Global Insulation Materials Market: Market Driver and Restraint
Implementation of stringent government laws regarding carbon emissions, rise in energy cost, and enactment of building regulation codes are anticipated to drive the insulation materials market. Countries across the globe have taken measures regarding energy efficiency that need to be adhered to in buildings. Governments of countries across the globe are actively promoting the construction of zero energy buildings. This is boosting the demand for insulation products globally. According to The Institute for Energy Diversification and Saving (IDEA), improvements in thermal insulation in a building can lead to energy and money savings as well as reductions in CO2 emissions up to 30%. Furthermore, the European Union is providing funding to schemes that help households improve their energy efficiency and heating. These funds can be spent on improvements such as cavity-wall insulation, draught proofing, and loft insulation. This is anticipated to positively impact the insulation materials market. However, volatility in prices of raw materials is hampering the market.
Global Insulation Materials Market: Key Takeaways
Major players are expanding their network and market share through mergers and acquisitions. Launch of new products and facilities is likely to propel the insulation materials market. In November 2017, Owens Corning introduced three types of commercial and residential insulation products. These products in in line with the requirements of SCS Global Services’ certification protocol that validates the use of renewable energy. In June 2017, BASF SE launched a new generation of ecofriendly spray foam insulation products. Through this move, the company is striving to focus on offering energy-efficient products to the construction industry. In June 2016, Covestro AG introduced a new formulation of Bayseal CCX closed-cell spray polyurethane foam (SPF) insulation. The new formulation provides greater spray control, high R-value, and effective air sealing in a single pass.
Global Insulation Materials Market: Forecast by Type
In terms of material, the insulation market has been classified into mineral wool, polyurethane foam, polyethylene, polyisocyanurate, polystyrene, fiberglass, cellulose, and others. The polystyrene material segment has been further bifurcated into expanded polystyrene and extruded polystyrene.
Global Insulation Materials Market: Forecast by Application
Based on end-user, the building & construction segment held the major share of the market in 2017. In terms of type, the market has been divided into blanket insulation, concrete block insulation, foam board, insulating concrete form, loose-fill insulation, radiant barriers, rigid fiber board insulation, spray foam insulation, structural insulated panels, and others.
Global Insulation Materials Market: Forecast by Region
North America and Europe are the key regions of the insulation materials market. In terms of consumption, Asia Pacific holds major share of the global insulation materials market due to the high demand for these materials in the construction sector owing to the rise in population in the region. Middle East & Africa is an emerging region of the insulation materials market, led by the high demand for these materials and easy availability of raw materials. The insulation materials market in India and China is expected to expand at a rapid pace during the forecast period, due to the rise in industrialization and expansion in the construction industry in these countries.
Global Insulation Materials Market: Key Players
Key players operating in the insulation materials market are expected to benefit from the formation of strategic alliances with OEMs from various end-user industries such as building & construction, aerospace, and automobile. Prominent players functioning in the insulation materials market include BASF SE, Covestro AG, DowDuPont, Huntsman International LLC, Kingspan Group PLC, Owens Corning, Rockwool International A/S, Saint-Gobain S.A., Johns Manville, Asahi Kasei Corporation, Evonik Industries AG, GAF Materials Corporation, Atlas Roofing Corporation, and Bridgestone.
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