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Thermal Insulation Material Market to Register a Stout Growth by 2021-2031 | FMI
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The thermal insulation market is set to grow at a CAGR of over 4% by 2031, driven by demand from construction and automotive sectors, with significant growth in China and the US.
Increasing demand from the construction and automotive industries for temperature control and energy efficiency is expected to fuel the demand for thermal insulation material. According to a new study by Future Market Insights (FMI), the market for thermal insulation material is set to rise steadily with a CAGR of over 4% through the end of the projection period in 2031.
The global demand for thermal insulation materials has rapidly gained traction owing to concerns associated with energy conservation. Strict government regulations associated with emissions from construction and automotive sector operations will drive long-term demand. In building operations, thermal insulation also provides benefits in supporting auxiliary building structures including roofs and flooring.
Niche applications in aerospace structures in addition to investments into smart city infrastructure are providing impetus to investments into product research & development, with a focus on material and design. End-user specific customization of product offerings on the basis of density, thermal conductivity, thickness and more will influence developments in the market for the foreseeable future.
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The growing demand for thermal insulation materials, particularly from emerging economies will offer key growth opportunities. On the other hand, the volatility in the pricing of raw material will challenge the growth of market participants. Market vendors are more likely to focus on the growth prospects in the fast-growing segments, while consolidating their positions in relatively slower-moving products.
Key Takeaways of Thermal insulation material Market Study
“Thermal insulation materials find widespread applications in spacecraft, buildings, clothing, mechanical systems, and in automotive offerings among others. Customization on the basis of specific heat capacity, thickness, surface emissivity, thermal bridging, thermal conductivity, and density will support demand as per the requirements of the target area,” Says an FMI analyst.
Developments in Green Construction Set to Drive Growth
According to FMI, thermal insulation material has immense scope for application in the building and construction industry owing to the increased focus in the sector on resource efficient and environment friendly materials. Also, there is a substantial growth in the construction of green buildings around the world owing to volatility in high energy prices, and concerns associated with environmental impact, along with the health and comfort of occupants. In addition, green building rating systems implemented in developed regions across Europe and North America such as the Leadership in Energy and Environmental Design, are contributing to growth.
Who is Winning?
The global thermal insulation material market can be considered as moderately consolidated, with a few leading players accounting for a prominent share of the overall thermal insulation material market. Manufacturers are increasingly focused on investments into research and development aimed towards new product launches.
Key market participants including BASF SE, Asahi Kasei Corporation, Rockwool International A/S, E. I. du Pont de Nemours and Company, Bayer AG, Berkshire Hathway (Johns Manville), Dow Chemicals Company, Owens Corning, Saint Gobain S.A., and Kingspan Group PLC amongst others are also focusing on consolidating their presence in the global market by entering into strategic industry collaborations with other market participants.
Want to Know More?
Future Market Insights has published a market research report on the thermal insulation material market that contains global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides insightful analysis of the thermal insulation material market through three different segments – material type, temperature range, and region. The thermal insulation material market report further provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market along with a detailed overview of the parent market.
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Key Segments
Material Type
Temperature Range
Region
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centres in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.
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The article discusses the growth forecast of the thermal insulation material market from 2021 to 2031.
Increased demand from construction and automotive industries, along with green building initiatives, are key drivers.
China and the United States are highlighted as high potential markets due to urbanization and automotive applications.
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