PUNE, India, August 9, 2018 /PRNewswire/ --
According to a new market research report "Exterior Insulation and Finish System (EIFS) Market by Product Type (PB, PM), Insulation material (EPS, MW), Component (Adhesive, Insulation board, Base coat, Reinforcement, Finish coat), End-use industry, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the EIFS market size is projected to grow from USD 60.68 billion in 2018 to USD 108.11 billion by 2023, at a CAGR of 12.24%. This market is witnessing considerable growth due to the increasingly stringent regulations to reduce greenhouse gas emission, reduction in energy consumption and its related cost, and presence of stringent building energy codes in regions such as North America and Europe. Rebate and tax credit from governments for energy-efficient homes and buildings also act as key factors driving the growth of the EIFS market.
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Polymer-based (PB) segment is projected to grow at a higher rate during the forecast period.
The PB segment is projected to grow at a higher CAGR during the forecast period. PB EIFS can incorporate additional layers of base coat and reinforce mesh to achieve higher impact resistance. It also uses EPS as an insulation material that provides high thermal insulation and cost efficiency. All these factors contribute to the growth of the PB segment.
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In terms of insulation material, the expanded polystyrene (EPS) segment is projected to grow at a higher rate during the forecast period.
The EPS segment is projected to be the faster-growing insulation material over the next five years. The factors contributing to the growth of this segment include the cost-effectiveness of EPS material along with high thermal insulation and the growing trend of adopting exterior wall insulation systems.
Europe accounted for the largest market share in 2018 while the Middle East & Africa is projected to grow at the highest CAGR during the forecast period.
Europe accounted for the largest market share in 2018. This growth is supported by the improving economic conditions, continuous improvements in government budgets, rising number of standards in building codes, positive demographic outlook such as the increasing population and rising per capita income, and the growing residential & non-residential industry in the region.
The Middle East & Africa is projected to grow at the highest CAGR during the forecast period. Middle Eastern countries are advanced in terms of per capita income and expenditure and have witnessed considerable growth in construction activities. The rising demand for advanced façade systems for building protection along with energy-efficient green buildings in the Middle Eastern & African countries is expected to drive the EIFS market in the coming years.
The major players in the Exterior Insulation and Finish System (EIFS) Market include BASF (Germany), Saint-Gobain (France), Wacker Chemie AG (Germany), Sto SE & Co KGaA (Germany), Owen Corning (US), Dryvit Systems Inc. (US), Master Wall, Inc. (US), Parex USA, Inc. (US), and Rmax (US). Other players in this market include Durabond Products Limited (Canada), Durock Alfacinf International (Canada), Adex Systems (Canada), Omega Products International (US), and Terraco Group (UK).
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