- Thermal insulation decreases heat transfer in the adjoining surroundings and retains an ambient temperature inside. Building thermal insulation materials have become popular as they save energy and decrease greenhouse emissions. This has led to their adoption in residential and commercial buildings.
The worldwide building thermal insulation market is anticipated to record around 3.5 percent CAGR during 2015 to 2022. It would grow to more than USD 27 billion by 2022. Building insulation involves the utilization of mineral wool, glasswool, extruded polystyrene, expanded polystyrene, and polyurethane foams.
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It ensures that building floors, roofs, and walls are insulated properly. Requirement for energy preservation, dwindling electricity bills, and emission reduction potential of building insulation positively impact the market. Yet another significant driver of the building thermal insulation market includes various nations’ aim towards decreasing greenhouse gas emissions.
Building insulation is the most productive measure towards fighting changing weather conditions. Proper insulation reduces heat flow and decreases the demand for cooling by about 75 percent. Rising governmental support for thermal insulation is estimated to promote the market. Tax reimbursements and advantages provided by governments and establishments would also steer the market in the forecast period.
Kyoto protocol adoption has compelled emergent and industrialized countries to control the emissions of greenhouse gas. Downwards trends in housing construction in Europe are projected to hinder the building thermal insulation market in the seven years ahead. Lack of consciousness and fallacies with respect to insulation materials also hamper the market.
Escalating energy needs and ecological concerns connected to energy generation are offering new prospects to market participants. Thermal lagging is deemed the best solution for energy preservation, and will further the market in the future. The market finds applications in flat roofs, floors, internal walls, pitched roofs, cavity walls, and external walls.
The Asian Pacific building thermal insulation market is steered by residential and commercial constructions in India and China. Modern population in the region has furthered the demand for insulation materials. Accelerating utilization of thermal insulation across the residential sector has been propelling North America.
Some of the prime market participants are Owens Corning, Paroc Group, and BASF Rockwool International.
Information Source: Grand View Research
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