Commercial Application sector in Building Thermal Insulation Market to grow at 4% CAGR over 2017-2024

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annkosun

16 Nov, 2017 07:32 AM

Rising preference for green buildings due to growing consumer awareness toward energy preservation will spur building thermal insulation market expansion. For instance, global expenditure on construction activities, which is expected to exceed USD 15 trillion by 2024, is anticipated to positively leverage the business expansion. Beneficial product features such as resilience, moisture sensitivity, deployment ease, and good conductivity will also influence building thermal insulation industry trends. Global Market Insights, Inc., claims building thermal insulation market to generate more than USD 34.9 billion by 2024, having held a base valuation of more than USD 25 billion in 2016.
Contributing over 45% toward global building thermal insulation market, Europe grabbed the major industry share in 2016. Strict legislations enacted by REACH, EnEV, and European Commission have contributed significantly toward the regional growth. Germany is expected to dominate the regional share with a large presence of giant automobile manufacturing firms such as BMW, Volkswagen, etc.
Asia Pacific building thermal insulation industry is set to expand at a rate of more than 4% over the coming seven years. The growing number of construction activities in Japan, India, and China will influence the regional revenue. China construction industry in fact, is expected to grow at a rate of 4.5% over the next few years, which will subsequently contribute toward the regional business expansion.
Thermal insulation makes use of materials such as expanded polystyrene, polyurethanes, and wool insulation for insulating buildings. Wool insulation, which contributed to more than 50% toward the overall building thermal insulation industry size in 2016, is expected to further influence the business over the coming years with the rising material demand across residential and commercial projects.
Thermal insulation finds extensive application in floors, walls, and roofs of the structures. Walls application, which held a revenue of USD 12.2 billion in 2016, is expected to make major contributions toward the business space. The surging need to reduce power consumption coupled with weather proofing requirements will boost the product popularity.
Roof applications, which are forecast to expand at a rate of 4% over the period of 2017-2024, will accelerate building thermal insulation industry revenue over the years to come. Strict legislations across developed regions coupled with the growing inclination toward the use of flat roofs will impel the development.
Industrial, residential, and commercial sectors are the major end-use sectors of building thermal insulation market. Residential applications are predicted to expand at a CAGR of more than 4% over the coming timeframe. The rising purchasing power of the end-users coupled with the escalating nuclear family trend witnessed across the globe will drive the business trends.
Saint-Gobain S.A., Huntsman International LLC, Owens Corning, BASF Polyurethanes GmbH, Johns Manville, and Kingspan Group Plc are the major players of building thermal insulation industry.
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