Asia-Pacific Insulation Materials Market Trends by Types and Application
Posted by sanjayhande on December 6th, 2019
Insulation materials are used to insulate any substance, body, building, or any other material from heat, electricity, and sound. Insulation materials are used in a large number of applications, such as construction, automotive, packaging, consumer goods, telecommunication, and several others.
According to a new report published by Allied Market Research titled, Asia-Pacific Insulation Materials Market by Type, Application, and Country: Opportunity Analysis and Industry Forecast, 2015-2023," the Asia-Pacific insulation materials market is projected to reach ,035 million by 2023, growing at a CAGR of 7.4% from 2017 to 2023. The residential construction is anticipated to grow at the highest CAGR throughout the forecast period.
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The factors that drives the Asia-Pacific insulation materials market are growth of the automotive and oil & gas industries and increase in use of microporous insulation in industrial & aerospace sectors, due to the need for slim & light construction design of aircrafts. The China automotive industry leads the global automotive market in terms of vehicle production since 2008. According to the China Association of Automobile Manufacturers, the total automobile production totaled 28 million in 2016, and is expected to reach 29.4 million vehicles in 2017. This high growth of automobile industry in Asia-Pacific is expected to positively impact the insulation materials market, through the forecast period. However, the volatility in the pricings of raw materials is expected to impede the market growth during the forecast period. Moreover, the rise in adoption of green building systems has created several opportunities for growth.
The polyurethane foam segment accounted for the highest market share in 2016, owing to its excellent insulation properties and low cost as compared to other insulation materials. In addition, it has driven by the rapid growth of green building practices, focused on energy reduction. Closed-cell spray polyurethane foam are considered ideal for insulation systems, due to their superior R-value, durability, and improved energy performance. Moreover, the increase in demand for polyurethane foam for pipe insulation, due to their excellent mechanical strength, reduction in heat loss, high tolerance for extreme temperatures, and ensured worker safety by controlling surface temperature, are supporting the growth of this segment. However, the polyethylene segment is anticipated to grow at the highest CAGR throughout the forecast period as it has a low coefficient of friction and is excellent for guides and other moving parts. In addition, the rise in demand of polyethylene as a substitute for copper wiring in the wires & cables segment has driven the growth of this segment.
Key Findings of the Asia-Pacific Insulation Materials Market
The wires & cables segment dominated the Asia-Pacific market in 2016, attributed to the increase in demand from power, telecommunication, and real estate sectors in the country, thereby boosting the market for insulation materials. Moreover, developmental activities in power, telecommunication, and real estate sectors in emerging economies, such as India and China is expected to drive the insulated wire & cable sector of the countries. The monthly import and export of wire & cable products in China is approximately 0 million, that makes it one of the major player in the wire & cable products manufacturing.
Key players operating in the Asia-Pacific insulations material market include:
Obtain Report Details: https://www.alliedmarketresearch.com/asia-pacific-insulation-materials-market
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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About the Authorsanjayhande
Joined: October 17th, 2019
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