Building Thermal Insulation Market Segmentation By Material Type (Stone Wool, Glass Wool and Plastic Foam); By Application Type ( Roof Insulation, Wall Insulation, Floor Insulation); By Building type ( Residential Building and Non-residential Building) - Global Demand Analysis & Opportunity Outlook 2027
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Thermal insulation is the system of reducing heat transfer between two adjacent surfaces. It maintains ambient temperature indoors. The main property of thermal insulation is to reduce carbon footprints as it requires maintaining temperature balance for the heat conduction to the external environment. Thermally insulated homes and buildings are less affected by external environmental temperature fluctuations. Foamed plastic, Fiberglass, cotton slag, mineral wool are some of the material that can be used for thermal insulation in the building.
Global building thermal insulation market is anticipated to grow at a CAGR over 4% during the year 2017-2027. It is expected to reach USD 32 Bn by 2027. Growing energy costs and awareness regarding energy conservation are the key factors escalating the market size. Government all across the globe is trying to initiate regulations and policies that will support the demand of insulation in commercial buildings are expected to drive growth in the market. The global building thermal insulation market is segmented on the basis of material type, application type and building type. Moreover, on the basis of building type it is segmented into residential building and non-residential building sector. Residential building sector leads the market and is anticipated to foster higher growth prospects during the predicted period. Increasing number of construction projects such as houses, office buildings, hospitals, hotels is expected to generate greater demand for thermal insulation material. Increasing renovation activities to allocate thermal insulation for old homes is likely to aid growth in the market. The development of real estate sector is also expected to have a significant impact on the expansion of this market. This is primarily supported by the continuous migration of people from rural to urban areas, which is boosting construction of various buildings in urban regions, which in turn increase the demand for insulation.CLICK TO DOWNLOAD FREE SAMPLE
By region, global building thermal insulation market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. In 2017, North America contributed towards the largest market share on the account of strict regulations related to energy conservation and reduction of carbon footprint, particularly in U.S. Europe will have a significant market value in the on the account of increasing energy costs and many benefits related to insulation. Moreover, Asia Pacific will be the fastest growing region on the account of increasing government spending in the construction of public and commercial infrastructure in emerging economies such as India, China, and Japan.
Our in-depth analysis segmented the Global building thermal insulation market in the following segments:
Global building thermal insulation market is further classified on the basis of the region as follows:
The global building insulation market is driven by numerous factors which include energy conservation and reduction of carbon footprints in several developed countries in North America and Europe. The U.S government endorsed home insulation by offering tax reductions on new home insulation or re-insulation of the insulation to meet specific standards of home ownership. Rising awareness about the need to save energy among consumers is one of the major driving factors for home insulation market. The buildings with less energy consumptions are appreciated with tax benefits by governments around the world, which promotes healthy use of insulation in building.
There are some restraining factors associated with global building market which include volatility in crude prices in the international market. Polystyrene is a derivative of crude oil which is used in building material. This helps negating the competitiveness of plastic foams with comparison to other material insulation materials.
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