Thermal Insulation Materials Market Analysis, Outlook and Forecast during 2019-2027

 

Thermal Insulation Materials Market

Thermal insulation materials are used to limit the flow of heat energy between two temperatures. Normally, heat flows from high to low temperatures. Thermal insulation material provides insulation in which radiant heat is reflected rather than absorbed. Fiberglass, stone wool, and plastic foam are examples of common thermal insulation materials.

Buildings, clothing, mechanical systems, natural animal insulation, spacecraft, and automobiles all use these materials. Aluminum cladding is used to cover fibreglass material used in industrial applications. It aids in extending the duration of thermal comfort without relying on mechanical air-conditioning, particularly during inter-seasonal periods, in the construction industry.

The Indian government's increased spending on the construction industry is primarily driving the market growth of thermal insulation materials. According to the India Brand Equity Foundation, private equity and venture capital investments in India's infrastructure sector totaled US$ 1.97 billion in 2018. As a result, rising government investment is expected to boost market growth over the forecast period.

The global Thermal Insulation Materials Market is projected to reach US$ 70 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.2% during the forecast period (2019 to 2027).

Increasing government initiatives to promote green building construction are expected to accelerate the market growth of thermal insulation materials. According to the Concerted Action for the Energy Performance of Buildings Directive (a joint initiative of European Union member states and the European Commission), all buildings built in member countries must meet zero-energy standards by 2020.

The high capital cost of insulation materials is expected to limit demand for thermal insulation material in residential buildings, stifling market growth. Thermal insulation material used in buildings saves a substantial amount of energy in the form of electricity. However, due to the high capital cost of these materials, not all owners choose thermal insulation material, limiting market growth. Inadequate distribution channel infrastructure is making it difficult for manufacturers to reach their target audience, which is expected to stymie the thermal insulation material market.  Also, lack of awareness regarding the benefits of insulation materials is expected to restrict the adoption of these materials this, in turn, is hindering the market growth.

Insulation materials are relatively common and inexpensive, with many exhibiting properties suitable for a wide range of end-use applications. Some of the key factors influencing demand and sales are retail value, costs, flammability, environmental impact, and sound insulation efficacy. Fiberglass, mineral wool, cellulose, polyurethane foam, and polystyrene are some of the more well-known thermal insulation materials. Increasing sustainability awareness and investments, as well as lowering emissions and energy consumption from fossil fuel sources, are all encouraging the use of thermal insulation materials.

In the Thermal Insulation Materials Market, research and development initiatives for product development in terms of material and design are common strategies. Other factors influencing sales and applications include shrinkage, ease of installation, and moisture resistance.

Key players operating in the global thermal insulation materials market are Saint-Gobain S.A., Kingspan Group, Dow Chemicals Company, Asahi Kasei Corporation, BASF SE, Owens Corning, Bayer AG Rockwool International, E. I. du Pont de Nemours and Company, and Berkshire Hathaway.