The market for thin insulation is expected to register a CAGR of over 5% during the forecast timeframe. The major factor driving the growth of the market is the growing consumption in the building and construction sector due to better R-value or thermal insulation. Other factors, such as increasing utilization for insulation in high energy-consuming industries, like oil and gas, are expected to propel the interest of the market. On the other side, unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The building and construction segments make broad use of thin insulation, as these insulating materials take less space and cater to better thermal insulation compared to traditional insulating methods, thus, gaining an advantage over traditional methods.
- Asia-Pacific is forecasted to own the largest market share, due to the increasing building and construction activities and the upcoming projects in the region.
Key Market Trends
The Building and Construction Sector to Boost the Market
- The building and construction sector makes extensive use of thin insulation, as these thin films provide the purpose of heat insulation, and at the same time, deal with the spacing problems which are prevalent in the industry.
- With rapid expansion and urbanization, construction activities have surged, like infrastructure, corporate buildings, residential, etc., which in turn, is expected to grow the demand for thin insulation material in the market.
- The global expenditure of the building and construction industry in 2019 was about USD 11 trillion, and it is evaluated to expand up to USD 14 trillion by the end of 2025, thus, benefitting the market during the forecast period.
- In 2019, the industry revenue of the construction sector from its different segments of specialized construction activities, construction of buildings, civil engineering, etc., is estimated to accrue USD 201.31 billion, USD 86.7 billion, and USD 45.55 billion, respectively.
- All the aforementioned factors, along with government support, are expected to drive the global thin insulation market during the forecast period.
Asia-Pacific to be the Largest Market for Thin Insulation
- Asia-Pacific is expected to have the largest market share in the thin insulation market during the forecast period.
- Developing nations, for instance, India and China, create enormous interest in the items. China's thirteenth Five-Year Plan (2016 - 2020) expects to target the development of 6.5% during a similar period.
- The Indian government has made an ongoing declaration of its arrangement to incorporate the development of 100 smart cities across the country by investing USD 28.18 billion in the project.
- The building and construction sector of Asia-Pacific accounts for around 46% of the global market share, thus, making the region lucrative for the thin insulation market.
- Thus, the rising demand from various industries is expected to drive the market in the region during the forecast period.
The thin insulation market is partially consolidated. Some of the players operating in the thin insulation business include Dow, BASF SE, Cabot Corporation, Armacell, and Johns Manville.
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