14 July 2021
Visiongain has published a new report entitled the Building Thermal Insulation Market Report 2021-2031: Forecasts by Material (Fiberglass, Mineral Wool, Polyisocyanurate/Polyurethane Foam (PIR/PUR), Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), Others), by Building Type (Residential, Commercial, Industrial, Institutional, Other), by Form (Slab or Block Insulation, Blanket Insulation, Loose Fill Insulation, Bat Insulating Materials, Insulating Sheets & Boards), by End-use (Flat Roof Insulation, Pitched Roof Insulation, External/Internal Wall Insulation, Cavity Wall Insulation, Floor Insulation) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Building Thermal Insulation Companies AND COVID-19 Recovery Scenarios.
The global building thermal insulation market was valued at US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031. The demand for insulating materials is primarily influenced by various international building codes and regulations. While these regulations promote expansion, they also impose restrictions by prohibiting the use of certain materials in certain applications. The adoption of new standards can have a significant impact on the insulation industry, as observed in Russia and Mexico in the near future—quantifying this impact, however, is difficult and extremely speculative.
How has COVID-19 had a significant negative impact on the Building Thermal Insulation Market?
When assessing the effects of the COVID-19 pandemic, the building industry is in a special position. Many construction projects, especially in the early months of the pandemic, were largely designated a vital industry. The public money on which infrastructure projects are based and the nation's general economic health both threaten to slow down significantly the market. That is why it is so vital to gather entrepreneurs' perspectives on their company expectations and how they meet new criteria and conditions. The total index figure in the Commercial Construction Index, which measures the health of the industry, collapsed between Q1 and Q22020 from 74 to 55 and was then fairly consistent at 57 in Q3.
How this Report Will Benefit you?
Visiongain’s 540+ page report provides 311 tables and 307 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global building thermal insulation market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Building Thermal Insulation. Get the financial analysis of the overall market and different segments including building type, material, form, end-use and capture higher market share. We believe that high opportunity remains in this fast-growing building thermal insulation market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Increasing Emphasis on Controlling Greenhouse Emission
Increased global warming at unsustainable rates has heightened the need for individuals to take greater responsibility for reducing carbon footprints. The detrimental effects of global warming have recently been seen all around the world. Several governments have set targets for reducing carbon emissions in order to lower the rate of carbon emissions. Furthermore, these initiatives have motivated end-user industries to pursue all conceivable carbon-reduction measures. For example, greenhouse gas emissions from businesses and houses are mostly caused by the burning of fossil fuels for heat, the usage of certain greenhouse gas-containing items, and the disposal of garbage.
Rapid Urbanization Across the Globe
The demand for modern home heating and cooling services has increased due to a considerable growth in the middle-class population and urbanisation in both developed and developing countries. As a result, the demand for energy and insulation has skyrocketed. For example, by 2050, urbanisation is expected to add 2.5 billion people to the world's metropolitan population, putting a strain on modern living. In fact, 1.5 million people move to cities every week, and by 2050, cities will be home to more than two-thirds of the world's population.
Where are the market opportunities?
Rising Energy Requirements Will Propel the Demand for BTI
Building insulation demand is influenced not just by the construction sector, but also by energy markets. The increased scarcity of energy, cost of energy, and pressure to decrease global warming caused by fossil fuels are the key causes that have boosted the use of building insulation. The difficulty in Europe and North America is their heavy reliance on foreign energy. As a result of all of these causes, governments have prioritised energy on their political agendas. By employing greater insulation and raising the level of comfort, knowledge and technology have considerably lowered the amount of energy consumed by buildings today.
Increasing Efficiency of Building Systems and Technologies
The buildings sector contributes for around 76 percent of power demand and 40 percent of all U. S. Building energy usage and associated greenhouse gas (GHG) emissions must be reduced in order to fulfil national energy and environmental problems while also lowering expenses for building owners and renters. The potential for increased efficiency is immense. Building energy use might be reduced by more than 20% utilising today's cost-effective technology, and by more than 35% if research targets are met by 2030. Technically, much bigger savings are achievable.
The major players operating in the building thermal insulation market are Huntsman Corporation, LafargeHolcim Ltd, Johns Manville Corporation, Knauf Insulation, Inc., Owens Corning Company, Cabot Corporation Chemicals company, Dow Corporation, Covestro AG , URSA Insulation, S.A., ODE Insulation, KCC Corp, Compagnie de Saint Gobain SA, NICHIAS Corporation, Beijing New Building Materials PLC, Lapolla Industries, Inc., These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch. For instance, in April, 2021, Covestro has started up additional production lines for high-quality specialty films at its Dormagen site in Germany. The new coextrusion lines are designed to meet a rising demand worldwide. The project is part of a global program to expand film capacity with a total investment of more than 100 million euros and was completed as planned despite restrictions due to the coronavirus pandemic. Around 30 new jobs will be created to operate the new lines.
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