5/23/2024 Thermal Insulation Materials Market is Anticipated to Witness High Growth Owing to Increasing Demand from Construction IndustryRead NowThe thermal insulation materials market comprises materials that help reduce heat transfer between objects in thermal contact or in range of radiative influence. Thermal insulation plays a vital role in energy conservation by managing indoor microclimate and temperature regulation. It finds extensive usage in the construction industry for infrastructure development including commercial buildings, residential buildings, and industrial facilities. With rapid urbanization and infrastructure development activities across the globe, the demand for thermal insulation from the construction sector has increased substantially over the years.
The global thermal insulation materials market is estimated to be valued at US$ 81.91 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031. Rapid infrastructure development activities in developing economies along with stringent government regulations pertaining to energy conservation are the key factors augmenting the growth of this market. Key Takeaways Key players operating in the Thermal Insulation Materials Market are Qualcomm, Huawei, Intel, Samsung, Nokia, Ericsson, ZTE, NEC, Aviat Networks, Ceragon Networks, DragonWave, Comba Telecom, CommScope, Texas Instruments, NXP Semiconductors, Analog Devices, Broadcom, MediaTek, Murata Manufacturing, Qorvo. These players are focusing on new product development and expansion strategies to gain a competitive edge in the market. The key opportunities in the thermal insulation materials market include rising adoption of green building codes across different countries and increasing consumer awareness regarding energy saving. The Asia Pacific region offers high growth potential for market players owing to ongoing infrastructure development projects and fast-growing construction industry in the region. The global expansion of key players is driven by presence across different regions through strategic acquisitions and partnerships. For instance, Saint-Gobain operates in over 70 countries and has acquired several regional players to strengthen its presence worldwide. Market Drivers The building codes and regulations pertaining to energy conservation in residential and commercial buildings have been stringent in developed nations such as countries in North America and Europe. This is a major market driver as it increases the adoption of thermal insulation materials for compliance. Market Restraints Volatility in raw material prices impacts the overall production cost of thermal insulation products. Fluctuations in prices of petroleum-based fibers and minerals add to the challenges faced by manufacturers. Segment Analysis Thermal insulation materials market is dominanted by glass wool segment due to its high thermal insulation and acoustic properties. Glass wool has the highest market share of around 30% as it provides constant insulation for a longer duration in comparison to other materials. It has a longer service life of around 50 years and requires lower maintenance. The plastic foams segment is the second largest and fastest growing segment growing at a CAGR of 12% during the forecast period. Plastic foams such as expanded polystyrene, extruded polystyrene, polyethyleneetc provides excellent insulation and is lightweight and durable. They are increasingly used in construction industry for insulation of roofs, walls and pipes. Global Analysis The Asia Pacific region is the fastest growing regional market for thermal insulation materials growing at a CAGR of 11% during the forecast period. Countries like China, India and other south east Asian countries are witnessing highest construction activities which is driving the demand of thermal insulation in this region. The Europe region currently dominates the global market with a share of around 35% owing to stringent government regulations regarding energy efficiency in buildings. However, the growth is moderate at a CAGR of 9% due to being an established market. Get more insights on Thermal Insulation Materials Market
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