The global External Wall Insulation Board Market is estimated to be valued at US$ 8.46 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
External wall insulation boards are widely used in the construction industry for enhancing the thermal performance and reducing energy consumption of buildings. These boards provide excellent insulation and weatherproofing properties, resulting in reduced energy costs and increased comfort for occupants. The increasing emphasis on energy efficiency in buildings, stringent government regulations regarding energy conservation, and rising awareness about the environmental impact of building materials are driving the demand for external wall insulation boards. Moreover, these boards offer advantages such as moisture resistance, sound insulation, and resistance to fire, making them suitable for various applications in residential, commercial, and industrial sectors.
Market Key Trends:
One key trend observed in the global external wall insulation board market is the adoption of eco-friendly and sustainable insulation materials. With the growing concerns regarding climate change and the need for environmentally friendly construction practices, manufacturers are focusing on developing insulation boards made from recycled and renewable materials. This trend not only helps in reducing the carbon footprint but also meets the increasing demand for sustainable construction materials. Additionally, the use of eco-friendly insulation boards can contribute to achieving green building certifications and compliance with energy efficiency standards. This trend is expected to drive the growth of the global external wall insulation board market in the coming years.
Segment Analysis:
One of the segments in the external wall insulation board market is the residential sector. The residential sector is dominating the market due to the increasing demand for energy-efficient housing solutions. With growing concerns over the environmental impact of buildings, homeowners and real estate developers are opting for external wall insulation boards to enhance the insulation properties of residential buildings. These boards help in reducing energy consumption by preventing heat loss in winters and heat gain in summers.
Key Takeaways:
The Global External Wall Insulation Board Market Size is expected to witness high growth, exhibiting a CAGR of 8.4% over the forecast period. This growth can be attributed to the increasing focus on energy-efficient buildings and the need for sustainable construction materials. The market is projected to reach US$ 8.46 billion by 2023.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the external wall insulation board market. This can be attributed to the rapid urbanization and industrialization in countries like China and India. The increasing population and disposable incomes have led to a surge in residential construction activities, driving the demand for external wall insulation boards in the region.
Key players operating in the external wall insulation board market include Saint-Gobain, Kingspan, Rockwool, BASF, Johns Manville, Knauf Insulation, Owens Corning, Paroc, Dow Building Solutions, and GAF Materials. These key players are focusing on product innovation and strategic partnerships to gain a competitive edge in the market. For instance, Saint-Gobain introduced a new range of external wall insulation boards with enhanced thermal and acoustic insulation properties, catering to the evolving customer demands.
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