Technical Insulation Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is set to dominate majority revenue share of 35% by 2035. In March 2023, the International Energy Agency (IEA) stated that China, India, and Southeast Asia will account for 70% of the increase in global electricity demand between 2023 and 2025. Other factors such as increasing infrastructural activities, growing awareness about fire safety, and rising investments to develop novel products are expected to boost market growth in APAC.
The market in India is expected to account for a substantial market share during the forecast period owing to increasing industrialization and urbanization, rapid adoption of advanced insulation systems across several sectors, and stringent regulatory norms. In March 2022, ACC Ltd. announced the launch of a climate-control concrete insulation system, ACC Airium in India. This unique concrete system becomes a long-lasting roofing solution that insulates the surface at the time of construction.
China technical insulation market will encounter significant revenue growth between 2024 and 2035 owing to the rising need for electricity to cater to the large population and increasing infrastructural projects such as airports, power plants, and railways. Moreover, many international companies are launching advanced insulating products in China. One such example is when BASF partnered with Zhengming in June 2020 to develop high-quality insulating panels for constructing refrigerators used in the cold chain industry in China.
North America Market Insights
The technical insulation market in North America is expected to register rapid revenue growth during the forecast period owing to rising awareness about energy efficiency, stringent regulations about Co2 emissions, and presence of leading key players. In June 2022, the Bide-Harris administration announced an initiative to modernize building codes, reduce energy costs, and improve climate resilience. It also states the importance of insulation solutions in construction in terms of resistance and reduction in heating and cooling costs.
In the U.S, the technical insulation market is expected to witness substantial growth during the forecast period owing to stringent energy efficiency norms, high usage of advanced technical insulation solutions across several industries, and rising investments in developing advanced insulation technology and solutions. For instance, in January 2024, Whirlpool Corporation announced its plan to feature SlimTech insulation in a refrigerator in the North America market. The thickness of SlimTech insulation walls reduces thermal conductivity, allowing the refrigerator to be 50% more energy efficient than usual.
The technical insulation market in Canada is anticipated to grow at a steady pace between 2024 and 2035. This growth can be attributed rising usage of technical insulation for several industrial applications and government efforts to reduce the overall environmental footprint. In February 2020, the Government of Canada collaborated with small businesses to develop greener insulation products.
