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| Thermal Insulation Materials Market |
Thermal insulation materials help reduce energy costs and provide protection from extreme temperatures. They are used in various applications such as walls, roofs, doors and windows in the building & construction sector. Rapid urbanization and infrastructure development across the globe are driving the demand for residential and commercial buildings which is further augmenting the need for insulation materials for walls, roofs and other components. The global Thermal Insulation Materials Market is estimated to be valued at US$ 81.91 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing Demand from Building & Construction Industry
The building & construction industry accounts for a major share in the
thermal insulation materials market owing to extensive usage of these materials
in walls, roofs, floors and other components of residential as well as
non-residential construction projects. Rapid urbanization along with growing
population has fueled the demand for homes, offices and commercial complexes
which is expected to drive the need for insulation materials during the
forecast period. Various government initiatives towards infrastructure
development and spending on public infrastructure in developing nations will
further augment the construction activities and subsequently boost the
consumption of insulation materials. Thus, rising building & construction
activities presents lucrative opportunities for thermal insulation material
manufacturers over the coming years.
Porter's Analysis
Threat of new entrants: The thermal insulation materials market requires high
R&D investments and established distribution channels which make entry
difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability
of substitutes and standard products.
Bargaining power of suppliers: A few major players dominate the supply
landscape giving them higher bargaining power over buyers.
Threat of new substitutes: Ongoing innovation has increased substitute options
like vacuum insulation panels posing threat.
Competitive rivalry: Market consolidation and focus on performance and
sustainability increase competition.
SWOT Analysis
Strength: High productivity and energy savings potential of insulation
materials. Wide applicability across end use industries.
Weakness: Vulnerable to price fluctuations of raw materials. Significant
maintenance required over lifespan.
Opportunity: Growing construction activity worldwide driven by infrastructure
development. Stringent regulations on energy efficiency boosting usage.
Threats: Economic slowdowns affecting construction spending. Intense
competition lowering margins.
Key Takeaways
The global Thermal
Insulation Materials Market Growth is expected to witness high growth
at a CAGR of around 10% during the forecast period of 2024 to 2031.
Regional
analysis indicates that the Asia Pacific region dominates with a major share
currently and is expected to grow the fastest through 2031 led by countries
like China and India with strong construction activities.
Key players operating in the thermal insulation materials market are Qualcomm,
Huawei, Intel, Samsung, Nokia, Ericsson, ZTE, NEC, Aviat Networks, Ceragon
Networks, DragonWave, Comba Telecom, CommScope, Texas Instruments, NXP Semiconductors,
Analog Devices, Broadcom, MediaTek, Murata Manufacturing, and Qorvo. The market
is consolidated in nature with major players focusing on performance parameters
and sustainability initiatives to gain competitive edge.
For more insights, read- https://www.newsstatix.com/thermal-insulation-materials-market-trends-size-and-share-analysis/
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