Global Thermal insulation material market was valued at US$ 60.42 Bn in 2022 and is estimated to reach US$ 99.32 Bn by 2030, exhibiting a CAGR of 5.70% during the forecast period (2023-2030). According to Global thermal insulation material market Report, By Material Type (Plastic Foam, Stone Wool, Fiberglass, Others), By Temperature Range ((−160⁰C to −50⁰C), (− 49⁰C to 0⁰C), (1⁰C to 100⁰C), (1⁰C to 650⁰C)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) as highlighted in a new report published by Coherent Market Insights.
Thermal insulation material are insulating materials that restrict the flow of heat energy flow and ultimately save the energy cost. The thermal insulation can be classified into cellular, fibrous, and granular. These materials are used in the construction, chemical, and healthcare industry for conserving the energy cost used across heating and cooling areas. The thermal insulation materials are categorized into fiberglass, plastic foam, and stone wool. Some of the plastic forms are polyurethane, polystyrene, and EPS. These plastic forms are widely in the transportation of (levonorgestrel intrauterine system) in barrels and pipelines. In the construction industry, thermal insulation materials are used in residential buildings to reduce the consumption of energy and save costs.
Drivers
Growing demand for LNG is expected to foster the market growth of thermal insulation materials. The material used for transportation of LNG/cryogenic gas requires thermal insulation materials for the lining of pipelines and barrels in order to maintain the required temperature level. Polyurethane and polystyrene are some of the insulation materials used for transportation LNG in barrels. Hence, the rising demand for LNG is augmenting the market growth of thermal insulation materials.
Market Opportunities
Many manufacturers are adopting growth strategies such as partnership and agreement to cater to rising demand insulating material is expected to foster the market growth. For instance, in November 2018, the Wienerberger Group, a building material producers in Europe, has entered into a strategic partnership with the Interbran Group, a specialist in innovative materials and technologies. Together, the two companies intend to develop new and sustainable materials with optimal insulating features.
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. For instance, In August 2022, Atlas Roofing Corporation announced plans to invest US$ 200 million in the Midwestern region of the U.S. to construct a shingle manufacturing facility. Additionally, Atlas will produce novel goods such as roofing underlayment items and its own exclusive roof system parts. Atlas Roofing Corporation manufactures and supplies building materials.
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. Increasing investment by major players in order to expand the production capacity of thermal insulation materials is propelling market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/thermal-insulation-materials-market-3684
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.
- Growth in smart city projects is expected to provide lucrative growth opportunity to the market of thermal insulation materials. Increasing infrastructure development initiatives in developing as well as developed economies are projected to foster the demand for thermal insulation products. Also, an increasing number of energy-efficient buildings across the developed region is accelerating market growth.
- Increasing focus of manufacturers towards lightweight products such as plastic form is expected to augment the market growth. For example, the heavier insulation material is used in refrigerators to increase the labor costs for installation whereas lightweight thermal insulation material requires very little effort and time for installation. This is expected to augment the market growth of thermally insulating material over the forecast period.
Competitive Section
Key players operating in the thermal insulation materials market are 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.
Global Thermal insulation material Market- COVID-19 Impact
Due to the global COVID-19 breakdown, there has been a decline in the demand for thermal insulation. The majority of the world's nations are on lockdown, which has halted new construction activities and prevented the consumption of insulation materials. Additionally, due to a lack of both the necessary materials and labor to complete the installation, the old buildings that are required to get insulated under the new rules and regulations adopted by the local government are also on hold.
According to Crisil, the COVID-19 breakout caused a 12–16% decline in the Indian construction industry during the current fiscal year. The same agency projects that major players in the construction sector will see a 13 to 17% decline in revenue in the fiscal year 2021 as a result of the decline in construction activity. Additionally, the government's budgetary support has changed for the following fiscal year while still taking into account the updated estimate for this fiscal year. Crisil, is an Indian analytical company providing ratings, research, and risk and policy advisory services and is a subsidiary of American company S&P Global.
Thermal insulation is also used in the consumer goods and transportation industries. The demand for foam insulation from OEMs has decreased as a result of the pandemic's extremely poor sales performance in the automotive sector.
