Thermal insulation material manufacturers are investing in geographical expansion and research into material innovations to increase market opportunities once the pandemic subsides.
DUBAI, UAE / ACCESSWIRE / June 30, 2020 / The global construction sector is facing substantial headwinds from the coronavirus pandemic. Temporary suspension of construction activities, shortage of labor, and reluctance by investors during the pandemic are some of the key trends that are adversely impacting the thermal insulation materials industry.
The worldwide thermal insulation material market is expected to cross a US$ 53.28 Bn valuation by the end of 2020. Poor business sentiment, lack of cash flow, and reductions in operational surpluses are also impacting the demand for thermal insulation materials. The industry is likely to witness a gradual recovery as industrial restrictions imposed by governments are lifted in the near future.
"Developing countries have increasingly taken up the eco-friendly building codes to minimize power consumption by up to 50% with the aid of novel construction materials. Further, numerous countries are investing in initiatives to keep up with new energy standards cut down pollution in thermal energy processes. These trends will positively impact the thermal insulation materials market after the pandemic is brought under control," states the FMI analyst.
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Thermal Insulation Material Market- Critical Takeaways
- Glass wool accounts for major market share owing to superior acoustic and thermal insulation characteristics.
- Aerogel is rapidly gaining traction in multiple verticals owing to low weight and faster applications.
- Construction and infrastructure applications are the primary use of thermal insulation materials, driven by urbanization trends.
- Asia Pacific remains a dominant and fast-growing thermal insulation materials market, propelled by infrastructure development activity in China and India.
Thermal Insulation Material Market- Drivers
- Rising consumer awareness on the importance of energy conservation will drive use of thermal insulation materials.
- Extensive investments into urbanization and industrialization in developing economies generate lucrative opportunities.
- Regulations for insulation in residential settings bolster the applications of thermal insulation.
- Sustainability initiatives and tech improvements in thermal insulation products increase adoption rates.
Thermal Insulation Material Market- Restraints
- Volatility of raw material prices and limited production facilities hamper market growth.
- Environmental concerns associated with the production of thermal insulation materials hinder market growth.
Coronavirus Impact on Thermal Insulation Material Market
The global construction industry is anticipated to witness reductions not only in demand for thermal insulation materials, but also in terms of supply. The pandemic has hit end user verticals hard suspending operations of multiple non-essential businesses. In addition, supply chain disruptions and raw material shortages during the pandemic will also adversely impact the thermal insulation materials market. The industry is likely to witness a resurgence once restrictions on construction and manufacturing sectors are lifted.
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Manufacturers of thermal insulation materials are seeking strategic collaborations, mergers, and acquisitions to bolster market share and production facilities. For instance, Watermill Group has announced the acquisition of Enbi Group, a manufacturer of insulation technologies. Similarly, RPM International Inc. acquired Brazil-based Viapol Ltd. in 2019.
Nova Chemical Corp., Atlas Roofing Corporation, Owens Corning Corp., BASF, Knauf, Bayer, GAF Materials Corp., Cellofoam North America Inc., Dow Building Solutions are some of the leading thermal insulation material producers.
About the Study
The study offers readers an assessment of the thermal insulation material market. Global, regional and national-level analysis of the latest trends influencing the thermal insulation material market is covered in this FMI report. The study provides insights according to material type (stone wool, fiber glass, plastic foam, and others), and temperature range (-150 to - 50 C, -49 to 0C, 1 to 100 C, and 101 to 650 C), in seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and MEA).
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SOURCE: Future Market Insights