Building Thermal Insulation Market to Reach USD 38,588.8 Million by 2027; Increasing Demand for Energy Cost Reduction Worldwide to Stimulate Growth, Says Fortune Business Insights™

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Pune, India, Dec. 07, 2020 (GLOBE NEWSWIRE) — The global building thermal insulation market size is expected to gain traction by reaching USD 38,588.8 million by 2027 while exhibiting a CAGR of 4.2% between 2020 and 2027. This is ascribable to factors such as the rising building and construction industry, along with the growing demand to reduce energy costs across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Building Thermal Insulation Market Size, Share & COVID-19 Impact Analysis, By Material (Mineral Wool {Glass Wool, Stone Wool}, Foamed Plastics {Expanded Polystyrene [EPS], Extruded Polystyrene [XPS], Polyurethane [PU], Polyisocyanurate [PIR], and Other Foamed Plastics}, Cellulose, Aerogels, and Others), By End-Use (Residential and Non-residential), By Application (Floor & Basement, Wall, and Roof & Ceiling), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 29,656.9 million in 2019.

Increasing Focus on Development of Healthcare Infrastructure amid COVID-19 to Favor Growth

The novel coronavirus is driving the demand for advanced healthcare services to contain its widespread globally. As a result, the government agencies are focusing on developing sophisticated healthcare infrastructures to treat COVID-19 patients, and further find solutions to limit its spread. This is likely to bode well for the market growth in the forthcoming years.

Thermal insulation is a vital technology that aids in the reduction of energy consumed by preventing heat gain/loss within a building structure. This reduction of unwanted temperature changes drastically reduces the demand for cooling and heating systems.


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DRIVING FACTORS

Rising Building & Construction Sector to Augment Growth

The rapid-paced urbanization has provided an impetus to building & construction activities across the globe. With several residential and commercial projects in the pipeline, it presents a significant opportunity for the adoption of advanced building thermal insulation products. Additionally, the rising energy costs are propelling the demand for insulation services that will contribute to the growth of the global building thermal insulation market during the forecast period.


SEGMENTATION

Residential Segment to Hold Major Market Share Owing to High Energy Consumption

The residential segment, based on end-use, is expected to remain at the forefront owing to high energy consumption by …

Full story available on Benzinga.com

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