The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
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With the rapid development of the construction industry all over the world, there is a steady demand for thermal insulation materials globally and this is a major factor boosting the growth of the global thermal insulation material market. In addition, various initiatives of the government all across the world in the field of energy conservation in buildings also aid the development of thermal insulation material market. These are some of the findings of the latest in-depth report released by Persistence Market Research titled as ‘Thermal Insulation Material Market: Global Industry Analysis and Forecast 2017 – 2020’. Also, in this report the complete study of market dynamics operating in the thermal insulation material market in the form of drivers, restraints and trends is carried out and presented lucidly. As per the projections given in this report, the global thermal insulation material market was valued at US$ 46,917.1 Mn in 2017 and is expected to reach a valuation of US$ 53,286.8 Mn in 2020 end, displaying a CAGR of 4.3% during the period of assessment 2017-2020.
Global Thermal Insulation Material Market: Market Dynamics
Macroeconomic factors such as growing GDP, increasing income levels and rising purchasing power of consumers in emerging economies such as China and India have increased significantly in the last three to five years, due to which, consumer electronic products have gained traction. This has increased demand for raw materials such as thermal insulation used in refrigerators and air conditioners. Moreover, the transportation medium for LNG/cryogenic gas requires thermal insulation materials for lining of pipelines and barrels to maintain the required temperature. Insulation materials generally used include polyurethane, polystyrene and other foams. These thermal insulation products are widely used for transportation of LNG in barrels and pipelines. This is expected to continue to drive demand for thermal insulation materials in the global thermal insulation material market.
The global thermal insulation material market is weak in terms of distribution channels and hence, it is difficult for manufacturers to reach target audiences easily or to effectively create awareness about products. As a result, growth of the thermal insulation material market is not expected to be robust over the forecast period despite growing concern about energy conservation.
Global Thermal Insulation Material Market: Segmentation and Forecast
The global thermal insulation material market is segmented on the basis of material type, temperature range and region.
- On the basis of material type, fibreglass is the largest segment in the global thermal insulation material market, and is likely to represent nearly 43% of the total market revenue by 2020 end. Fibreglass is expected to account for US$ 22,534.8 Mn in 2020, gaining some amount of market share as compared with year 2017.
- On the basis of temperature range, thermal insulation material market for temperature ranges −49?C to 0?C and 1?C to 100?C are estimated to aggregately represent 86.4% market value in 2020 with a gain in market shares for both of these segments.
- On the basis of region, Asia Pacific is the largest and fastest growing market and is projected to account for US$ 22,250.4 Mn by 2020, gaining a considerable amount of market share.
- Saint-Gobain S.A.
- Kingspan Group
- Dow Chemicals Company
- Asahi Kasei Corporation
- BASF SE
- Owens Corning
- Bayer AG
- E. I. du Pont de Nemours and Company
- Rockwool International
- Berkshire Hathaway (Johns Manville)
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