSIGHTS
High Government Investment in Asia-Pacific to Develop Sustainable Infrastructure Projects to Propel Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global market during the forecast period. This dominance is attributable to the rising government expenditure to develop sustainable infrastructure in countries such as China, India, and Japan that propels the demand for advanced building thermal insulation products in the region. Asia Pacific stood at USD 13,806.5 Million in 2019.
The market in Europe is anticipated to experience exponential growth during the forecast period. This is ascribable to factors such as the growing demand for innovative building thermal insulation materials for the several retrofitting purposes of old and dilapidated buildings in the region between 2020 and 2027.
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COMPETITIVE LANDSCAPE
Major Companies Investing in Facility Expansion to Boost Sales Revenue & Maintain Dominance
The global building thermal insulation market is fragmented by the presence of major companies that account for over 70% share in terms of revenue. These companies are investing in expanding their facilities to cater to the growing demand for building thermal insulation products and further maintain their dominance in the highly competitive global marketplace.
Key Industry Development:
July 2019 – Knauf Insulation announced the expansion of its fiberglass loose-fill insulation facility located in Albion, Michigan. According to the company, the development of the plant will improve its capacity by over 30% to cater to the growing insulation demand from residential and commercial spaces across the upper Midwest, U.S.
List Top Companies Profiled in the Global Building Thermal Insulation Market are:
- BASF (Germany)
- Atlas Roofing Company (U.S.)
- Cellofoam North America Inc. (U.S.)
- DuPont (U.S.)
- Knauf Insulation (U.S.)
- Owens Corning (U.S.)
- Armacell S.A. (Luxembourg)
- Beijing New Building Material (Group) Co., Ltd. (China)
- Evonik (Germany)
- PT. Bondor Indonesia (Indonesia)
- BYUCKSAN (South Korea)
- Huamei Energy-saving Technology Group Co., Ltd. (China)
- Johns Manville (U.S.)
- Kaneka Corporation (Japan)
- KCC Corporation (South Korea)
- Kingspan Insulation LLC (Ireland)
- Lloyd Insulations (India) Limited (India)
- NICHIAS Corporation (Japan)
- ROCKWOOL International A/S (Denmark)
- U.P. Twiga Fiberglass Limited (India)
- GAF (U.S.)
- Superglass Insulation Ltd. (Scotland)
- Recticel Group (Belgium)
- Ursa (Spain)
- Firestone Building Products (U.S.)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Building Thermal Insulation Market
- Supply Chain Analysis & Challenges due to COVID-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Building Thermal Insulation Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Mineral Wool
- Glass Wool
- Stone Wool
- Foamed Plastics
- Expanded Polystyrene (EPS)
- Extruded Polystyrene (XPS)
- Polyurethane (PU)
- Polyisocyanurate (PIR)
- Others
- Cellulose
- Aerogels
- Others
- Mineral Wool
- Market Analysis, Insights and Forecast – By End-Use
- Residential
- Non-Residential
- Market Analysis, Insights and Forecast – By Application
- Floor & Basement
- Wall
- Roof & Ceiling
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- South America
- Middle East & Africa
TOC Continued…!
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Have a Look at Related Research Insights:
Insulation Market Size, Share & Industry Analysis, By Material (Mineral Wools (Glass Wool, Stone Wool)), Foamed Plastics (Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), Polyurethane (PU), Polyisocyanurate (PIR), Cellulose, Aerogels, Others), By Application (HVAC & OEM, Transportation, Packaging, Building & Construction, Others), and Regional Forecast, 2019-2026
Industrial Insulation Market Size, Share & Industry Analysis, By Type (Fiberglass, Rockwool, Calcium silicate, Plastic foams, Others), By Form (Pipe Insulation, Board & Blanket, Others), By End-Use Industry (Power Generation, Refinery, Chemicals & Petrochemicals, Fire Protection, Others) Others and Regional Forecast, 2019-2026
Foam Insulation Market Size, Share & Industry Analysis, By Material (Polystyrene, Polyisocyanurate, Polyurethane, Phenolic, Others), By Type(Rigid/Board, Flexible, Spray), By End-use Industry (Building & Construction, Transportation, Consumer Appliances) Others and Regional Forecast, 2019-2026
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