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Thermal Insulation Industry To Grow At CAGR of 4.9% And Reach $70.7Billion by 2028 [ 280 Pages Report]
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The rising demand for energy-efficient housing and commercial buildings is the primary factor driving the growth of the thermal insulation market. The growing awareness of cost savings associated with energy-efficient insulation is also driving the market. In addition, the increasing use of thermal insulation in the manufacturing sector, due to its ability to reduce energy consumption and improve efficiency, is driving demand for thermal insulation solutions.
The global thermal insulation market is segmented by product type, such as fiberglass, foam plastics, rock wool, and others. Fiberglass is the most widely used product, owing to its low cost, easy installation, and excellent thermal insulation properties. Foam plastics are also gaining traction, due to their high insulation efficiency and low vapor permeability. In terms of application, the market is divided into residential, commercial, industrial, and others. Residential applications hold the largest market share, owing to the rising demand for energy-efficient housing solutions.
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The global thermal insulation market is highly competitive, with a large number of regional and international players vying for a share of the market. Key players in the market include Owens Corning, Kingspan, Armacell, BASF, and Johns Manville. These companies are focusing on product innovation, mergers & acquisitions, and strategic partnerships to gain a competitive edge in the market.
In conclusion, the global thermal insulation market is expected to witness significant growth in the coming years, owing to the increasing demand for energy-efficient solutions. The rising awareness of cost savings associated with energy-efficient insulation is driving the market, and key players are focusing on product innovation, mergers & acquisitions, and strategic partnerships to gain a competitive edge in the market.
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