Exterior Insulation and Finish System (EIFS) Market : Expansions & Investments, Agreements & Contracts, Partnership, Mergers & Acquisitions, and New Product are the Major Growth Strategies Adopted by Major Players

MarketsandMarkets projects that the exterior insulation and finish system (EIFS) market size will grow from USD 60.68 billion in 2018 to USD 108.11 billion by 2023, at a CAGR of 12.24%. The reduction in greenhouse gas emissions and development of green buildings mainly drive the EIFS market growth. In addition, the presence of stringent building energy codes in Europe and North America drives the demand for EIFS.

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The key players in the EIFS market include BASF (Germany), Saint-Gobain (France), Wacker Chemie AG (Germany), Sto SE & Co KGaA (Germany), Owen Corning (US), Dryvit Systems Inc. (US), Master Wall, Inc. (US), Parex USA, Inc. (US), and Rmax (US). Other players include Durabond Products Limited (Canada), Durock Alfacinf international (Canada), Adex Systems (Canada), Omega Products International (US), and Terraco Group (UK). These players adopted strategies such as expansions & investments, agreements & contracts, partnership, mergers & acquisitions, and new product & technology launches to strengthen their position, expand their global presence, and increase their share in the market.

BASF is one of the leading companies in the EIFS market. Its product portfolio ranges from chemicals, plastics, performance products, agricultural solutions, and oil & gas to functional and material solutions. The company operates through the following segments: functional materials & solutions, performance products, chemicals, oil & gas, agricultural solutions, and others. BASF offers EIFS solutions through its functional materials & solutions segment. It has maintained its leadership position through its strong distribution network across North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The company continues to expand its capacity by adopting organic strategies such as expansions, investments, and new product launches.

In June 2018, BASF, one of the world leaders in the manufacturing of construction chemicals, increased the production capacity of Neopor (expandable polystyrene containing graphite) by 40,000 metric tons per year through its two production sites in Ludwigshafen, Germany and Ulsan, Korea. At the Ulsan site in Korea, BASF will switch the plant´s entire 85,000 metric tons capacity from the classic white EPS (expandable polystyrene) Styropor to the improved insulation raw material Neopor (gray EPS), which will help the company to meet the growing demand for the gray material in the Asian market.

In August 2017, BASF becomes the first XPS producer to obtain construction type approvals for extruded foam boards welded in a contactless process. The general technical approvals Z-23.31-2083 and Z-23.33-2084 pertain to Styrodur SQ in inverted roof and perimeter applications. Styrodur is a compression-proof, water-repellent, and rot-proof Styrodur that protects homes from heat, cold, and moisture for a longer period.

Saint-Gobain is one of the leading players in the habitat and construction markets. The company operates in segments such as innovative material, construction products, and building distribution. The company has adopted organic strategies such as expansions & investments and new product developments to expand its global presence. For instance, in April 2018, ADFORS, part of the Saint-Gobain family, launched FibaLath, an innovative fiberglass lath to be used in stucco applications and exterior/interior manufactured stone and brick facades. The unique patented three-dimensional profile of FibaLath is self-furring and attaches the same way as metal lath. It is lightweight and pliable, making it easier and safer to cut and carry as compared to metal lath.

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Major Growth Drivers:

• Stringent regulations to reduce greenhouse gas emission
In March 2007, the European Heads of State agreed to a binding and unilateral GHG emission reduction of 20% by 2020. This agreement becomes a legal requirement in the European Union with plans to reduce GHG emission by 20% by 2020 and by 40% by 2030. Similarly, in 2009, the US announced to reduce GHG emissions by 17% by 2020 in comparison to that in 2005. Therefore, the ongoing trend of reducing GHGs, which is followed by most countries, is fueling the demand for building thermal insulation, such as EIFS.

• Reduction in energy consumption and its related cost
In developed and developing countries, the growing middle-class consumers demand improved home heating and cooling services. This demand increases the energy consumption, and, in turn, its related cost. The US Department of Energy (DOE) studies state that 40% of the energy consumed is lost due to air infiltration. This air infiltrates the home in the form of drafts through walls sockets, floors, roofs, windows, and doorways. This is true not only in new houses but also in old houses and buildings that have a huge renovation area. The use of insulation materials reduces HVAC operating costs by 50%–70% in buildings. Monthly utility bills can be reduced by increasing the level of insulation in an under-insulated home. It is also mostly perceived that energy saved by insulation is less than fabrication energy (energy utilized in using these products) of the material.

Know More About "Exterior Insulation and Finish System (EIFS) Market by Product Type (PB, PM), Insulation material (EPS, MW), Component (Adhesive, Insulation board, Base coat, Reinforcement, Finish coat), End-use industry, and Region - Global Forecast to 2023" @ https://www.marketsandmarkets.com/Market-Reports/exterior-insulation-finish-system-market-58301028.html

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