ALBANY, New York, October 24, 2017 /PRNewswire/ --
- Global Thermal Insulation Market: Keen Players Partner with OEMs to Strengthen Foothold
- Government Efforts for Energy Conservation in Buildings Benefits Market
The market for thermal insulation is primarily driven by rising demand from end-use industries coupled with advancement in technology in additive manufacturing industry. Demand for thermal insulation has been surging due to the increase in demand for metal powders in several end-use industries such as aerospace and automotive. Manufacturers of metal powders are vying to partner with OEMs in order to improve the quality and overall performance of these powders. This, along with rising demand for iron powder in rail, automotive, energy, infrastructure, machinery, and equipment industries are anticipated to have a positive bearing on the thermal insulation market.
As per a report by TMR, the global thermal insulation market was worth US$48,288.3 mn in 2016 vis-à-vis revenue. By the end of 2025, the global thermal insulation market is predicted to reach US$77,770.7 mn by 2025, rising at a CAGR of 5.4% between 2017 and 2025. Among the key product segments, fibrous material held the leading revenue share in 2016. Vis-à-vis revenue, building & construction end-user led the overall market in 2016 constituting more than 50% share. Region-wise, Asia Pacific emerged as the most lucrative market in 2016.
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Companies that manufacture various products through additive manufacturing technology are also stoking growth of thermal insulation market. This is because of the high dependence of these companies on metal powders for insulating foams that are used in steering, transmission parts, seat and doors, engine components, and brakes.
Besides this, environmental regulations that have been laid by several governments for energy conservation in buildings is also providing impetus to the global thermal insulation market. Governments especially in cold countries are actively promoting construction of zero energy loss buildings. This is because lack of reliable insulation material leads to massive volume of heat loss from buildings in these countries that need round the clock heating major part of the year. As per the analysis of the Institute for energy Diversification and Saving (IDEA), thermal insulation improvements can account for as much as 30% drop in heat and air conditioning consumption that can translate into substantial energy and money savings as well as reduction in CO2 emissions. For instance, government in the U.K. and several governments of the European Union are providing incentives of up to GBP3, 500 for households that conform to energy efficiency norms.
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Growing Influence of Energy Saving Programs to Alleviate Cost Concern among Consumers
On the downside, high prices of insulation materials is leading to its low adoption. The cost of insulation materials which is perceived to be high is hampering the demand for thermal insulation in residential buildings. Nevertheless, government-backed programs that are spreading awareness to adopt energy saving practices and efforts to promote zero energy loss building concept is expected to bolster the demand for thermal insulation materials.
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The presence of a large number of players both global and local marks intense competition in the global thermal insulation market and the vendor landscape fragmented, reports Transparency Market Research (TMR) in a new market study. In order to gain competitive edge in the global thermal insulation market savvy players are vying to enter into strategic alliances directly with original equipment manufacturers (OEMs) that serve end-use industries such as building & construction, aerospace, automobile, etc.
Prominent participants in the global thermal insulation market include Armacell, Asahe Kasei Corporation, BASF SE, Johns Manville, Covestro AG, The Dow Chemicals Company, DuPont Insulcon Group, Isolatek International, Kingspan Group Plc, Owens Corning, ROCKWOOL International A/S, Saint-Gobain S.A., Thermax Jackets LLC, URSA Insulation S.A, and others.
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SOURCE Transparency Market Research