LONDON – 21 July, 2015 – The global thermal insulation market is seeing heavy product development and technological advancement efforts focused on improving the fire retardant properties and recyclable attributes of thermal insulation materials. Achieving these objectives will be crucial for the market to boost customer confidence in their products.
New analysis from Frost & Sullivan, Analysis of the Global Thermal Insulation Market, finds that the market earned revenues of $16.55 billion in 2014 and estimates this to reach $22.99 billion in 2021. The study covers mineral fibre, polystyrene and polyurethane insulation materials. As the do-it-yourself market is gaining prominence, the demand for easy-to-install materials such as loose-fill and spray foam products is increasing.
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“Rising energy and utility prices globally, accompanied by the drive for energy-efficient building construction in Europe and the Asia-Pacific (APAC) region are driving the thermal insulation market,” said Frost & Sullivan Chemicals, Materials & Food Research Analyst Shubhayan Sarkar. “APAC will continue to lead the thermal insulation market in terms of volume and growth potential.”
However, the adoption of most widely-used thermal insulation materials like glass wool and expanded polystyrene is likely to slow down due to market saturation in regions like Europe and North America. The demand for thermal insulation materials, which offer high R-values and superior fire resistance to meet building code requirements, will also suppress the need for traditionally-popular products and make way for premium products like polyisocyanurate and extruded polystyrene.
Furthermore, low end-user awareness on thermal insulation products in many parts of APAC due to the inadequate push for manufacturing and stringent building codes is a concern for market participants. This, along with the lack of government schemes to encourage the use of thermal insulation materials, is proving to be a major hindrance to market progress.
“Product differentiation through cost-effectiveness will be crucial for growth in the global thermal insulation market,” noted Sarkar. “As customer service is a leading purchase influencer, offering benefits like on- and off-site support, extended warranty programmes, and product workshops will be important for market participants to enhance customer acquisition.”
Analysis of the Global Thermal Insulation Market is part of the Chemicals & Materials Growth Partnership Service programme. Frost & Sullivan’s related studies include: European and North American High-Performance Plastics (HP) Market in the Transportation Industry, Global Wind Turbine Blade Materials Market, Global Elastomers Market, and Global HP Foams Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Thermal Insulation Market
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Corporate Communications – Europe
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