Albany, NY -- (SBWIRE) -- 07/13/2018 -- The presence of a large number of players both global and local marks intense competition in the global thermal insulation market and the vendor landscape fragmented, reports Transparency Market Research (TMR) in a new market study. In order to gain competitive edge in the global thermal insulation market savvy players are vying to enter into strategic alliances directly with original equipment manufacturers (OEMs) that serve end-use industries such as building & construction, aerospace, automobile, etc.
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Prominent participants in the global thermal insulation market include Armacell, Asahe Kasei Corporation, BASF SE, Johns Manville, Covestro AG, The Dow Chemicals Company, DuPont Insulcon Group, Isolatek International, Kingspan Group Plc, Owens Corning, ROCKWOOL International A/S, Saint-Gobain S.A., Thermax Jackets LLC, URSA Insulation S.A, and others.
As per a report by TMR, the global thermal insulation market was worth US$48,288.3 mn in 2016 vis-à-vis revenue. By the end of 2025, the global thermal insulation market is predicted to reach US$77,770.7 mn by 2025, rising at a CAGR of 5.4% between 2017 and 2025. Among the key product segments, fibrous material held the leading revenue share in 2016. Vis-à-vis revenue, building & construction end-user led the overall market in 2016 constituting more than 50% share. Region-wise, Asia Pacific emerged as the most lucrative market in 2016.
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The market for thermal insulation is primarily driven by rising demand from end-use industries coupled with advancement in technology in additive manufacturing industry. Demand for thermal insulation has been surging due to the increase in demand for metal powders in several end-use industries such as aerospace and automotive. Manufacturers of metal powders are vying to partner with OEMs in order to improve the quality and overall performance of these powders. This, along with rising demand for iron powder in rail, automotive, energy, infrastructure, machinery, and equipment industries are anticipated to have a positive bearing on the thermal insulation market.
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Companies that manufacture various products through additive manufacturing technology are also stoking growth of thermal insulation market. This is because of the high dependence of these companies on metal powders for insulating foams that are used in steering, transmission parts, seat and doors, engine components, and brakes.