New York, March 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Building Insulation Materials Global Market Report 2023" - https://www.reportlinker.com/p06433662/?utm_source=GNW
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The global building insulation materials market grew from $25 billion in 2022 to $26.12 billion in 2023 at a compound annual growth rate (CAGR) of 4.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The building insulation materials market is expected to grow to $29.12 billion in 2027 at a CAGR of 2.8%.
The building insulation materials market consists of sales of vermiculite, cementitious foam insulation, extruded polystyrene (Xps), and phenol formaldehyde resin. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
Building insulation materials refer to a substance made to stop heat or sound transferring from one place to another. It is typically used to confine heat and/or sound to particular areas of home or to keep them inside or outside.
North America was the largest region in the building insulation materials market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the building insulation materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The materials involved in building insulation materials are fiberglass, mineral wool, cellulose, polyurethane foam, polyisocyanurate foam, polystyrene, aerogels, and others.Fiberglass refers to a sturdy, lightweight material made of tiny glass fibers that can be woven together or used for reinforcing.
The different insulation types include bulk and reflective that are used for wall insulation, underfloor insulation, ceiling or roof insulation, and window insulation, and other applications. The several end users include residential, commercial, and industrial.
The increasing construction activities are expected to propel the growth of the building insulation materials market going forward.Construction activities refer to any activity that is essential for building or structural construction, destruction, assembly, alteration, installation, or equipment.
Construction activities have been on the rise due to rapid industrialization and urbanization.These construction activities are creating a massive demand for insulation materials for the construction of residential and commercial buildings, as insulation refers to an energy-saving measure that lowers heat surplus in warm weather or climates and lowers heat loss in buildings in cold weather or climates.
For instance, according to a report published by Canada’s national statistical agency, a Canada-based national statistical office, the investment in building construction increased from $14,294 million in April 2019 to $19,273 million in 2020. Furthermore, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which would continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic’s onset. Therefore, the increasing construction activities are driving the growth of the building insulation materials market.
Technological innovations have emerged as a key trend gaining popularity in the building insulation materials market.Major companies operating in the building insulation materials market are focused on innovating new technologies to sustain their position in the market.
For instance, in January 2021, Armacell, a Luxembourg-based manufacturer and supplier of industrial foams and flexible insulation materials launched a new AF/ArmaFlex generation, which satisfies fire class B/BL-s2, d0 and increases fire safety in buildings.The new elastomeric foam technology increases visibility in the event of a fire, which increases the amount of time that is available to evacuate a structure.
In the event of a fire, it smokes quickly spreads throughout the structure, obstructing escape and rescue routes and reducing sight. In comparison to other flexible elastomeric foam materials, AF/ArmaFlex Evo emits 50% less smoke, giving inhabitants more time to leave the structure and improving access for rescue crews.
In July 2021, Owens Corning, a US-based developer, and producer of insulation, roofing, and fiberglass composites acquired Vliepa GmbH for an amount of $40 million.This acquisition is expected to increase the scope of Owen Corning’s worldwide nonwoven offering and focus on sustainable design, lightweight construction, and labor-saving manufacturing techniques in European markets.
Vliepa GmbH is a Germany-based producer of products for the insulation, roofing membrane, and roofing construction industries.
The countries covered in the building insulation materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The building insulation materials market research report is one of a series of new reports that provides building insulation materials market statistics, including the building insulation materials industry global market size, regional shares, competitors with building insulation materials market share, detailed building insulation materials market segments, market trends, and opportunities, and any further data you may need to thrive in the building insulation materials industry. This building insulation materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06433662/?utm_source=GNW
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