Radiant Barrier and Reflective Insulation Market to hit US$ 2.7 Billion by 2033, says Persistence Market Research

Radiant Barrier and Reflective Insulation Market

Newly-released data on the Radiant Barriers and Reflective Insulation market shows that global sales are expected to reach around US$ 1.22 Billion by the end of 2022, registering a Y-o-Y growth of approximately 3.1 %. The market of Radiant Barriers and Reflective Insulation is projected to witness a CAGR of magnitude 7.4 % over the period of 2022 and 2033 on a value basis. Radiant Barriers and Reflective Insulation Market is estimated to reach US$ 2.7 Billion by the end of 2033.

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The market for Radiant Barrier and Reflective Insulation is growing rapidly as homeowners and business owners become more aware of the benefits it provides. In addition to keeping buildings cooler or warmer, Radiant Barrier and Reflective Insulation can also help reduce energy costs. This makes it an attractive option for both new construction and retrofit projects. Radiant Barrier and Reflective Insulation Manufacturers are seeing increased demand for their products, and many are expanding their operations to meet the increasing demand.

The importance of sustainable development and energy conservation is being posed by environmental issues and rising energy costs. A large portion of overall energy consumption is accounted for by the construction industry. Therefore, radiant barriers and reflective insulation have become an important part in commercial as well as residential building construction, as these reduce heat gain in the summer and lower the cooling cost by reflecting radiant heat. Furthermore, growing demand from the industrial sector in pipes, tanks, boilers, laboratories, heat shields etc., is driving growth of the radiant barrier and reflective insulation market. The agriculture sector is also a prominent end user, providing added impetus to market growth.

Key Players-

• Dunmore Corporation
• FiFoil Company Inc.
• Innovative Insulation Inc.
• Patidar Corporation
• Reflectix Inc.
• FOIL LAMINATE INDUSTRIES SDN BHD
• Advanced Technical Laminates Manufacturing (ATLM)
• Covertech Flexible Packaging
• Spunchem International and more

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Key Segments Covered in Radiant Barriers and Reflective Insulation Market Research

Radiant Barriers and Reflective Insulation Market By Product Type

• Radiant Barriers

o Metallized Film
o Pure Aluminium

• Reflective Insulation

o Bubble Type
o Foam Type

Others

Radiant Barriers and Reflective Insulation Market By End-Use

• Residential
• Commercial & Agriculture

o Commercial Buildings
o Agriculture

• Industrial

o Manufacturing Plants
o Storage Facilities

• Institutional & Others

Radiant Barriers and Reflective Insulation Market By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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Key Takeaways from Radiant Barrier and Reflective Insulation Market Study

• Demand for radiant barriers and reflective Insulation has seen prominent growth in recent years, and is expected to continue over the forecast period.
• Increasing demand for radiant barriers and reflective insulation from various end-use industries, especially commercial construction, is expected to propel market growth over the coming years.
• North America holds more than one-third market share, and will hold on to this position through 2031.
• Need for energy-efficient and cost-efficient insulation has seen tremendous growth over the last couple of years, and this trend is expected to continue. Demand has also increased in industrial applications such as pharmaceuticals and chemicals, as they are extremely important for packaging and cooling.
• Due to the COVID-19 crisis, the market was hampered for almost three quarters, due to the unavailability of materials and restriction on trade. 2020 witnessed a growth rate of only 2.5%. However, long-term growth looks positive.
• The market in Germany and India will witness CAGRs of 5.4% and 9.3%, respectively, through 2031.
• The U.S. dominates the market in North America, and is projected to expand at over 7.5% CAGR through 2031, while China leads East Asia, and is set to progress at a CAGR of 9%.

"Growing demand for radiant barriers and reflective insulation for energy-efficient passive cooling applications is increasing day by day, and this is expected to drive market growth substantially through 2031. With a moderately fragmented market space, manufacturers are highly concentrated on increasing sales and distribution networks with different pressure ratings, standards, and sizes,"says a Persistence Market Research analyst.

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