At 4.2% CAGR, Building Thermal Insulation Market to reach $34 Billion by 2024
Date: 2019-02-20   Author: Rahul Varpe  Category: #market

At 4.2% CAGR, Building Thermal Insulation Market to reach $34 Billion by 2024

Building thermal insulation makes use of expanded polystyrene, wood insulation, and polyurethanes materials. Wool insulation material, which contributed more than 50% toward building thermal insulation industry share in 2016, is expected to drive the market revenue over the years ahead.  Rising product popularity across commercial and residential sectors will influence the business landscape.

Reduced GHG emissions, high energy preservation, and the prospering construction sector are expected to spur building thermal insulation market size. As per reliable statistics, global construction funding, which was more than USD 7.5 trillion in 2016, is anticipated to exceed USD 13 trillion by 2024. This is certain to help industry players discover new growth avenues in the business, thereby boosting building thermal insulation market trends. 

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Escalating product popularity can be attributed to its beneficial features such as ease of installation, longevity, moisture sensitivity, better conductivity, and compressive strength.

Building floors, walls, and roofs essentially require thermal insulation. Wall applications, which contributed more than USD 12 billion toward building thermal insulation industry revenue in 2016, are expected to grow considerably over the years to come. The mounting requirement for minimizing power consumption along with weather proofing needs will boost the product usage across this application.

Floor applications, which contributed over 19% toward building thermal insulation market share in 2016, are forecast to witness a substantial expansion over the years to come. Rise in the number of construction projects along with swift urbanization trends will push the revenue.

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Building thermal insulation market size from roof applications will grow at a rate of nearly 4% over the period of 2017-2024. The growth can be credited to the high demand for flat roofs in the commercial buildings. Flat roofs are expected to collect a revenue of more than USD 5.6 billion by 2024.

Expanded polystyrene material is expected to record a CAGR of more than 4% over the coming timeframe, subject to the product’s enhanced process ability, low conductivity, longevity, and lightweight property. Polyurethanes materials, which contributed more than USD 1.8 billion toward building thermal insulation market in 2016, are forecast to record a significant CAGR over 2016-2024. This growth can be attributed to its low thermal conductivity and versatility.

Growing commercialization along with rising implementation of energy efficient equipment to control GHG emissions across MEA will stimulate product demand favourably. MEA building thermal insulation market is slated to collect a revenue of more than USD 320 million by 2024. UAE and Saudi Arabia will be the major revenue pockets.

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The deployment rate of thermal insulation is indeed appreciable across residential, industrial, and commercial buildings. Building thermal insulation market in the commercial sector is predicted to register notable gains of more than 4% over the coming seven years, driven by the renovation of existing constructions. In addition, the product witnesses heavy demand across various manufacturing units and commercial shops for maintaining temperatures & providing a comfortable shopping experience to the consumers.

Kingspan Group, huntsman international LLC., Saint-Gobain, Dow Building Solutions, BASF Polyurethanes GmbH, Owens Corning, CertainTeed Corporation, and Johns Manville are the key players in building thermal insulation market.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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