A new report from Transparency Market Research (TMR) tracks and predicts the thermal insulation market growth from 2017 to 2025. According to TMR, the global thermal insulation market is expected to expand at a compound annual growth rate (CAGR) of 5.4 percent to attain a value of about $78 billion] by the end of 2025. (For comparison, the market was valued at $48 billion] in 2016.)
The Asia Pacific region is expected to retain its dominance over the forecast period. Growth of the industry in the region is attributable to increasing industrialization and urbanization, which are encouraging demand for thermal insulation materials.
The report notes that global market growth is due in part to numerous governments having initiatives to promote energy efficiency in buildings to reduce energy consumption. Consumer and builder awareness is also driving growth, especially in green and zero energy residential building arenas. The European Commission’s Energy Performance of Buildings Directive (EPBD) has graded materials on efficiency, ease of use and environmental impact, which may help direct the use of thermal insulation and boost the market. Widening applications across aerospace and automotive industries are also fuelling growth of the thermal insulation market, the report notes.
On the downside, the report cites the high price of insulation materials. However, advancements in material technology may make insulation options suitable for a range of industries.
Transparency Market Research is a market intelligence provider, offering fact-based solutions to business leaders, consultants and strategy professionals.