Heat Insulating Films Market to Garner $15.8 Billion, Globally, By 2031 at 5.0% CAGR, Says Allied Market Research

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Feb 27, 2023, 10:35 ET

The growth of the construction sector and the strict building codes & regulations to encourage the use of energy-efficient insulation systems drive the growth of the global heat insulating films market.

PORTLAND, Ore., Feb. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Heat Insulating Films Market by Type (Endothermic Films, Reflective Films), by End-Use Industry (Commercial Building, Residential Building, Automotive): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global heat insulating films industry generated $9.8 billion in 2021, and is anticipated to generate $15.8 billion by 2031, witnessing a CAGR of 5.0% from 2022 to 2031.

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Prime determinants of growth:

The growth of the construction sector and the strict building codes &regulations to encourage the use of energy-efficient insulation systems drive the growth of the global heat insulating films market. However, there are certain limitations associated with use of heat insulating films, some heat insulating films have limited durability, can be damaged by condensation and UV rays. Metallized based heat insulating films create obstacles in the satellite and cell phone signals. Moreover, the increasing demand for energy-efficient buildings and increased construction activity, especially in the residential sector present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global heat insulating films market, owing to temporary closure of manufacturing firms and supply chain disruptions during the lockdown.
In the first quarter of 2021, the market for heat insulating films experienced significant growth, due to increase in the demand across commercial and residential buildings, compared to that in 2020.
The building & construction and automotive sector is expected to recover soon, owing to the record of the production units in both developed and developing economies. This in turn, is anticipated to provide immense growth to the global heat insulating films market.

The reflective films segment to maintain its leadership status throughout the forecast period

Based on type, the reflective films segment held the highest market share in 2021, accounting for nearly three-fifths of the global heat insulating films market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031. Reflective film or reflective heat insulating film helps to minimize heat buildup in residential and commercial buildings. It is usually applied on the internal surface of glass. These films reflect away the direct sunlight falling on the windows.

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The residential building segment to maintain its leadership status throughout the forecast period

Based on end use industry, the residential building segment held the highest market share in 2021, accounting for around two-fifths of the global heat insulating films market, and is estimated to maintain its leadership status throughout the forecast period. The aesthetic look of residential buildings mainly depends upon the natural light penetration through windows. Heat insulating films are capable of allowing penetration of natural light and simultaneously trap UV & IR rays. Heat insulating films also help to reject sun heat radiations, thus improving the comfort and energy efficiency of the residential buildings. However, the commercial building segment is projected to manifest the highest CAGR of 5.3% from 2022 to 2031. Heat insulating films are considered as cost-effective and energy saving insulation products used across commercial buildings. In addition, these films tend to minimize the stress on commercial building HVAC system and further allow HVAC systems to perform more economically.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global heat insulating films market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 5.5% from 2022 to 2031. China issued a notice on specifying fire management requirements on external thermal insulation materials for civil construction, which demanded a grade combustion performance of external thermal insulation materials for civil construction.

Leading Market Players: -

Johnson Window Films, Inc.,
Singleton Group,
DuPont,
UBE Corporation,
Toray Industries, Inc.,
Saint Gobain,
3M,
Bleher Folientechnik GmbH,
Cosmo Films Ltd,
AVERY DENNISON CORPORATION

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