Building thermal insulation market to accrue a major share via residential applications over 2016-2024, Europe to majorly boost the regional demand
Reduced GHG emissions, high energy preservation, and the prospering construction sector are expected to spur building thermal insulation market size. As per reliable statistics, global construction funding, which was more than USD 7.5 trillion in 2016, is anticipated to exceed USD 13 trillion by 2024. This is certain to help industry players discover new growth avenues in the business, thereby boosting building thermal insulation market trends. Escalating product popularity can be attributed to its beneficial features such as ease of installation, longevity, moisture sensitivity, better conductivity, and compressive strength. According to Global Market Insights, Inc.,” Building thermal insulation industry value, which was estimated at USD 25 billion in 2016, is projected to surpass USD 34.9 billion by 2024.”
Building floors, walls, and roofs essentially require thermal insulation. Wall applications, which contributed more than USD 12 billion toward building thermal insulation industry revenue in 2016, are expected to grow considerably over the years to come. The mounting requirement for minimizing power consumption along with weather proofing needs will boost the product usage across this application.
Floor applications, which contributed over 19% toward building thermal insulation market share in 2016, are forecast to witness a substantial expansion over the years to come. Rise in the number of construction projects along with swift urbanization trends will push the revenue.
Building thermal insulation market size from roof applications will grow at a rate of nearly 4% over the period of 2017-2024. The growth can be credited to the high demand for flat roofs in the commercial buildings. Flat roofs are expected to collect a revenue of more than USD 5.6 billion by 2024.
Building thermal insulation makes use of expanded polystyrene, wood insulation, and polyurethanes materials. Wool insulation material, which contributed more than 50% toward building thermal insulation industry share in 2016, is expected to drive the market revenue over the years ahead. Rising product popularity across commercial and residential sectors will influence the business landscape.
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Expanded polystyrene material is expected to record a CAGR of more than 4% over the coming timeframe, subject to the product’s enhanced process ability, low conductivity, longevity, and lightweight property. Polyurethanes materials, which contributed more than USD 1.8 billion toward building thermal insulation market in 2016, are forecast to record a significant CAGR over 2016-2024. This growth can be attributed to its low thermal conductivity and versatility.
Subject to the massively expanding global constructions sector, this product is in heavy demand across major geographies. For instance, Asia Pacific building thermal insulation market will collect a significant revenue with an annual growth rate of more than 4% over the coming seven years. Escalating development in the infrastructure along with surging use of this product across the residential and commercial sectors will enhance product demand across this region. Japan, India, and China will be the prominent revenue contributors.
Europe building thermal insulation industry accounted for over 45% of the global contribution in 2016 and will collect considerable revenue by the end of 2024. Deployment of supportive regulatory norms by the European commission and REACH will stimulate the industry growth noticeably. Germany is slated to contribute significantly toward the regional demand.
Growing commercialization along with rising implementation of energy efficient equipment to control GHG emissions across MEA will stimulate product demand favorably. MEA building thermal insulation market is slated to collect a revenue of more than USD 320 million by 2024. UAE and Saudi Arabia will be the major revenue pockets.
The deployment rate of thermal insulation is indeed appreciable across residential, industrial, and commercial buildings. Building thermal insulation market in the commercial sector is predicted to register notable gains of more than 4% over the coming seven years, driven by the renovation of existing constructions. In addition, the product witnesses heavy demand across various manufacturing units and commercial shops for maintaining temperatures & providing a comfortable shopping experience to the consumers.
Residential sector, which contributed over 56% of building thermal insulation market share in 2016, is expected to record a CAGR of more than 4% during the period from 2017 to 2024. A substantial rise in the disposable incomes of consumers and their increasing purchase parity will favorably influence the business space.
Kingspan Group, huntsman international LLC., Saint-Gobain, Dow Building Solutions, BASF Polyurethanes GmbH, Owens Corning, CertainTeed Corporation, and Johns Manville are the key players in building thermal insulation market.
Author Name : Dhananjay Punekar