Global External Wall Insulation Board Market Is Estimated To Witness High Growth Owing To Increasing Energy Conservation Measures And Growing Construction Industry
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:
The external wall insulation board is a type of insulation material used in the construction industry to enhance the energy efficiency of buildings. These boards are usually made of materials such as expanded polystyrene (EPS), mineral wool, and phenolic foam. They are widely used in residential, commercial, and industrial buildings to reduce heat transfer through the walls and improve the overall thermal performance. The increasing focus on energy conservation and the growing construction industry are driving the demand for external wall insulation boards globally.Market Dynamics:
The growth of the global external wall insulation board market can be attributed to two main drivers. Firstly, the increasing implementation of energy conservation measures by governments and regulatory bodies across the globe is driving the demand for energy-efficient building materials. External wall insulation boards provide enhanced thermal insulation, resulting in reduced energy consumption and lower carbon emissions. Secondly, the growing construction industry, particularly in emerging economies, is driving the demand for external wall insulation boards. Rapid urbanization, rising disposable income, and increasing construction activities are creating a significant demand for energy-efficient building materials, including external wall insulation boards. These factors are expected to drive the growth of the global external wall insulation board market over the forecast period.
SWOT Analysis:
Strength: The external wall insulation board market is expected to witness high growth due to its benefits such as improved energy efficiency, reduced carbon emissions, and enhanced thermal comfort. The market is also driven by increasing government initiatives and regulations promoting energy-efficient construction practices.
Weakness: One weakness of the external wall insulation board market is the relatively high initial cost compared to traditional wall insulation methods, which may deter some cost-sensitive customers. Another weakness is the limited awareness and lack of understanding among potential customers about the benefits of external wall insulation boards over traditional insulation methods.
Opportunity: The growing focus on sustainable construction practices presents an opportunity for the external wall insulation board market. Additionally, the increasing demand for energy-efficient buildings in both residential and commercial sectors offers a significant growth opportunity for manufacturers.
Threats: The presence of substitute products and materials such as traditional insulation methods and alternative building materials poses a threat to the external wall insulation board market. Furthermore, economic uncertainties and fluctuations in raw material prices may also impact market growth.
Key Takeaways:
The Global External Wall Insulation Board Market is expected to witness high growth, exhibiting a Compound Annual Growth Rate (CAGR) of 8.4% over the forecast period from 2023 to 2030. This growth can be attributed to increasing government initiatives promoting energy-efficient construction practices, leading to a higher demand for external wall insulation boards.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the external wall insulation board market. This can be attributed to the increasing adoption of energy-efficient building practices and stringent regulations promoting sustainable construction 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 companies are focused on innovation, product development, and strategic alliances to gain a competitive edge in the market.
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