New York, United States , July 12, 2023 (GLOBE NEWSWIRE) -- The Global Thermal Insulation Material Market Size to grow from USD 67.30 Billion in 2022 to USD 106.80 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.
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Thermal insulation materials are products or substances designed to reduce the transfer of heat between objects or regions with different temperatures. They are extensively used in building operations, industrial processes, and a number of other applications to increase energy efficiency, reduce heat absorption or loss, and maintain comfortable temperatures. The choice of insulation is influenced by the application, desired thermal performance, cost, and environmental considerations. The key to a successful insulation system is the proper installation of high-quality insulation materials.
The construction sector has seen a significant expansion as a result of the urbanisation and rapid industrialisation that are occurring in many emerging countries, which is eventually pushing the market for thermal insulation materials. Construction is expanding significantly in a number of areas, including North America, Asia Pacific, and Europe, which will boost demand for thermal insulation materials globally. The Asia Pacific area has the best growth when it comes to the building industry. The rising middle-class wealth, rising population, and urbanisation are the key drivers of this region's expansion. In addition to this, the market is also heavily impacted by the weather. In addition, rising consumer awareness of energy conservation and safeguards against excessive energy use is propelling the market for thermal insulation materials worldwide.
The global market for thermal insulation materials is being hampered by the ongoing price volatility of plastic foams. The items are utilised in the production of plastic foams manufactured from crude oil, such as polyurethane and polystyrene foams. Therefore, these kinds of ongoing variations in the cost and availability of this oil play a major role in the manufacture of these plastic foams. The availability of certain crude oil-based goods, such as polymers and elastomers, depends entirely on the production and import policies of different nations. The cost of labour, trade, the location of the factory, and other factors heavily influence the price of raw materials. The pandemic outbreak's impact on the supply chain led to a decrease in manufacturing output. It is followed in reverse order by the high process of freights and then of raw materials. These factors are restricting the growth of the global market for insulating goods.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on, "Global Thermal Insulation Material Market Size, Share, and COVID-19 Impact Analysis, (By Product: EPS, XPS, Polyurethane, Polyurethane Foam, Polyvinyl Chloride, Cellulose, Glass Wool, Mineral Wool, Aerogel, Calcium Silicate, Others; By End User: Infrastructure, Construction, Industrial, HVAC, Transportation, Appliances, OEM, Others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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COVID 19 Impact
Since the fourth quarter of 2019, several countries, including India, China, Italy, Germany, and Brazil, have implemented national limitations to address the COVID 19 pandemic's effects. For instance, the pandemic epidemic caused a 0.3% drop in BASF's income generation. The supply chain for the insulation business has been hampered by the limitations on the movement of persons and products. On the other hand, many nations take into account associated activities that allow firms continue to provide services to the clients even while using the same personnel and other circumstances. In order to lessen the damage, businesses have been concentrating on new government construction and healthcare development projects.
Product Insights
EPS segment accounted the largest market share over the forecast period
On the basis of product, the global thermal insulation material market is segmented into EPS, XPS, Polyurethane, Polyurethane Foam, Polyvinyl Chloride, Cellulose, Glass Wool, Mineral Wool, Aerogel, Calcium Silicate, Others. Among these, the EPS segment holds the largest market share over the forecast period. Expanded polystyrene, or EPS, is a high tensile plastic that is constructed of rigid polystyrene pellets and is lightweight and strong. As a result, it is expected that all of these variables will dominate the market over the projection period. On the other hand, the glass wool sector is predicted to see the quickest market share growth throughout the projection period. Low in weight and very tensile-strengthening is glass wool. Over the anticipated term, the market share of polyurethane will grow significantly. High gas thermal resistance is provided by this material. The interiors of automobiles also utilise this substance for insulation.
End User Insights
Construction segment is dominating the market over the forecast period
Based on the end user, the global thermal insulation material market is segmented into Infrastructure, Construction, Industrial, HVAC, Transportation, Appliances, OEM, Others. Among these, the construction segment is dominating the market with the largest market share over the forecast period. The increase in buildings with extensive insulation in metropolitan areas is blamed for the development. Over the projection period, it is expected that both the residential building and transportation sectors would have considerable expansion. On the other hand, the market is predicted to grow at the fastest rate in the transportation sector over the forecast period. Insulation aids in providing improved thermal insulation, noise reduction, and fire safety.
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Regional Insights
Asia Pacific is dominating the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with the largest market share over the forecast period. The usage of insulating materials has increased significantly in many emerging countries, including India and China, as a result of rising oil output. In addition to growing need for insulation in restoration and refurbishment applications, insulation is widely used to reduce energy waste.
On the other hand, due to the enormous need for insulating materials, North America is predicted to see the fastest market development throughout the projection period. The large demand from the high-temperature operations of the oil and gas, electricity, industrial, metal, and mining sectors has a significant impact on the market for thermal insulation materials in North America. Over the course of the projection period, it is predicted that the European market will also account for a sizable market share due to the significant presence of important thermal insulation material producers and fast industrialization.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the market include Rockwool International A/S; GAF Materials Corporation; Guardian Building Products, Inc.; Huntsman International LLC; Johns Manville Corporation; Cellofoam North America, Inc.; Atlas Roofing Corporation; CertainTeed Corporation; Roxul, Inc.; Dow Building Solutions; Owens Corning Corporation; Saint-Gobain S.A.; Byucksan Corporation; Kingspan Group PLC; BASF Polyurethanes GmbH and Among Others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global UV Stabilizers Market based on the below-mentioned segments:
Thermal Insulation Material Market, Technology Analysis
- Radiation Cure
- High Solids
- Powder
- Waterborne
Thermal Insulation Material Market, Application Analysis
- Product finishes
- Packaging
- High Performance
- Industrial
- Automotive
- Architectural
Thermal Insulation Material Market, Application Analysis
- Metal
- Plastic
Thermal Insulation Material Market, End Use
- Furniture
- Automotive
- Electronics
- Medical
- Retail
- Appliances
- Consumer Goods
- Others
Thermal Insulation Material Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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