Global Building Insulation Materials Market (2021 to 2026) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 7, 2021--
The “Building Insulation Materials Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)” report has been added to ResearchAndMarkets.com’s offering.
The global building insulation materials market (henceforth, referred to as the market studied) is estimated to be USD 27,843.45 million in 2020 and is expected to register a CAGR of 4.35% during the period of 2021-2026.
- Atlas Roofing Corporation
- BASF SE
- Beijing New Building Material (Group) Co., Ltd.
- Huntsman International LLC
- Johns Manville
- Kingspan Group
- Knauf Gips KG
- Owens Corning (including Paroc Group)
- ROCKWOOL International A/S
- Synthos S.A
Key Market Trends
Residential Sector to Dominate the Market
Insulation of residential buildings is gaining popularity due to its architectural and energy efficiency benefits. Promoting energy efficiency (EE) requirements for new residential buildings has been proven an effective mandatory policy instrument to slow down the increase of energy consumption in the residential building sector. Residential construction across the globe has been witnessing significant growth over the past few years owing to factors like population growth, migration from rural areas to service sector clusters, and the growing trend of nuclear families. Besides, decreasing land-to-population ratio and the growing trend of constructing high-rise residential buildings and townships have been driving the application of building insulation materials in the residential construction segment across the globe.
In the recent past, the highest growth rate regarding residential construction was expected to be registered in the Asia-Pacific region, owing to the expanding housing construction markets in China and India. Asia-Pacific has the largest low-cost housing construction segment, led by China, India, and various Southeast Asian countries. However, with most of the Asia-Pacific countries being severely affected by COVID-19, the growth is expected to notably slow down in the short run. Globally, there has been a significant undersupply to meet the demand for housing. This presented a major opportunity for the investors and developers to embrace alternative methods of construction and new partnerships, in order to bring forward development. For instance, China, residential investment grew by about 13.9% during the first eleven months of 2019, reaching CNY 9,707.1 billion. The area under residential construction during the period was recorded to have reached 6,276.73 million square meters, indicating a 10.1% growth.
United States to Dominate the Global Demand
The United States is the largest economy in the world. However, the economic growth of the country has been slowed in the recent past with the GDP growth rate dropping from 2.9% in 2018 to 2.3% in 2019. Additionally, the GDP of the country contracted by 4.8% in the first quarter of 2020, severely impacted by the COVID-19 pandemic. The drastic outbreak of COVID-19 in the country has led to a downfall in economic growth, owing to a fall in consumer spending and business shutdowns. With the coronavirus disease advancing all across the United States, various industries, and nearly all aspects of the supply chain have been impacted, including the construction industry. Construction work has been halted in Boston, in the state of Pennsylvania, and various other cities and states which is expected to affect the industry at least in the short turn.
United States holds the world’s largest construction industry, which recorded an annual expenditure of over USD 1,306 million in 2019 (a decline of 0.1%, when compared to 2018). The residential construction sector of the country has witnessed a small setback in recent times owing to decreasing consumer demand. According to the United States Bureau of Economic Analysis, the annual value of construction in the residential sector has decreased from USD 5,63,877 million in 2018 to USD 5,50,942 million in 2019.
According to the survey ‘Non-residential building spending to grow through 2020’ by the American Institute of Architects, the overall non-residential sector is expected to increase by 0.9% in 2020 and 1.5% in 2021. However, the construction of hotels is expected to dip by 1% in 2020 and 0.7% in 2021. On an optimistic note, construction of office spaces is however expected to increase by 0.5% in 2020 and further by 3% in 2021.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand for Energy Efficiency
4.1.2 Rising Infrastructure and Industrialization in Asia-Pacific
4.2.1 Harmful Effects as a Result of Exposure to Certain Insulation Materials
4.2.2 Unfavorable Conditions Arising due to the Impact of COVID-19
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.2 End-use Sector
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Use of Organic Products for Insulation
For more information about this report visit https://www.researchandmarkets.com/r/crfzcj
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KEYWORD: PENNSYLVANIA MASSACHUSETTS NORTH AMERICA UNITED STATES ASIA PACIFIC CHINA INDIA
INDUSTRY KEYWORD: ARCHITECTURE OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY BUILDING SYSTEMS
SOURCE: Research and Markets
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PUB: 09/07/2021 10:54 AM/DISC: 09/07/2021 10:54 AM