Collective emissions of about 50 billion tons of carbon dioxide almost every year, which is nearly 76% of the toxic gas emission worldwide, have compelled various governments to introduce strict norms and policies pertaining to significant reduction in these emission levels. Undeniably, this has offered a potential boost to the emergence of building thermal insulation concept. It has been predicted that global building thermal insulation market is set to produce tremendous gains over the span of 2020 to 2026, while accounting for a revenue share of USD 31 billion by the end of the duration.
As per numerous studies and reports, building thermal insulation provides a high level of energy efficiency compared to that of conventional wooden framed and concrete constructions. In fact, believing the claims by the U.S Environmental Protection Agency, adding insulation to constructions can save up to 15 per cent on cooling and heating costs. Some of the well acclaimed and prominent insulation materials like ICF systems are generally used to reduce the requirements for active cooling and heating systems in tropical and semitropical regions. In addition to this, these materials also increase the time taken for interior temperature to vary with respect to exterior temperature.
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Elaborating further on the materials used, it is essential to mention that stone wool materials are currently witnessing massive momentum, perhaps due to its natural fire protection features. Stone wool insulation products are abundantly used worldwide due to their intrinsic properties like water-repellency and exceptional resistance to fire. Given the aforementioned characteristics, it has been projected that the stone wool materials segment across building thermal insulation market would record a valuation of USD 4,441.44 million by 2026 end.
Thermal insulation is generally carried out on floors to provide improved heating and cooling effect to the overall space. That said, floor insulation is done by incorporating the insulation materials under floorboards, as it helps in reducing the amount of heat escaping the floor. What has been fueling the demand for floor insulations across the economies of North America and Europe is the stringent regulatory framework. As per industry experts, the floor insulation market segment is expected to depict a growth rate of 3.6 per cent through 2026.
In terms of application spectrum, it is quite overt that industrial segment would accrue phenomenal gains across the overall building thermal insulation market, courtesy- introduction of global initiatives for reduction of carbon emissions by enhancing energy efficiency and sustainability. As a matter of fact, it has been reported that the segment is all set to acquire a business share of 15 per cent over the projected time frame.
Building thermal insulation industry is diversified into vivid regions, out of which, the Asia Pacific region is touted to emerge as a revenue pocket for the overall market, subject to rapid urbanization and industrialization, in line with massive rise in government spending on infrastructure development. Apparently, need for eco-friendly building insulation products is also leading to an increased energy consumption, complementing the surging market growth graph. The Asia Pacific building thermal insulation market had acquired a revenue share of 20 per cent in 2019 and is estimated to grow profusely in the years to come.
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Various industry players including BASF SE, CertainTeed, Johns Manville, Huntsman International, Rockwool International, and Saint-Gobain amongst others have been relentlessly working towards developing and introducing novel products in the global market via being engaged in acquisitions, partnerships, and collaborations. These market strategies have indeed enabled the companies to gain a competitive edge in the overall business ecology.
In a recent turn of events, BASF SE, Aspen Aerogels had in 2019 announced expanding their strategic agreement with inking an addendum to their exclusive supply of thermal insulation products. As per news reports, the addendum offer details of the production and distribution of new non-combustible and high performance thermal insulation product, an item that is said to hold features similar to that of SLENTEX.
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