The global building thermal insulation market is anticipated to reach USD 36.9 billion by 2025, according to a new report by Grand View Research, Inc. The demand for energy is on a rise in the developed as well as developing countries and so is the price of energy.
Insulating homes help in curbing up to 20% of the regular energy costs as it considerably reduces the cooling and warming prices during summers and winters. All these factors have propelled the demand for thermal insulation market in residential as well as commercial buildings. Re-insulation of old houses provides a lucrative opportunity.
Europe is expected to account for the largest demand owing favorable government regulations. Asia Pacific is anticipated to emerge as the fastest growing region, and China is likely to account for a major share of the market. Other countries in this region such as the Philippines, Indonesia are expected to witness rapid growth in upcoming years.
The market is mature and owing to large numbers of players it is considered to be price sensitive. Implementation of stringent regulation poses a major challenge to most of the market participants but this, in turn, is likely to result in high industry rivalry.
U.S. building thermal insulation market by product, 2014-2025 (USD Million)
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Further key findings from the report suggest:
- Asia Pacific is expected to gain 1.0% market share by 2025 and is anticipated to grow at highest estimated CAGR of 4.2% during the forecast period
- Asia Pacific is characterized by high insulation demand in residential and commercial buildings
- Europe building thermal insulation is expected to grow at an estimated CAGR of 3.5% from 2016 to 2025
- EU initiatives to promote thermal insulation as a means of energy conservation strategy are expected to support the market growth in Europe
- Residential construction emerged as the largest segment with 50% of the total market demand in 2015
- Expanded polystyrene (EPS) is projected to grow at the highest CAGR on account of its exceptional thermal insulation property
- Expanded polystyrene (EPS) accounted for 29.6% of market share by volume in 2015
- Influential companies operating in this market include Dow Building Solutions, Owens Corning Corp., Johns Manville Corporation, Huntsman International LLC, CertainTeed Corporation, Kingspan Group PLC, BASF Polyurethanes, Saint-Gobain S.A., etc.
For more information: http://www.grandviewresearch.com