thermal insulation material market will account for US$ 53,286.8 Mn in 2020
Global thermal insulation material market is projected to expand at a CAGR of 4.2% during the forecast period, accounting for US$ 53,286.81 Mn by 2020.
Drivers & Trends
Construction sector output, manufacturing industry output, construction industry spending and urbanisation trend are some of the macro-economic drivers of the market. Developed economies such as North America and Europe have formulated regulations concerning energy-efficient buildings and according to Concerted Action Energy Performance of Buildings (a joint initiative program of member states of European Union and European Commission), approximately all new buildings constructed in member states by 2020 should comply with zero-energy standards. Even governments in emerging countries are actively promoting the use of thermal insulation material. In 2014 for instance, Andhra Pradesh (India) adopted Energy Conservation Building Code (ECBC), under which commercial and public buildings in the state are expected to cut costs and slash energy usage by 40% to 60% through use of green building materials. Such regulations and initiatives are identified as underlying driving factors of the market. However, there are few challenges facing the thermal insulation industry such as low awareness of thermal insulation material in emerging economies and high capital cost of thermal insulation in buildings.
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Global Thermal Insulation Material Market Value Split, By Region, 2015 and 2020
Thermal Insulation Material – Market Taxonomy
Future Market Insights, in its report titled Thermal Insulation Material Market – Global Industry Assessment and Forecast; 2015–2020, has segmented the market into various segments considering geography, material types and temperature range as the basis for segmentation.
Geographical segmentation includes North America, Asia Pacific except Japan, Latin America, Japan, Western Europe, Eastern Europe and Middle East & Africa. On the basis of material types, thermal insulation material market segmentation includes stone wool, fibreglass, plastic foam and other thermal insulation materials. Additionally, FMI has highlighted growth in the market using absolute dollar opportunity, which is critical in accessing the level of opportunity that an enterprise can achieve, as well as to identify potential resources from both sales and delivery perspectives.
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Analysis by Temperature Range
From temperature range perspective, thermal insulation material application for 1°C to 100°C temperature range is estimated to register highest growth during the forecast period at a CAGR of 4.6%. Thermal insulation material application for −160°C to −50°C temperature range is majorly used in petrochemicals industry for storage of cryogenic gases. Increasing demand for LNG, cryogenic gas in emerging economies such as Asia Pacific is expected to fuel demand for thermal insulation material.
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