Posted On: 2020-02-18
Wool insulation acquired the largest revenue share in the overall North America building thermal insulation market- 6Wresearch
The demand for thermal insulation in North American region is largely backed by growing environmental concerns to reduce carbon footprint and continued government support to increase the penetration of thermal insulation in the commercial and residential spaces. Also, rising electricity tariffs have compelled people to look for energy efficient solutions which is acting as one of the key drivers for the growth of building thermal insulation market.
According to 6Wresearch, North America building thermal insulation market is projected to grow at a CAGR of 2.9% during 2019-2025. In North America, the building thermal insulation market is dominated by wool insulation. It captured majority of the market share due to its high insulation properties and fire-resistant capacity. However, plastic foam insulation segment is also projected to exhibit higher growth in North America during the forecast period due to better insulation capabilities of the plastic foam material
According to Ravi Bhandari, Research Manager, Research and Consulting, 6Wresearch, “The building thermal insulation market of North America is anticipated to grow significantly owing to rising concerns regarding energy conservation and increasing cost of energy. These factors have necessitated the usage of insulation in commercial and residential domains, since they reduce energy wastage and reduce costs.”
“Additionally, efforts by the government to increase the application insulation by variety of initiatives and incentives such as Tax Credits, Rebates, and Savings Program by Energy Star would act as a catalyst in driving the overall demand for thermal insulation in the United States during 2019-2025” Ravi further added.
According to Prithu Chawla, Senior Research Analyst, Research and Consulting, 6Wresearch, “The roof insulation segment registered the highest share in the North America building thermal insulation market in 2018 as it is the most cost friendly and energy efficient application for insulating a building in the region”
Some of the major companies in North America building thermal insulation market include Owens Corning, Johns Manville, CertainTeed Corporation and Huntsman International.
"North America Building Thermal Insulation Market (2019-2025)" report provides an in-depth analysis with 65 figures and 4 tables covered in over 110 pages. The report estimates and forecast the overall North America building thermal insulation market by material, applications, building types and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers, which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.