The importance of sustainable development and energy conservation is being posed by environmental issues and rising energy costs. A large portion of overall energy consumption is accounted for by the construction industry. Therefore, radiant barriers and reflective insulation have become an important part in commercial as well as residential building construction, as these reduce heat gain in the summer and lower the cooling cost by reflecting radiant heat. Furthermore, growing demand from the industrial sector in pipes, tanks, boilers, laboratories, heat shields etc., is driving growth of the radiant barrier and reflective insulation market. The agriculture sector is also a prominent end user, providing added impetus to market growth. As per Persistence Market Research analysis, the global radiant barrier and reflective insulation market is estimated to expand at an impressive CAGR 8.5% over the forecast period of 2021-2031.
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The chemicals and materials vertical would be witnessing an eco-friendly transformation in the upcoming period. Plastic waste recycling would be one amongst these green initiatives. This would also be an era of materials informatics, i.e. machine learning would be employed to the materials’ development, which would, apart from improving on the cost of R&D, also provide better agility.
Synthetic biology would be another trend ruling the roost, as it would facilitate more flexible distribution of the chemicals and also help in exploration of novel markets, that too, at lower costs. Persistence Market Research is into tabling of these details of the chemicals and materials vertical through its team of riveting analysts and consultants.
Key Takeaways from Radiant Barrier and Reflective Insulation Market Study
- Demand for radiant barriers and reflective Insulation has seen prominent growth in recent years, and is expected to continue over the forecast period.
- Increasing demand for radiant barriers and reflective insulation from various end-use industries, especially commercial construction, is expected to propel market growth over the coming years.
- North America holds more than one-third market share, and will hold on to this position through 2031.
- Need for energy-efficient and cost-efficient insulation has seen tremendous growth over the last couple of years, and this trend is expected to continue. Demand has also increased in industrial applications such as pharmaceuticals and chemicals, as they are extremely important for packaging and cooling.
- Due to the COVID-19 crisis, the market was hampered for almost three quarters, due to the unavailability of materials and restriction on trade. 2020 witnessed a growth rate of only 2.5%. However, long-term growth looks positive.
- The market in Germany and India will witness CAGRs of 5.4% and 9.3%, respectively, through 2031.
- The U.S. dominates the market in North America, and is projected to expand at over 7.5% CAGR through 2031, while China leads East Asia, and is set to progress at a CAGR of 9%.
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Market Landscape Continues to Remain Moderately Fragmented
The global radiant barrier and reflective insulation market has been identified as a moderately fragmented market, with the unorganized sector occupying a major section of the overall market. Tier-1 manufacturers account for a minimal share in the global market. Some of the leading players included in the report are Dunmore Corporation, FiFoil Company Inc., Innovative Insulation Inc., Patidar Corporation, and Reflectix Inc., and tier-2 manufacturers such FOIL LAMINATE INDUSTRIES SDN BHD, Advanced Technical Laminates Manufacturing, Covertech Flexible Packaging, and many regional players across the globe, which is anticipated to create a tough competitive environment on a global level.
Conclusion
The global radiant barrier and reflective insulation market is anticipated to increase substantially owing to rising sales across construction and agriculture industries. Fluctuation of raw material prices is expected to have a substantial impact on the market. The trend of offering customization of product as per specific applications has been increasingly adopted by manufacturers. Sales are estimated to rise during the forecast period, owing to rising demand for reflective insulation products.
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