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Building Thermal Insulation Market will generate $34 billion by 2024
Building Thermal Insulation Market
Building Thermal Insulation Market size is estimated to exceed USD 34.9 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising demand for energy conservation and high growth in construction spending will propel building thermal insulation market. Global construction industry was valued above USD 7 trillion in 2015 and will exceed USD 14 trillion by 2024. China, U.S and India together accounted for nearly 55% share in the same year. Increasing adoption rate of International Energy Conservation Code (IECC) from 2012 has stimulated product growth in construction sector. Additionally, government norms corresponding to limited greenhouse gas emissions and energy conservation is anticipated to drive building thermal insulation market.
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Ease of installation, along with high moisture sensitivity, compressive strength, better thermal conductivity and durability are key properties encouraging product penetration. Technological enhancement such as multi chamber profiles, double and triple insulated glass will promote industry growth
Wool insulation material contributes more than 50% of consumption in building thermal insulation market in 2016. Increasing demand from commercial and residential construction will drive the product demand. It is extensively used in sheets & blankets form with a temperature sustaining capacity of above 400 degrees Celsius.
Expanded polystyrene will witness 4.2% CAGR up to 2024. Superior properties including lightness, durability and process ability of the material have enhanced the industry growth. It offers similar thermal resistance as that of its counterparts with even lesser quantity due to high R-value.
Polyurethane registered over 580 million square meters demand in 2016. Durable and safe way of reducing carbon emission and keeping construction cool will enhance the industry growth.
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Flat roof will surpass USD 5.6 billion till 2024. Inclination towards flat roof trends in commercial sector will drive the segment growth. Commercial sector expansion in terms of grocery stores, convenience stores, and shopping malls will enhance building thermal insulation market growth. Wall application was valued over USD 12 billion in 2016. Weather proofing requirements and enhancement towards energy efficiency will boost the application usage in the market. Heat transfer from walls in a building accounts for 35% of total heat loss.
Residential market is set to grow over 4% through to 2024. High consumer spending, nuclear family evolutions, and rising population will have a positive influence product demand.
UAE is anticipated to worth more than USD 260 million in 2016 and has become one of the most attractive hub for infrastructure spending. Increased adoption of technologies for curbing hot weather conditions, greenhouse gases and improved business environment will strengthen the product demand.
Global industry share includes Dow, Owens Corning, Johns Manville, Huntsman International, CertainTeed, Kingspan Group, BASF Polyurethanes, and Saint-Gobain.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
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