MIDDLE EAST AND AFRICA BUILDING INSULATION MARKET 2021-2028

MIDDLE EAST AND AFRICA BUILDING INSULATION MARKET 2021-2028

MARKET OUTLOOK

Triton’s report alludes that the Middle East and Africa building insulation market is probable to witness revenue and volume growth at a CAGR of 3.23% and 2.72% in the forecast period 2021-2028. South Africa, Turkey, the UAE, Saudi Arabia, and Rest of Middle East & Africa outline the market in this region.

In Saudi Arabia, the construction industry is considered to be among the largest in the GCC region. Moreover, the increased focus from the private and public sectors will increase the need for construction development in line with Vision 2030. Moreover, as the country opens up the hospitality segment, the construction sector is likely to grow at a gradual pace. This growth in the construction sector is likely to amplify the demand for building insulation materials. Hence, as stated above, all these factors are expected to widen the scope and growth of the building insulation market across Saudi Arabia.

On the other hand, the high unemployment rate and low level of household income are major factors that have adversely affected the residential sector in South Africa. However, the recent government change, along with increased competition level among mortgage lenders, are motivating the growth of the residential construction sector. Moreover, the low interest rates offered by banks are another factor likely to fuel the growth of the residential building sector. Above all, the government's efforts to enhance residential, transport, and infrastructure projects are likely to drive the construction sector. Therefore, such developments are likely to supplement the building insulation market’s growth

COMPETITIVE OUTLOOK

The major companies in the building insulation market comprise Dow Chemical Company, Kingspan Group, Knauf Insulation Inc, Saint-Gobain SA, Rockwool International A/S, and Paroc Group.