Building Thermal Insulation Market Garner US$ 40 bn by 2026
29 May 2019
Global Building Thermal Insulation Market size is estimated to garner the market value around USD 40 billion by 2026 with rising CAGR of 4.5% Over 2019-2026.
LOS ANGELES, May 29, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Building Thermal Insulation Market (By Product: Glass Wool, Mineral Wool, XPS, EPS, Others; By Application: Walls, Roof, Floor; By End Use: Commercial, Residential) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
Implementation of stringent greenhouse gas emissions regulations by various governments is expected to have a positive growth impact.
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Due to rising energy costs and the importance of energy conservation, increasing demand is expected to push the market over the forecast period in residential and business applications. Additionally, the government's energy efficiency initiatives are estimated to benefit product demand.
The market is highly integrated across the value chain by raw material suppliers. This allows players to broaden their operating range and enter new geographies. The prices of raw materials can be fluctuated due to unstable crude oil prices for the manufacturers.
The product adoption is expected to increase R&D expenses for developing a transparent isolation technology that provides superior aesthetics to thermal insulation materials. Moreover, vacuum insulation panels are expected to grow as an economically viable solution for household applications in the building thermal insulation market.
The industry is capital intensive, so it takes significant time, resources and planning to enter and sustain. A number of new entrants are expected to attract favorable government regulations, together with increased regulatory support. It is expected to promote the entry of new players in the highly fragmented market.
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Europe is the largest consumer of insulation materials and the renewed development of the regional building industry is expected to lead to the growth of insulation materials in the region. The North American insulation market is largely dependent on old building re-insulation. The faster growing Asia Pacific region is mainly driven by non-residential insulation for the building insulation market. China and India have developed an insulation materials market in their manufacturing economies, while Japan's market has matured. The largest market share of Europe in 2018 is more than 35%, and by 2026 it is expected to remain the main market. Initiatives to promote thermal insulation as a way of energy conservation by Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and the European Commission are expected to support regional growth.
Due to its ability to withstand changes in temperature and cut energy consumption, the share of glass wool in 2018 was 28.3 percent.
Due to greater surface area of insulation coupled with increased number of residential construction activities around the globe, wall insulation led the market in 2018 and is estimated at about USD 16.5 billion in 2026.
Because of the increasing importance of energy efficiency in commercial and public buildings, commercial applications became the biggest revenue segment in 2018 and are expected to expand at CAGR by 4.5 percent in 2019 to 2020.
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The Asia Pacific consumption was 5,535.3 kilotons in 2018 and the growth of government construction to improve public infrastructure in the forecast period is anticipated to be the highest in the forecast period due to rapid economic development.
The focus is on mergers and acquisitions to expand their geographical presence in the building thermal insulation sector such as Owens Corning.
Key Players & Strategies
Market players focus on increasing their share by means of fusions and acquisitions. In order to increase their product portfolio by developing cost effective products with improved properties in the industry participants are focused on research and development activities. Manufacturers also strive to expand their production capacity to meet the rising demand for the product. In most application segments, the market is mature and has experienced slow but stable growth. Due to the high demand for insulating materials, the market is highly price sensitive. New constructions and codes of energy efficiency implementation will probably lead to high industry rivalry.
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