Building Insulation Market Forecast to 2023: —
Market Research Future (MRFR) postulates that the global building insulation material market is likely to garner USD 30 billion, grabbing a CAGR of 3.49% during the forecast period (2018 to 2023). Expansion of the construction sector is likely to favor the market growth to a large extent. Building insulation is generally formed of materials that create a thermal envelope of a building and helps to reduce the transfer of heat. Materials such as stone wool, glass wool, and EPS are used in the manufacturing of the insulation products and find its application in the non-residential as well as residential applications.
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Market Potential and Pitfalls
Several departments and organizations across the world govern the application of insulation in the construction industry which has induced the building insulation material market throughout the assessment period. These organizations govern the application of building insulation in several structures and systems of a building. The regulations vary with the country and region. Governments are getting stricter with such policies in order to promote energy efficiency in the construction sector. Such factors have triggered the demand for building insulation materials throughout the assessment period. Moreover, the growth due to the expansion of the construction sector especially in the Asia Pacific and the South American region has helped to maintain the global sales, which has further contributed to the insulation market growth. Additionally, the increasing adoption of advanced construction materials coupled with the growing focus on infrastructural development is considered to stimulate the building insulation materials market growth in the coming years. The market is also propelled by factors like conservation of energy and reduction of carbon footprints. With the rising awareness to conserve energy, the market is likely to flourish.
On the contrary, lack of skilled and trained workers and officers are estimated to deter the market growth throughout the assessment period. Moreover, fluctuating prices and inconsistent supply of the raw materials is further estimated to dampen the market growth in the coming years.
Global Building Insulation Material Market: Segmental Analysis
The global building insulation material market has been segmented on the basis of material, application, and end-user.
By mode of material, the global building insulation material market has been segmented into glass wool, stone wool, XPS, EPS, and others.
By mode of application, the global building insulation material market has been segmented into roofs, walls, and floors. Among these, the wall insulation is considered to experience the highest share owing to the rising infrastructure sector in the emerging markets of India, China, South Africa, Brazil, and Mexico.
By mode of end-users, the global building insulation material market has been segmented into residential and commercial. Among these, the residential sector has emerged as the prominent sector owing to the growing demand for insulation in the residential buildings in order to reduce the consumption of energy.
Geographically, the building insulation material market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, the North American region is estimated to dominate the global building insulation material market and is likely to retain its dominance in the coming years. Implementation of stringent building codes like the International Energy Conservation Code along with the resurgent building construction activity is anticipated to stimulate the market in this region. Additionally, the initiatives aiming towards making the existing buildings more efficient in economies like the U.S. is likely to boost the market growth throughout the assessment period.
The European region is predicted to witness a significant market share throughout the appraisal period. Initiatives to promote thermal insulation as a means of energy conservation is likely to augment the market growth in the coming years. Moreover, the rising cost coupled with the increasing awareness among the consumers associated with the benefits offered by insulation is considered to propel the market growth in this region.
The government in the Asia Pacific region, especially in nations like Japan, India, and China are increasing their expenditure on construction in order to improve the commercial and public infrastructure. This is considered to stimulate the market growth in this region.
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November 22, 2018: BASF has recently introduced Cavipor insulation material for existing buildings. Cavipor FTX 1 comprises the benefits of mineral-based insulation material with safe, simple, and clean processing of a foam system. It can be reused as a substrate and can be disposed of together along with the building rubble without time-consumption separation process.
Owens Corning Corporation
Knauf Insulation Inc.
Lloyd Insulations Limited
Johns Manville Inc.
Paroc Group Oy
GlassRock Insulation Company SAE
Kingspan Group Plc.
Rockwool International A/S
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