The global Building Insulation Materials Market is likely to go exponential guns in the next 10 years. With the advent of nanotechnology, various traits pertaining to chemical vertical are expected to get unleashed. As such, integration of materials science, chemistry, and biology is slated to be seen. So, with everything under one roof, the downtime is expected to get reduced. This would be the definitive trends witnessed by chemical vertical in the near future.
The Building Insulation Materials Market is bound to witness robust growth in the next 10 years. Technological disruptions are expected to create ripples in the chemical vertical. As such, sophisticated algorithms are slated to be used for predicting, simulating, and suggesting maintenance needs for assets, thereby optimizing uptime and improvising on operational performance. The key stakeholders would look for adoption of IoT in the chemical vertical. This would be the overall scenario.
Building insulation materials are used as enveloping agents to reduce heat transfer through the walls, roof, and flooring. Favorable regulatory standards backed by governments in developing regions to reduce overall energy cost & consumption is one of the prime factors driving the growth of the building insulation materials market during the forecast period of 2019-2029. Stringent energy codes are in place in developed economies of Europe and North America, which is also increasing awareness regarding the need to reduce energy consumption in developing economies of East & South Asia. This is expected to bolster the growth of the global building insulation materials market during the forecast period. The global building insulation materials market is estimated to be pegged at US$ 26.1 Bn in 2019, and is expected to register a noteworthy CAGR of 7% during the forecast period of 2019-2029.
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Key Highlights of Global Insulation Materials Market Study
- Rising urban population, boom in residential construction projects, and increased focus on development of the commercial and industrial sectors in East Asia are expected to boost the demand for building insulation materials. Implementation of building energy codes and regulatory standards backed by government initiatives, especially in countries such as China, is expected to positively influence the growth of the building insulation materials market.
- Polystyrene, followed by fiberglass, is expected to be the prominent material of choice in the global building insulation materials market. However, increasing demand for eco-friendly products is expected to slow down the growth of the polystyrene segment.
- Increasing number of large-scale housing projects, attributable to the growing population, along with rising focus on the development of healthcare, institutional, and office workplace infrastructure is expected to increase the number of residential and commercial construction activities. This is expected to translate into high demand for building insulation materials over the forecast period.
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Implementation of Stringent Building Energy Codes to Fuel Demand for Building Insulation Materials
Growing inclination toward the adoption of smart and energy-efficient building concepts and energy codes in commercial as well as non-commercial construction, such as BREEAM and LEED, has a positive impact that boosts the demand for building insulation materials, primarily fiberglass, mineral wool, and cellulose. Growth in green construction activities due to rising environmental concerns, high & volatile energy prices, and impact on health & comfort of occupants are all driving the growth of the building insulation materials market.
Building Insulation Materials Market: Competition Overview
The global building insulation materials market is consolidated, with leading market players accounting for a high market share. Increased emphasis on strengthening of global footprints through acquisitions, business expansions, and collaborations is one of the key trends observed in the global building insulation materials market. Development of sustainable products using recycled raw materials provides a competitive edge to market participants. Some of the key participants in the global building insulation materials market are Saint Gobain SA, Rockwool International A/S, Johns Manville Corporation, Kingspan Group Plc., Owens Corning Inc., and BASF SE.
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