The global market for building insulation materials is expected to grow at a CAGR of more than 3% during the forecast period. The major factor driving the market studied is increasing commercial construction activities in the Asia-Pacific region during the forecast period.
New York, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Building Insulation Materials Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p06001592/?utm_source=GNW
On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
- The non-residential industry is expected to dominate the building insulation materials market over the forecast period.
- Asia-Pacific region dominated the building insulation materials market and is also forecasted to be the fastest-growing market during the forecast period owing to the increasing consumption for countries such as China and India.
Key Market Trends
Increasing Demand from the Non-residential Sector
- Insulation in the building helps to reduce the energy costs and maintain the temperature warm in the winter and cool in the summer.
- Materials such as fiberglass, mineral wool, cellulose, polyurethane foam, and polystyrene among others are used for the insulation in the construction industry.
- The Asia-Pacific construction sector is the largest in the world and is increasing at a healthy rate, owing to the rising population, increase in middle-class income and urbanization.
- Investments in the non-residential sector are increasing in countries such as China, India, South Korea, etc., owing to the growing construction of hotels, shopping malls, etc.
- China is one of the major countries in Asia-Pacific with ample construction activities. The country is promoting and undergoing a process of continuous urbanization, with a 60% rate targeted by 2020.
- The increased living spaces required in the urban areas resulting from urbanization and the desire of middle-class urban residents to improve their living conditions will have a profound effect on the housing market, and thereby increase the demand for the market studied in construction applications.
- Therefore, the growing construction industry all over the world is expected to boost the demand for foam insulation from building and construction industry in coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region represents the largest market for building insulation materials and is also forecasted to be the fastest-growing market during the forecast period, owing to the increasing residential and commercial construction activities in the region.
- The construction industry in the Asia-Pacific region is growing at a significant pace, with China, India, and the Southeast Asian countries being the hotspots.
- The Chinese government has rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years, despite efforts to rebalance its economy to a more service-oriented form.
- The construction sector in India also experiencing significant growth in recent times. The country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where the country is likely to witness the construction of 60 million new homes.
- The availability of affordable housing is expected to rise around 70% by 2024, in India. The Indian government’s ‘Housing for All by 2022’ is also a major game changer for the industry.
- Therefore, the rapidly growing construction industry in countries in the Asia-Pacific region is expected to drive the demand for building insulation materials over the forecast period.
The global building insulation materials market is partially fragmented in nature. The major companies of the market studied include BASF SE, Covestro AG, GAF, Saint-Gobain, and Dow among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06001592/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001