Building Insulation Materials Market
Global Market Study on Building Insulation Materials: Stringent Energy Codes and Focus on Energy Conservation to Augment Market Growth
Building Insulation Materials Market Segmented By Thermal Insulation Material, High-Performance Insulation Materials, Building Thermal Insulation, Advanced Insulation Material
Building and construction activities have increased significantly in the industrial and commercial sectors. Builders and operators are constructing new manufacturing and industrial buildings as well as carrying out the renovation and repairing of existing building facilities.
Increasing focus on the improvement of healthcare infrastructure, and emergence of large-scale IT parks and commercial workplaces, are boosting the growth of commercial chemicals construction. Significant growth of the manufacturing sector in emerging countries is expected to drive the growth of industrial construction.
Spending on non-residential construction has increased in developing regions, which is driving the growth of commercial construction projects. Commercial and industrial buildings account for more than 40% of energy and electricity consumption.
Rising focus on energy conservation and reduction of energy costs has resulted into the implementation of energy standards and codes, such as the NFPA 900: Building Energy Code and ASHRAE Standard 90.1-1989. This has led to an increase in the adoption of building insulation materials, worldwide, thereby surging the growth of the global building insulation materials market.
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- BASF SE
- Dow Inc.
- GAF Materials corporation
- Knauf Insulation
- Saint-Gobain S.A
- GlassRock Insulation Company SAE
- Rockwool International A/S
- Owens Corning Inc.
- Lloyd Insulations Limited
- Covestro AG
- Kingspan Group Plc.
- Beijing New Building Material
- Cabot Corporation
- Johns Manville
East Asia to Account for Significant Consumption of Building Insulation Materials
In terms of region, East Asia, Europe, and North America are estimated to be prominent regions for players in the building insulation materials market. However, Europe is expected to witness below-average growth, as the market is moving towards maturity.
Growth in Europe will be mainly driven by central and Eastern European regions. Growing urban population and increasing construction activities in South Asia and East Asia make these regions highly lucrative for players in the building insulation materials market.
- Global construction volume output is expected to increase 80-85% by the end of 2030, which will be mainly driven by countries such as India, the U.S. and China. The construction industry is estimated to witness average growth of 3-4% & per year up to 2030.
- The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced new residential construction statistics in May 2019 - ;1,294,000 building permits, 1,269,000 housing starts, and 1,213,000 housing completions.
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Rising Demand for Eco-friendly Insulating Material to Propel Market Growth
With advancements in manufacturing technology, eco-friendly building insulation materials are being widely developed and commercialized. As a result, the market outlook for eco-friendly building insulation materials is anticipated to be highly optimistic during the forecast period.
Growing focus on sustainability and incorporation of sustainable products in the construction sector has resulted into gradual adoption of recycled raw materials in the development of building insulation materials.
- For instance, some manufacturers are using recycled glass as a raw material for producing fiberglass/glass wool offerings.
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Global Building Insulation Materials: Competition Overview
The global building insulation materials market is substantially consolidated, and tier one market players account for more than one-third of total market share. Some of the key players in this market are BASF SE, Owens Corning Inc., Rockwool International A/S, and Saint Gobain S.A.
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The building insulation materials market is expected to grow significantly in the foreseeable future. This growth is anticipated to be supported by rising demand for innovative and cost-effective building insulation materials for green construction during the forecast period.
East Asia is expected to hold a prominent share in the global building insulation materials market. Players in the building insulation materials market are focusing on the extension of their global footprint through acquisitions or business expansions. Key companies such as Johns Manville Corporation and Knauf Insulation are focused on product innovation to enhance their market presence.
Building Insulation Materials Market Segmentation
PMR’s report has segmented the building insulation materials market into material type, insulation type, application, end use, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in Report
- How much is the building insulation materials market worth?
The global building insulation materials market is bound to reach US$ 20 Bn in the year 2021.
- What will be the demand outlook?
The global building insulation materials market is likely to grow twofold between 2021 and 2031.
- What was the last 5 year market CAGR?
The global building insulation materials market witnessed a CAGR of 6% between 2015 and 2020.
- What are the key trends of building insulation materials market?
The ongoing trend implies use of recyclable building insulation materials as well as products from several recycled materials like fiberglass.
- What is driving the demand for building insulation materials?
With residential construction sector witnessing an exponential boom in the Asia-Pacific, there won’t be any looking back for building insulation materials.
- What is the market share of top 5 players?
The top 5 players such as BASF SE, Dow Inc., GAF Materials Corporation, Knauf Insulation, and Saint-Gobain SA account for close to 60% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include India, China, Philippines, US, and UK.
- What is the North America’s market Outlook?
North America is expected to stay 3rd seeded in the building insulation materials market.
- At what percentage building insulation materials market is going to register growth in Europe?
Europe will witness growth rate of 3% in the building insulation materials market between 2021 and 2031.
- What is the key market statistics in Korea and Japan?
Japan and Korea will witness a flat curve regarding growth of the building insulation materials market.