Thermal Insulation Material Market to Grow at a CAGR of 4.2% by 2020

Future Market Insights (FMI), in its latest report titled, “Thermal Insulation Material Market - Global Industry Assessment and Forecast; 2015 - 2020”, projected that the global thermal insulation material market will account for US$ 53,286.8 Mn in 2020, registering a CAGR of 4.2% between 2015 and 2020.

Thermal insulation materials are used to hamper the flow of heat energy from high temperature to low temperature. Thermal insulation material is used almost in every industry in order to decrease their energy consumption, utilized to maintain desired temperature in an area. Thermal insulation materials are primarily used in construction industry. Globally buildings account for one third of the total energy consumed, of which approximately 50% is utilized in heating and cooling of the building. Construction industry mainly uses thermal insulation material to maintain ambient temperature, i.e. 1⁰ C to 100⁰ C.

The report analyses the global thermal insulation material market in terms of value (US$ Mn) by material type, region and temperature range and provides information regarding market dynamics, value chain, competitive landscape, current trends, market estimations and forecast.

Thermal Insulation Material Market Report Overview@ https://www.futuremarketinsights.com/reports/thermal-insulation-material-market

Construction sector output, manufacturing industry output, construction industry spending and urbanization trend are some of the macro-economic drivers of the market. Developed economies such as North America and Europe have formulated regulations concerning energy efficiency buildings: 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 the member states by 2020 should comply with zero –energy standards. Even emerging countries government are actively promoting the use of thermal insulation material: in 2014, 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%-60% through the use of green building materials. Such regulations and initiatives are identified as underlying driving factors of the market. However there are few challenges thermal insulation industry is facing: low awareness of thermal insulation material in emerging economies and high capital cost of thermal insulation in building.

From regional perspective, Asia Pacific thermal insulation material market is estimated to represent the highest growth globally in 2015. Middle East and Africa construction industry has represented substantial growth in past few years and likely to continue the trend during the forecasted period as well. New building codes implemented in MEA along with expected growing trend of construction industry is anticipated to generate demand for thermal insulation material in the region.

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From materials type perspective, fibreglass is extensively used in manufacturing industry closely followed by plastic foam. Fibreglass segment is estimated to register an annual growth of 4.3% in 2015.

From temperature range perspective, thermal insulation material market segment use for temperature range 1⁰ C to 100⁰ C is estimated to register fastest growth during the forecasted period at CAGR of 4.6%.Thermal insulation material at temperature range −160⁰C to −50⁰ C is majorly used in petrochemical industry for storage of cryogenic gases. Increasing demand of LNG, cryogenic gas in emerging economies such as Asia – Pacific is expected to fuel the need of thermal insulation material in the industry.

Market participants covered in the report include Berkshire Hathway (Johns Manville), Rockwool International A/S, E. I. du Pont de Nemours and Company, Bayer AG, Owens Corning, BASF SE, Asahi Kasei Corporation, Dow Chemicals Company, Kingspan Group PLC and Saint Gobain S.A.

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This release was published on openPR.