Posted By Coherent Market Insights
Posted on October 8, 2021
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).
Thermal insulation materials are used to restrict the flow of heat energy from two ends of different temperatures. Usually, heat flows from high temperature to low temperature. Thermal insulation material offers insulation in which the radiative heat is reflected heat is reduced than being absorbed. Some of the common thermal insulation materials are fiberglass, stone wool, and plastic foam. These materials find application across buildings, clothing, mechanical systems, natural animal insulation, spacecraft, and automotive.
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.
Top Key Players in Thermal Insulation Materials market: 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.
Regional Analysis For Thermal Insulation Materials Market:
Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Thermal Insulation Materials market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.
Market Restraints
The volatile price of raw material prices used in the production of thermal insulation materials is expected to curb market growth. The manufacturing of raw materials used is highly dependent on crude-oil prices, and the price of crude oil is highly volatile in nature. This ultimately makes affect the price of raw material which further affects the manufacturing costs of end products. This is expected to hinder the market growth.
Key Takeaways
On the basis of temperature range, in 2018, (1⁰ C to 100⁰ C) range accounted the largest market share of 60% in terms of revenue, followed by (-49⁰ C to 0⁰ C) and (101⁰ C to 650⁰ C), respectively.
Market Trends
Rising shifting preferences for non-combustible materials in China especially for residential construction is expected to foster market growth. Implementation of fire safety rules in China is creating concern which is fueling the demand for non-combustible thermal insulation material such as stone wool thermal material. This is expected to stimulate the market growth of thermal insulating material in the near future.
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