Insulation Products Market To Drive The Market Growth
Global Insulation Products Market: Key Highlights
- According to the new market research report “Insulation Products Market by Material Type (Polystyrene, Polyurethane, Fiberglass, Mineral Wool, Cellulose, Cotton, and Others), by Insulation Type (Thermal, Vacuum, Acoustic), by End-use Industry (Building & Construction, Electrical & Electronics, Furniture, Oil & Gas, Packaging, Food & Beverage, and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2019 to 2027)”, the global insulation products market is projected to reach a value of around USD 95 billion, registering a CAGR of around 7% during the review period
- Use of insulation products in gaps and crevices reduce heat flow by reflection and/or absorption
- This results in the reduction of energy consumption as well as greenhouse gas emission
- These products are widely used for electrical insulation, heat insulation, and sound insulation
- Efforts to develop eco-cities with green buildings is likely to offer substantial opportunities to the players in this market
- However, the fluctuating cost of raw material prices is the key restraining factor
Global Insulation Products Market: Key Market Dynamics
- Growth of the building & construction industry is a key driver for the global insulation products market
- Rapid industrialization in emerging economies of India, Brazil, Africa, etc. is expected to result in a large number of construction activities
- Electrical & electronics industry is projected to witness high demand during the assessment period
- It finds uses in electrical cable & wires, transformers, stabilizers, circuit breakers, printed circuit boards as well as in mobile phones, tablet computers, LCD televisions, microwave ovens.
- High consumer spending on digital products such as smartphones and televisions, among others is propelling the market growth
- High capital costs is a major challenge faced by the players and new entrants in this market
Global Insulation Products Market: Regional Overview
- North America
The market in North America is expected to witness high growth owing to demand from oil & gas, construction, electrical & electronics industry. Moreover, stringent regulations for the reduction of GHG emission levels is expected to fuel market growth. According to the US Census Bureau, total construction spending during December 2019 was estimated at USD 1,327.7 billion, out of which USD 991.2 billion was accounted for the private investment.
With government initiatives such as Net Zero Imports and Make in India, rapid industrial development is expected in the region. Industrial development in countries such as India, Thailand, Malaysia, etc. is expected to drive the regional market. The region is projected to grow at the highest CAGR, thus becoming the fastest-growing region.
Global Insulation Products Market: Key Players Overview
- BASF SE:
BASF SE is one of the leading chemicals company and operates through six segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. Its products portfolio includes chemical, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture, and paper industries, and provides a range of system solutions and services. In April 2019, BASF and Aspen Aerogel expanded their strategic partnership for production and supply of a new non-combustible, high-performance thermal insulation product, SLENTEX.
- SIKA AG:
Sika AG is a specialty chemicals company engaged in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protecting in the building and automotive industry. It has subsidiaries in 101 countries around the world with more than 300 manufacturing facilities. In November 2019, the announced the acquisition of Adeplast SA, Romanian-based mortars and thermal insulation solution manufacturer.
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