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Increasing demand from the construction and automotive industries for temperature control and energy efficiency is expected to fuel the demand for thermal insulation material. According to a new study by Future Market Insights (FMI), the market for thermal insulation material is set to rise steadily with a CAGR of over 4% through the end of the projection period in 2031.
The global demand for thermal insulation materials has rapidly gained traction owing to concerns associated with energy conservation. Strict government regulations associated with emissions from construction and automotive sector operations will drive long-term demand. In building operations, thermal insulation also provides benefits in supporting auxiliary building structures including roofs and flooring.
Niche applications in aerospace structures in addition to investments into smart city infrastructure are providing impetus to investments into product research & development, with a focus on material and design. End-user specific customization of product offerings on the basis of density, thermal conductivity, thickness and more will influence developments in the market for the foreseeable future.
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The growing demand for thermal insulation materials, particularly from emerging economies will offer key growth opportunities. On the other hand, the volatility in the pricing of raw material will challenge the growth of market participants. Market vendors are more likely to focus on the growth prospects in the fast-growing segments, while consolidating their positions in relatively slower-moving products.
Key Takeaways of Thermal insulation material Market Study
“Thermal insulation materials find widespread applications in spacecraft, buildings, clothing, mechanical systems, and in automotive offerings among others. Customization on the basis of specific heat capacity, thickness, surface emissivity, thermal bridging, thermal conductivity, and density will support demand as per the requirements of the target area,” Says an FMI analyst.
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Developments in Green Construction Set to Drive Growth
According to FMI, thermal insulation material has immense scope for application in the building and construction industry owing to the increased focus in the sector on resource efficient and environment friendly materials.
Also, there is a substantial growth in the construction of green buildings around the world owing to volatility in high energy prices, and concerns associated with environmental impact, along with the health and comfort of occupants. In addition, green building rating systems implemented in developed regions across Europe and North America such as the Leadership in Energy and Environmental Design, are contributing to growth.
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The global thermal insulation material market can be considered as moderately consolidated, with a few leading players accounting for a prominent share of the overall thermal insulation material market. Manufacturers are increasingly focused on investments into research and development aimed towards new product launches.
Key market participants including BASF SE, Asahi Kasei Corporation, Rockwool International A/S, E. I. du Pont de Nemours and Company, Bayer AG, Berkshire Hathway (Johns Manville), Dow Chemicals Company, Owens Corning, Saint Gobain S.A., and Kingspan Group PLC amongst others are also focusing on consolidating their presence in the global market by entering into strategic industry collaborations with other market participants.
Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Thermal Insulation Material Market Set to Rise a CAGR of over 4% Through the End of the Projection Period in 2031 appeared first on Future Market Insights.
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