Thin Insulation Market Worth 2.12 Billion USD by 2021
PUNE, India, July 18, 2016 /PRNewswire/ --
The report "Thin Insulation Market by Type (Sheets & Films, Vacuum Insulation Panels, Coatings), Material (Metals, Aersgels, Silica), Application (Building Thermal Insulation, Pipe Coating Insulation, Thermal Packaging), and by Region - Global Trends to 2021", published by MarketsandMarkets, The global market is estimated to reach USD 2.12 Billion by 2021 and is projected to register a CAGR of 5.8% during the forecast period.
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This growth is fueled by the high growth potential from the building thermal insulation application due to increasing infrastructure development activities in North America and Asia-Pacific.
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Plastic foams is the largest type of thin insulation
Plastic foams such as EPS, XPS, polyurethane foams, polyisocyanurate insulation, phenolic foams, polytetrafluoroethylene, and polyimide are widely used in the different applications of thin insulation. These are predominantly used in the oil & gas, construction, and automotive end-use industries due to their excellent thermal resistivity. These foams in particular have become the preferred choice for 10mm to 20mm thickness, solving the space and reliability issues in the construction industry. Thus, the increasing use of these foams in oil & gas and automotive end-use industries is expected to drive the thin insulation market during the forecast period.
Building thermal insulation is the largest application of thin insulation
Thin insulation is widely used in the building thermal insulation application for its thermal resistance or R-value, as higher the R-value, higher will be the heat resistance and lesser heat will flow. In buildings that have thin walls or timber constructions, the impact of additional insulation is significant in. In addition, thin insulation is used in the automotive industry to prevent heat and sound transfer in the vehicle and improve braking performance, which is expected to drive the thin insulation market.
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Asia-Pacific is the fastest-growing thin insulation market
Asia-Pacific is the fastest-growing market for thin insulation globally with China being the largest as well as fastest-growing country in the region. Increasing rural to urban migrations in the region are stimulating the housing construction demand in urban areas; consequently increasing the market size of the thin insulation materials. The growing construction industry (residential and non-residential) and advances in process manufacturing are some of the key drivers for the market in Asia-Pacific. Countries such as India, Indonesia, and China are expected to witness high growth in the thin insulation market, supported by increasing demand from the building & construction industry.
The thin insulation market has few global players competing significantly for the market share, who are actively investing in various strategies such as new product developments and joint venture & collaboration globally to increase their market share. In addition, companies are also investing on R&D activities. Major players such as The Dow Corning Corporation (U.S.), Actis Insulation (U.K.), BASF Polyurethanes GmbH (Germany), and Kingspan Insulation Ltd (U.K.) have adopted various organic and inorganic growth strategies.
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