The energy consumption of a construction significantly depends on the characteristic of all the materials used to create its envelope. Improving the thermal performance of the external walls of a building can play a key role in increasing the building’s energy efficiency, thus helping bring a plausible reduction in the greenhouse gas emissions that the construction sector is held accountable for. Thermal insulation materials play a key role in this scenario as the correct material, its positioning, and its thickness make for thermal comfort indoors and adequate energy savings in entirety.
While thermal properties of the material being used are an import point of consideration when designing the envelope of a building, other factors such as resistance to fire, sound insulation, impact on human health and the environment, and water vapor permeability are also carefully assessed before choosing the right thermal insulation material for a particular construction. As the focus on these factors, especially on the environmental aspect, becomes strong, the global thermal insulation material market is witnessing a significant rise in research and development activities.
In a recent report, Persistence Market Research states that the global thermal insulation market will exhibit a healthy 4.1% CAGR from 2016 to 2020, rising to a valuation of US$53,286.8 mn by the end of 2020.
Thriving Construction Sector in Emerging Regional Markets to Drive Growth : While thermal insulating materials also find extensive usage in a number of industries such as manufacturing, oil and gas, energy production, petrochemical, and automotive, it is the construction sector that will provide the maximum opportunities of growth for the global thermal insulating materials in the near future. The rising numbers of new construction projects in countries such as India and China in Asia Pacific will prompt the increased usage of thermal insulating materials in the next few years. Rising adherence to energy conservation standards in these and other emerging countries globally is expected to bring about this increase in demand. In developed economies such as Europe and North America, where thermal insulating materials market is already well-established, the demand from the manufacturing, automotive, and industrial sectors will fuel the growth of the market.
Asia Pacific to Hold on to Top Spot in Global Thermal Insulation Material Market : From a geographical standpoint, the Asia Pacific market is reckoned to be the most promising and profitable regional market for thermal insulation materials. The region is envisioned to hold nearly 45% of the overall market by the end of 2020, driven on the back of some significantly expanding industries and a rapid rise in the number of new construction projects. The vast rise in population and urbanization in the region, combined with the rising sales of automobiles and rapid advancements in the field of space exploration are also providing vast growth opportunities to the market for thermal insulation materials in the Asia Pacific region.
The markets in North America and Western Europe are expected to register a sluggish pace of growth in the next few years, chiefly owing to the sluggish growth of the construction and other end-use industries. Strict regulations pertaining to the impact of building materials on the environment also challenge the adoption of a number of thermal insulation materials in these regions, thus hampering the growth prospects of the entire market.
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