Global Building Thermal Insulation Market - Segmented Application, End-user Industry, and Geography - Trends and Forecast (2018 - 2023)
The global building thermal insulation market is expected to register a CAGR of 4.5% during the forecast period, 2018 - 2023. Building Insulation can be defined as one of the important techniques to reduce the energy demand by deploying various energy saving measures and avoiding heat losses. Thermal insulation provides protection to construction elements against thermal impact and moisture-related damages. It also provides conservation that reduces the need of heating, which protects the environment.
Growing Energy Efficiency Concerns
Rising awareness and the need for energy efficient structures, to reduce high-energy costs in commercial and public buildings, are anticipated to drive the market in the non-residential segment. The introduction of various policy and regulations supporting the demand of insulation in residential and commercial building is currently recognized as one of the leading factors bolstering the market demand worldwide. The growing need to construct energy efficient buildings across the globe, as a part of various energy saving initiatives by governments, is also boosting the demand for thermal insulation material. Moreover, the market demand is paving way due to rising stringent requirements for new insulation and building codes, which are generating awareness about the market.
Residential Sector is Expected to have the Highest Growth
Residential building sector dominates the market and is expected to experience higher growth prospects during the forecast period. High growth of single-unit houses, as well as office buildings, hospitals, hotels, and lodging, is expected to trigger greater demand for thermal insulation material. Refurbishment and re-insulation activities for old homes are also likely to aid the increasing demand. The growing of real estate sector is also expected to have a significant impact in the penetration of this market. This is majorly supported by the continuous rural to urban migrations, which is propelling housing construction in urban regions, thereby, creating demand for insulation materials.
North America Dominates the Market
In 2017, North America was the largest market for building thermal insulations, followed by Europe. Stringent regulations, related to energy conservation, and reduction of carbon footprint, coupled with various rebates and tax credits provided by the US government on meeting the insulation standards in homes, have opened a gateway of growth potential in North America. The U.S. government promoted home insulation by offering tax rebates on new home insulation or re-insulation. Asia-Pacific is expected to be the fastest growing market in the future.
June 2017: ROCKWOOL announced the setup of its new manufacturing facility in West Virginia, the United States. In October this year, the construction of the facility is expected to begin, on the 130-acre site in the City of Ranson, with initial production of ROCKWOOL's stone wool insulation
June 2017: Owens Corning acquired FOAMGLAS Insulation Manufacturer Pittsburgh Corning
March 2017: Ashburton Ventures entered the vacuum insulation panel (VIP) market and, in partnership with ZMM Canada Minerals, targets the construction market
Major Players: Owens Corning Corporation, Johns Manville Inc., Certain Teed, Knauf Insulation, and Demilec, amongst others.
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Analyze various perspectives of the market with the help of Porter’s five forces analysis
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Countries expected to witness the fastest growth during the forecast period
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