Thermal Insulation Material Market Estimated to Cross US $53,286.8 Million by 2020
The market will observe stable growth at a CAGR of 4.1% during the forecast period. Developing economies will continue to lead the market globally, witnessing strong growth throughout the next four years.
New York, NY -- (SBWire) -- 10/11/2017 --PMR indicates steady growth for the global thermal insulation material market over a four-year forecast period, 2016-2020. By 2016 end, the revenues are likely to reach US$ 45.073.8 Mn. The market will observe stable growth at a CAGR of 4.1% during the forecast period. Developing economies will continue to lead the market globally, witnessing strong growth throughout the next four years.
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Rising urbanization and increased manufacturing and construction output levels are the key macroeconomic factors expected to escalate the demand for thermal insulation material. The critical need for thermal insulation in order to maintain any industrial system's performance will continue to sustain the demand for thermal insulation material. Rising consumption of thermal insulation material by a wide range of verticals, such as oil and gas, energy, petrochemicals, and food and beverages, is projected to escalate the demand. Increasing manufacturing levels of automobiles as well as aircrafts will also accelerate the market.
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Growing awareness about the significance of energy conservation and soaring preference for minimum energy spend are expected to accelerate the market growth. Efficient building norms in developed countries as well as emerging regulations regarding efficient building construction in developing countries, will fuel the market further. Governments of emerging economies are increasingly initiating building efficiency norms in order to meet the standards of energy conservation. This will remain a major factor boosting market during the forecast period.
Technological advancements in insulation material, such as high-temperature insulation wool and bio-based insulation material may create lucrative growth opportunities. Moreover, increased emphasis on green energy is expected to benefit the sales of thermal insulation material. Promising introduction of vacuum insulation and nano-insulation will also hold a positive influence on market growth. Low awareness about the usage and expensive costs associated with thermal insulation material are likely to remain the long-term challenges to the market growth.
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Based on material type, fiberglass, stone wool, plastic foam, and others constitute the key sub-segments of the market. On the basis of temperature range, the highest growth will be observed in 1°C to 100°C temperature range segment. While this segment is anticipated to expand at a CAGR of 4.6% over 2016-2020, ?160°C to ?50°C temperature range segment will also register a significant CAGR. This growth is attributed to burgeoning demand from the petrochemicals industry for cryogenic preservation of gas. ?490C to 00C temperature range segment will account for over 25% share of the market value in 2020.
By regional analysis, developing countries in Asia Pacific are identified to remain the largest markets for thermal insulation material. This region will continue to be the largest shareholder with over 45% share in terms of revenues. While Western Europe is another key market, North America is also projected to be a major market by 2020 end.
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Some of the leading companies in the global thermal insulation material market are Dow Chemicals Company, Saint Gobain S.A., Asahi Kasei Corporation, BASF SE, E. I. du Pont de Nemours and Company, Bayer AG, Kingspan Group, Rockwool International, Owens Corning, and Berkshire Hathaway.
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