Global building thermal insulation market is expected reach over USD 28 billion by 2022 growing at an estimated CAGR of over 3% over the forecast period. The augmented product demand can be attributed to the fact that they help in energy conversation along with reduction in greenhouse gas emissions.
Environmental benefits associated with these materials have resulted in increased application in residential as well as industrial buildings. Increasing legislative support for thermal insulation is also expected to foster market growth. Reduction of carbon footprints is a key motive behind increasing government support.
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Tax benefits and rebates offered by various governments and organizations are expected to drive the product demand over the forecast period. The U.S. Government promoted home insulation by offering considerable tax rebates on new constructions or re-insulation, if new standards are met by the structure.
Many countries and various environment protection organizations have adopted legislations on energy-efficient buildings to reduce green house gas emissions. Adoption of Kyoto Protocol has forced developed and developing nations to control GHG emission, which is expected to fuel the product demand over the next seven years.
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Building lagging has proved easier, cheaper, and efficient way to decrease heat flow and maintain the ambient temperature inside the building. This makes it more effective in climate with extreme range of annual average temperature. Efficient lagging techniques reduce heat flow to a great extent and can cut down energy consumption by over 75%.
Economic slowdown in Europe has adversely affected the overall construction sector in the region. Downfall in housing construction sector in Europe has affected growth negatively. This is expected to restrain the product demand over the next seven years. Lack of awareness and misconceptions regarding benefits of insulation materials is also expected to hamper the product demand.
Increasing energy requirements coupled and environmental concerns associated with energy production are expected to provide new opportunities for existing players. Thermal lagging is considered the best solution for energy conservation, and thus is expected to foster market growth over the next seven years.
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