ALBANY, New York, August 13, 2018 /PRNewswire/ --
The global thermal insulation market has various market vendors. According to a report by Transparency Market Research, the market is fragmented due to many players entering the market. The global market is competitive in nature due to this reason. Some of the prominent players in the market are Armacell, URSA Insulation S.A, ROCKWOOL International A/S, Isolatek International, The Dow Chemicals Company, Asahe Kasei Corporation, Saint-Gobain, Johns Manville, Thermax Jackets LLC, BASF SE, Owens Corning, DuPont Insulcon Group, Kingspan Group Plc., Conestro AG, and many others.
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The global thermal insulation market is expected to rise at a CAGR of 5.4% during the forecast period of 2017 to 2025. The global market value of thermal insulation was US$48,288.3 mn during 2016 and is expected to reach US$77,770.7 mn by the end of forecast period. According to end user segment, building and construction is leading the global thermal insulation market. It held 50% of the total share in 2016 and is expected to lead in the coming years. Geographically, Asia Pacific led the market with more than 35% share in the global market in 2016 and is anticipated to contribute revenue worth US$34535.8 mn by 2025.
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Government Focus on Energy Saving Leading to Rise in Demand
Increase in building and construction industry will flourish the market of thermal insulation due to its energy saving programs. Government is also emphasizing on regulations for usage of thermal insulation for zero-energy building which will fuel the market in the coming years. Environmental regulations for conserving energy in various buildings will lead to significant rise in the market, especially in colder regions. The awareness about the energy saving practices is also likely to bolster the demand for thermal insulation. Energy Diversification and Saving Institute states that improved thermal insulation can result in fall of heat consumption and air conditioning by 30% and result in energy and money saving along with diminishing emission of CO2. Wide range of thermal insulation and products are in demand by various end user industries thus triggering the growth of the market. Thermal technologies are in demand due to rise in utilization of metal powders in automotive and aerospace. Insulation products are also rising due to rise in iron powders in industries such as rail, automotive, infrastructure, energy, and machinery. This will lead to rapid expansion of thermal insulation market globally.
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Fractured Distribution Channel to Affect the Market Growth
The global thermal insulation market is expected to experience some restrain during the forecast period. High cost at the initial stages will act as a barrier for adoption of thermal insulation material globally. Small and new players in the market are likely to get more affected by this. The supply chain of thermal insulation market is fractured, because of this manufacturers face difficulty in reaching their target audience thus leading to substitute buying. The price of raw materials for thermal insulation keeps fluctuating in the market thus hampering the growth of market globally. There is demand for lightweight thermal insulation materials such as plastic foam so as to produce light weigh end products. This can hamper the growth of the market in the coming years. Light weight insulation material requires less efforts and time. For example, heavy insulation material requires extra labor cost and time. This leads to adoption of substitute and lighter insulation in the market.
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The information in this review is based on the findings of a report by Transparency Market Research, titled "Thermal Insulation Market (Product - Cellular Material, Fibrous Material, and Granular Material; Foam - Rigid Board, Rigid Foam/Foam Board, Flexible Foam, Sprayed Foam, Batts, Loose Fillers, and Barriers; End-user - Building & Construction, Oil & Gas, Aerospace & Aviation, Mechanical Systems, Clothing, Automotive, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
For the study the market has been segmented as follows:
Global Thermal Insulation Market Segmentation
By Product Type:
- Cellular Material
- Fibrous Material
- Granular Material
By Foam Type:
- Rigid Board
- Rigid Foam/Foam Board
- Flexible Foam
- Sprayed Foam
- Loose Fillers
By End-User Type:
- Building & Construction
- Oil & Gas
- Aerospace & Aviation
- Mechanical Systems
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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SOURCE Transparency Market Research