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Oct 07, 2023

Global Thermal Insulation Material Market Report 2023: Sector is Expected to Reach $96 Billion in 2028 at a CAGR of 6%

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24 May, 2023, 18:15 ET

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DUBLIN, May 24, 2023 /PRNewswire/ -- The "Global Thermal Insulation Material Market by Material Type (Fiberglass, Stone Wool, Foam, Wood Fiber), Temperature Range (0-100C, 100-500C, 500C and Above), End-use Industry (Construction, Automotive, HVAC, Industrial), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global thermal insulation material market is projected to reach USD 96 billion in 2028 at a CAGR of 6% during the forecast period.

The government initiatives to promote the construction of green buildings are rising globally due to the pressing need for the reduction of greenhouse gas emission and conserve natural resources. The increase demand for noise reduction is also a major factor driving the thermal insulation market.

In addition to that there is a growing concern for the indoor air quality where thermal insulation materials can help to prevent the penetration of outdoor pollutants and allergens and also building moisture and mold which have a major impact on the indoor air quality. Lastly governments all around the world have enacted rules and building codes that require buildings to fulfill particular energy performance standards and thermal insulation materials play a crucial role in meeting these standards.

100-500C temperature range accounts for the second-largest market share in 2023

Thermal insulation materials that can withstand temperatures between 100 and 500 degrees Celsius are commonly used in a wide range of industrial and commercial applications. These materials are designed to provide thermal insulation and protect against high temperatures in environments such as high-temperature furnaces, kilns, boilers, and pipelines. In industrial applications, thermal insulation materials with resistance to this temperature range are used to protect equipment, machinery, and workers from high temperatures.

For example, in high-temperature furnaces and kilns, thermal insulation materials are used to maintain the desired process temperatures, reduce heat loss, and increase energy efficiency. In boilers and pipelines, these materials help to prevent heat loss and maintain consistent temperatures, ensuring optimal performance.

Stone Wool is expected to be the-fastest growing material type for thermal insulation material market during the forecast period, in terms of value

Stone wool is a fiber made from natural or synthetic minerals or metal oxides. Inorganic rock or slag is the main component (typically 98%) of stone wool.

The remaining 2% organic content is a thermosetting resin binder (an adhesive) and a little oil. Stone wool has high compressive strength and thermal resistance, provides better sound insulation, and can withstand temperatures up to 1,000C, making it suitable for applications such as flat roofs, outer wall facades for direct rendering, sandwich panels, cavity walls, lofts, pitched roofs, floor, and others.

Some of the major companies producing stone wool include Rockwool International A/S (Denmark) and Paroc Group Oy (Finland) (now part of Owens Corning).

Based on region, Asia-Pacific is the fastest growing market for thermal insulation material, in terms of value

Asia-Pacific was the largest market for global thermal insulation material, in terms of value, in 2022. The market in Asia-Pacific is driven by innovation, namely industrial expansion and technological developments, along with the increasing environmental impact and water scarcity in the region.

The improving global economy is expected to boost market growth. China is a dominant market player in the Asia-Pacific for the thermal insulation material market. However, the high use of thermal insulation material in various regional end-use industries will make the Indian market witness high growth during the forecast period.

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For more information about this report visit https://www.researchandmarkets.com/r/pap6zu

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