ALBANY, New York, Aug. 22, 2019 /PRNewswire/ -- Stringent building codes in developed regions such as Europe and North America promote the use of thermally insulated materials in buildings. Moreover, the trend of zero energy loss or nearly zero energy loss buildings is taking a center stage which can only be achieved through thermal insulation materials. This collective notion of building structures that conserve energy has been backed by strong government support in the form of tax rebates for home insulation. Resultantly, the thermal insulation market is expected to see an uptake during the forecast period of 2017 to 2025 states Transparency Market Research. Its growth is mainly characterized by the presence of numerous global market vendors, thus intensifying the competition in the market.
Market to Exhibit a CAGR of 5.4%
Rising awareness about insulation products and their benefits and the implementation of numerous energy saving programs are expected to help the market grow at the projected CAGR. Moreover, there is a need for advanced thermal technologies in the end-use sectors such as automotive and aerospace which further support the hike in revenue of the thermal insulation market.
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The report forecasts the thermal insulation market to record a valuation of US$ 77,770.7 Mn by the end of the predefined period. According to a historical analysis, the market was valued at US$ 48,288.3 Mn in 2016. This uptake in the revenue is due to the availability of different types of thermal insulation materials and technological advancements such as soundproofing materials and enhancement in their thermal properties.
Asia Pacific to be at the Helm of the Thermal Insulation Market
On the regional front, Asia Pacific is expected to be a lucrative region for thermal insulation market. This region accounted for more than 35% of the global market in 2016. It is expected to hold its leading position throughout the forecast period owing to a rise in the trend of nuclear families. This calls for a need to enhance the energy conservation setup.
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Non-residential insulation is the primary contributor to growth in this region due to the booming industrial sector. Rising re-insulation of old buildings and growing population have further backed the market's growth in Asia Pacific.
North America is also expected to be a promising region for the thermal insulation market's growth owing to favorable government initiatives such as the Weatherization Assistance Program (WAP) and federal funding. The commercial segment in the U.S. is expected to be a major contributor to the market's growth in this region.
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Focus on Reduction of Energy Consumption Bills to Bolster Thermal Insulation Market Growth
In order to reduce the energy consumption bills, customers are opting for thermal insulation materials and retrofitting the materials in buildings, thus strengthening the market's growth. Moreover, governments across the world are providing tax benefits for green buildings which have led to architects and builders opting for green building materials.
Furthermore, Expanded Polystyrene (EPS) and Extruded Polystyrene (XPS) materials are expected to gain popularity due to long life-span and enhanced energy savings. The wall application has highly contributed to the thermal insulation market's growth owing to extensive use of thermal insulation materials in the interior and exterior of walls.
The use of artificial insulation products may decline due to strict government regulations pertaining to the use of environmentally friendly products. As a result, the trend of recyclable insulation has taken over the market, leading to a rise in the use of biodegradable products.
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The study presented here is based on a report by Transparency Market Research (TMR), 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."
The global thermal insulation market is segmented on the basis of:
- Cellular Material
- Fibrous Material
- Granular Material
- Rigid Board
- Rigid Foam/Foam Board
- Flexible Foam
- Sprayed Foam
- Loose Fillers
- 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