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Global Thermal Insulation Material Market Key Players, Size, Share, Demands, Trends and Forecasts to 2028

07-18-2023 01:44 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ReportsnReports

Thermal Insulation Material Market

Thermal Insulation Material Market

The thermal insulation material market refers to the industry involved in the production, distribution, and consumption of materials designed to reduce heat transfer and provide thermal insulation in various applications. Thermal insulation materials are used to minimize heat loss or gain, improve energy efficiency, and create comfortable indoor environments in buildings, industrial facilities, and transportation systems.

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The thermal insulation material market is projected to reach USD96.0 billion in 2028 at a CAGR of 6.0% during the forecast period. The governmmet initiatives to promote the construction of reenbuildings are rising globally due to the pressing need for the reduction of greenhouse gas emission and conserve natural resources. The incresase demand for noise reduction is also a major factor driving the thermal insulation market. In addition to that there is a growingconcern for the indoor air quality where thermal insulation materials can help to prevent the penetration of outdoor pollutants and allergens and also building moisture and mold which have a major impact on the indoor air quality. Lastly governments all around the world have enacted rules and building codes that require builfidngs to fullfill particular energy performance standards and thermal insulation materials play a crucial role in meeting these standards.

"100-500℃ temperature range accounts for the second-largest market share in 2023"

Thermal insulation materials that can withstand temperatures between 100 and 500 degrees Celsius are commonly used in a wide range of industrial and commercial applications. These materials are designed to provide thermal insulation and protect against high temperatures in environments such as high-temperature furnaces, kilns, boilers, and pipelines. In industrial applications, thermal insulation materials with resistance to this temperature range are used to protect equipment, machinery, and workers from high temperatures. For example, in high-temperature furnaces and kilns, thermal insulation materials are used to maintain the desired process temperatures, reduce heat loss, and increase energy efficiency. In boilers and pipelines, these materials help to prevent heat loss and maintain consistent temperatures, ensuring optimal performance.

"Stone Wool is expected to be the-fastest growing material type for thermal insulation material market during the forecast period, in terms of value."

Stone wool is a fiber made from natural or synthetic minerals or metal oxides. Inorganic rock or slag is the main component (typically 98%) of stone wool. The remaining 2% organic content is a thermosetting resin binder (an adhesive) and a little oil. Stone wool has high compressive strength and thermal resistance, provides better sound insulation, and can withstand temperatures up to 1,000°C, making it suitable for applications such as flat roofs, outer wall facades for direct rendering, sandwich panels, cavity walls, lofts, pitched roofs, floor, and others. Some of the major companies producing stone wool include Rockwool International A/S (Denmark) and Paroc Group Oy (Finland) (now part of Owens Corning).

"Based on region, Asia Pacific is the fastest growing market for thermal insulation material, in terms of value."

Asia Pacific was the largest market for global thermal insulation material, in terms of value, in 2022. The market in Asia Pacific is driven by innovation, namely industrial expansion and technological developments, along with the increasing environmental impact and water scarcity in the region. The improving global economy is expected to boost market growth. China is a dominant market player in the Asia Pacific for the thermal insulation material market. However, the high use of thermal insulation material in various regional end-use industries will make the Indian market witness high growth during the forecast period.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 35%, Tier 2 -25%, and Tier 3 - 40%
By Designation: C-Level - 30%, Director Level - 25%, and Others - 45%
By Region: North America - 30%,Asia Pacific - 30%, Europe - 25%, Middle East & Africa-10%, and SouthAmerica-5%
The key players in this market are Saint Gobain SA(France),Kingspan Group(Ireland),Rockwool International A/S (Denmark),Owens Corning(US),Knauf Insulation(US), BASF SE(Germany), Asahi Kasei Corporation(Japan), Recticel(Belgium), GAF Material Corporation(US),Evonik(Germany),

Research Coverage:

This report segments the market for thermal insulation material market on the basis of material type, end use industry, temperature range and region. It provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for thermal insulation material market.

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