How Building Thermal Insulation Market Growing Rapidly...? Top Players Owens Corning, Saint-Gobain, CertainTeed Corporation, Huntsman Corporation.
Building Thermal Insulation Market for residential segment is expected to hold over 56% market share up to 2025.Increasing purchase power of customers along with their awareness to minimize the carbon footprints and energy savings are playing a major role in adoption of thermal padding products in the residential segment. Continuous focus on preventing the heat flow from one side of insulation to another side in buildings and small houses is propelling the demand of the thermal padding products. Improvements in building, delivering of good level thermal padding will positively influence market growth over the forecast timeframe.
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Strong demand for energy efficient buildings with rising energy consumption across the globe is expected to propel the building thermal insulation market. Increasing adoption of sustainable technologies for reducing the greenhouse gases, hot weather conditions are the key driving factors for the industry development. Rising consumer consciousness pertaining to electricity savings and reduction of carbon footprints is anticipated to propel building thermal insulation market over forecasted time period.
Rapid expansion of industrial sector including power, oil & gas, automotive will provide positive business outlook for building thermal insulation market. Rising necessity to control the noise in industrial plant, quarry, high-voltage equipment areas and other factories will support product demand. Increasing penetration of advanced materials with excellent soundproof & heat resistance properties will create lucrative opportunities for manufacturers. Factors such as high energy savings, ease of customization, and effective noise control will have a positive impact on the product sales.
The global building thermal insulation market is dominated by wool materials including glass wool & stone wool accounting for around 50% volume share in 2018. Positive applications outlook owing to high thermal conductivity and compression strength will drive product sales. The stone wool and glass wool are nonflammable in nature and are widely used as insulating material across industrial and commercial sectors. Additionally, they possess excellent resistant characteristics along with higher absorbility.
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Asia Pacific is anticipated to witness significant growth at over 6% in terms of revenue up to 2025, owing to the rapid expansion of construction & industrial sector. The rising demand for renovation of shopping malls, convenience stores and groceries shop have attributed to the increasing demand of building thermal padding products. Industry players are continuously investing in R&D to develop extruded polystyrene padding for wall furring, cavity wall which enhances the product segment in the commercial segment.
Building thermal insulation market is immensely competitive due to existence of strong industrial players like owens corning corporation, Cellofoam North America, Atlas roofing corporation, Paroc Group. The other significant market players include BASF, Guardian, Huntsman, Johns Manville and Rockwell International A/S. The key strategies that are executed by the industrial players are new product launch, partnerships, Mergers& acquisitions, R&D Investments, Joint ventures. For instance, in November 2017, Atlas roofing corporation has announced a new partnership with Veterans community project. This partnership helped atlas to provide innovative products for roof and wall applications, including expanded polystyrene for villages and organizations to provide long term sustainability.
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