Increasing demand from the construction and automotive industries for temperature control and energy efficiency is expected to fuel the demand for thermal insulation material. According to a new study by Future Market Insights (FMI), the market for thermal insulation material is set to rise steadily with a CAGR of over 4% through the end of the projection period in 2031.
The global demand for thermal insulation material market has rapidly gained traction owing to concerns associated with energy conservation. Strict government regulations associated with emissions from construction and automotive sector operations will drive long-term demand.
In building operations, thermal insulation also provides benefits in supporting auxiliary building structures including roofs and flooring. Niche applications in aerospace structures in addition to investments into smart city infrastructure are providing impetus to investments into product research development, with a focus on material and design.
End-user specific customization of product offerings on the basis of density, thermal conductivity, thickness and more will influence developments in the market for the foreseeable future. The growing demand for thermal insulation materials, particularly from emerging economies will offer key growth opportunities.
On the other hand, the volatility in the pricing of raw material will challenge the growth of market participants. Market vendors are more likely to focus on the growth prospects in the fast-growing segments, while consolidating their positions in relatively slower-moving products.
Key Segments
Material Type
- Stone Wool
- Fiber Glass
- Plastic Foam
- Others
Temperature Range
- -160°C to -50°C
- -49°C to 0°C
- 1°C to 100°C
- 101°C to 650°C
Who is Winning?
The global thermal insulation material market can be considered as moderately consolidated, with a few leading players accounting for a prominent share of the overall thermal insulation material market. Manufacturers are increasingly focused on investments into research and development aimed towards new product launches.
Key market participants including BASF SE, Asahi Kasei Corporation, Rockwool International A/S, E. I. du Pont de Nemours and Company, Bayer AG, Berkshire Hathway (Johns Manville), Dow Chemicals Company, Owens Corning, Saint Gobain S.A., and Kingspan Group PLC amongst others are also focusing on consolidating their presence in the global market by entering into strategic industry collaborations with other market participants.
Get More Information@ https://www.futuremarketinsights.com/reports/thermal-insulation-material-market
