Thermal Insulation Materials market Size Expected to Reach CAGR of 4.2% till 2027 | CMI

Thermal Insulation Materials Market

Thermal insulation refers to the many ways we attempt to inhibit the transfer of heat from one object to another.

SEATTLE, WA, UNITED STATES , January 3, 2022 / — A detailed report on Global Thermal Insulation Materials Market providing a complete information on the current market situation and offering robust insights about the potential size, volume, and dynamics of the market during the forecast period, 2021-2027. The research study offers complete analysis of critical aspects of the global Thermal Insulation Materials , including competition, segmentation, geographical progress, manufacturing cost analysis, and price structure. We have provided CAGR, value, volume, sales, production, revenue, and other estimations for the global as well as regional markets.

Market Overview:

Thermal insulation refers to the many ways we attempt to inhibit the transfer of heat from one object to another. Thermal insulation materials are used to restrict the flow of heat energy from two ends of different temperatures. It is the process of reduction of heat transfer between the objects in thermal contact or in range of radiative influence. Common thermal insulators are wool, rock wool, fiberglass, polystyrene, goose feather, and polyurethane, etc. These materials are very poor conductors of heat and are therefore good thermal insulators. The requirement of thermal insulation materials is ‘low thermal conductivity’. Moreover, insulation materials are fairly common and inexpensive, with many displaying characteristics suitable for varied end use applications. Thus, there is an increasing demand worldwide.

Competitive Landscape:

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

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Key Market Drivers:

Growing construction and infrastructure industry is expected to propel growth of the thermal insulation materials market over the forecast period. For instance, according to the Department for Promotion of Industry and Internal Trade (DPIIT), the Government of India, FDIs in the construction development sector and construction (infrastructure) activities stood at US$ 26.14 billion and US$ 25.38 billion, respectively, between April 2000 and June 2021.

Moreover, development of green buildings, presence of stringent building codes, rising number of manufacturing units, and growing urbanization is expected to boost the growth of the thermal insulation materials market. For instance, in August 2020, the Indian Green Building Council announced that they have achieved 75% of their dream of facilitating 10 billion square feet of green building footprint by 2022.

COVID-19 Impact Analysis:

The outbreak of COVID-19 has affected the production, demand, and supply of the thermal insulation materials market. Several governments around world enforced nationwide lockdown (for a specified time) to curb the spread of the virus. The pandemic has also disrupted the global supply chains, bringing uncertainly over quarantine durations. Moreover, many manufacturers extended the closure of their operations till receipt of further directions from the government authorities. This in turn is expected to hinder growth of the market.

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Key Takeaways:

The thermal insulation materials market is expected to exhibit a CAGR of 4.2 % during the forecast period owing to the increasing research and development across the world. For instance, in November 2021, the University of Gottingen (Germany) Scientists developed a method to create sustainable building insulation boards using granulated popcorn with excellent thermal insulation properties and good protection against fire.

Among regions, North America and Asia Pacific are expected to witness robust growth in the thermal insulation materials market due to the increasing spending on the construction-infrastructure industry, increasing number of energy-efficient buildings, and government initiatives promoting the construction of the green building in these regions. For instance, according to India Brand Equity Foundation (IBEF), India is expected to become the third largest construction market in the world by 2025. Almost 52% of all construction activity is already taking place in the emerging markets, which is set to reach 63% by 2025.

About Coherent Market Insights:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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