Future Market Insights (FMI), in its latest report titled, “Thermal
Insulation Material Market - Global Industry Assessment and Forecast; 2015 -
2020”, projected that the global thermal
insulation material market will account for US$ 53,286.8 Mn in 2020, registering a CAGR of
4.2% between 2015 and 2020.
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 in order to decrease their energy consumption,
utilized 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%
is utilized in heating and cooling of the building. Construction industry
mainly uses thermal insulation material to maintain ambient temperature, i.e.
1⁰ C to 100⁰ C.
The report analyses the global thermal insulation material market
in terms of value (US$ Mn) by material type, region and temperature range and
provides information regarding market dynamics, value chain, competitive
landscape, current trends, market estimations and forecast.
Construction sector output, manufacturing industry output,
construction industry spending and urbanization trend 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% 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.
From regional perspective, 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 expected growing
trend of construction industry is anticipated to generate demand for thermal
insulation material in the region.
From materials type perspective, fibreglass is extensively used in
manufacturing industry closely followed by plastic foam. Fibreglass segment is
estimated to register an annual growth of 4.3% in 2015.
From temperature range perspective, thermal insulation material
market segment use for temperature range 1⁰ C to 100⁰ C is estimated to
register fastest growth during the forecasted period at CAGR of 4.6%.Thermal
insulation material at temperature range −160⁰C to −50⁰ C is majorly used in
petrochemical industry for storage of cryogenic gases. Increasing demand of
LNG, cryogenic gas in emerging economies such as Asia – Pacific is expected to
fuel the need of thermal insulation material in the industry.
Market participants covered in the report include Berkshire
Hathway (Johns Manville), Rockwool International A/S, E. I. du Pont de Nemours
and Company, Bayer AG, Owens Corning, BASF SE, Asahi Kasei Corporation, Dow
Chemicals Company, Kingspan Group PLC and Saint Gobain S.A.
Browse Press Release: http://www.futuremarketinsights.com/pressreleases/details/thermal-insulation-material-market
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