Press release
Why the Building Thermal Insulation Market is set to explode? Top Companies: Kingspan, BASF, Owens Corning, CertainTeed, Armacell
Building Thermal Insulation Market
Asia Pacific, led by China, Japan and India for building thermal insulation market is expected to grow around 3.9% up to 2024. Increasing construction spending to improve commercial and public infrastructure coupled with energy conservation initiatives for reducing carbon emissions will support industry growth. Increasing foreign direct investment in construction industry is another key factor driving the revenue growth.
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North America building thermal insulation market will worth over USD 2.9 billion by 2024. Expansion in construction industry along with strict construction codes given by International Energy Conservation Code (IECC) are the stimulating factors of the product demand.
Europe building thermal insulation market will value over USD 2 billion by 2024. Stringent regulations along with government promotions on cost-effective ways of conserving energy will drive the regional demand. Renovation projects and technological advancement in construction industry along with high product adoption are the key factors fueling the industry growth.
Necessity to conserve energy along with increasing consumer awareness regarding greenhouse gas emissions will propel the building thermal insulation market. Insulated construction curbs up to 20% of energy costs to maintain the temperature during winter as well as summer.
Growth in construction projects along with shifting focus on infrastructure development globally has enhanced the product demand. Increasing product consumption in commercial as well as residential construction to limit heat transfer with external environment will drive the building thermal insulation market.
Global building thermal insulation market is highly competitive and price sensitive with the presence of several regional players. The key industry players include:
• Owens Corning
• Dow Solutions
• Johns Manville
• Huntsman International
• Atlas Roofing
• Rockwool International
• CertainTeed
• Kingspa
• BASF
• Saint-Gobain
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Building Thermal Insulation Market, By Material:
• Open cell materials/Wool insulation:
o Glass wool
o Stone wool
o Others (cellulose & aerogel)
• Closed cell materials/Plastic foams:
o Expanded polystyrene
o Extruded polystyrene
o Polyurethanes
o Others (phenolic foams & polyisocyanurate insulation)
Building Thermal Insulation Market, By Application:
• Wall insulation:
o Internal wall
o External wall
o Air cavity wall
• Roof insulation:
o Flat roof
o Pitch roof
• Floor:
Stone wool was generated more than USD 3.97 billion revenue in 2016. Presence of natural open cell structures enhances the absorption and regulation of noise and heat. High quality lining preventing the harmful gases or gusting agents including carbon di oxide, HCFC and pentane due to the entrapped natural air will drive the demand.
Wall insulation dominates the building thermal insulation market share. High moisture control is the key property supporting the industry demand. Large surface area of walls in buildings along with increasing construction projects will support product penetration.
Reduction in the carbon footprint due to less energy consumption to maintain temperature are the key factors fueling the industry growth. Stringent government regulations on energy conservation particularly in construction industry will support the product demand.
Glass wool is expected to worth over USD 12.5 billion by 2024. Improved acoustic & thermal barrier along with high tensile strength, lightweight, excellent resilience and easy installation are the key properties enhancing the product scope.
Expanded polystyrene (EPS) will witness over 4.1% CAGR up to 2024. Increasing energy & construction costs along with rising awareness about global warming are key aspects supporting the building thermal insulation demand. EPS is manufactured from non-renewable materials, which can pose a challenge for the industry growth.
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