Top Market Leader – Building Thermal Insulation Market
The growth prospect for the building thermal insulation market is moderate with the market size expected to witness a growth rate of 3.65% from 2017 to 2022, in terms of value. The market is evolving with major players playing a crucial role in the development of the market. Market players such as Saint-Gobain S.A. (France), BASF SE (Germany), and Owens Corning (US), led the market in 2016.
Players in the building thermal insulation market mainly concentrate on new product launches, expansions, agreements, and acquisitions to meet the growing demand. New product launches help the companies meet the growing demand for building thermal insulation from a variety of applications, such as walls, roofs, and floors. Saint-Gobain, BASF, and Owens Corning have a major share in the building thermal insulation market. These companies mainly focus on acquisitions, expansions, and new product launches to strengthen their position in the building thermal insulation market.
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Saint-Gobain is focused on expansions and acquisitions to meet the growing demand in the market. In 2016, the company acquired Buitex Industries (France), a company specializing in the manufacture of wood fiber insulation products. The acquisition helped Saint-Gobain expand its range of multi-material insulation solutions in France and continental European markets. In the same year, the company also expanded in North Yorkshire (UK), enabling the company to meet the growing demand in the UK market.
BASF focuses on new product launches, partnerships, and expansions to strengthen its market position. In 2017, the company launched Elastospray LWP, which is an eco-friendly spray foam insulation used in buildings. Earlier, in 2016, the company entered into a partnership agreement with Aspen Aerogels, Inc. (US) to create new products and market opportunities targeted at the global building materials market. In addition, the company in 2015, opened a new plant at Lemförde, Germany to manufacture SLENTITE insulation.
Owens Corning is focused on new product launches and expansions to meet the growing demand for building thermal insulation. In 2017, the company launched the Pure Safety high performance building thermal insulation, which is the world’s first certified asthma and allergy friendly insulation. In 2016, the company announced its intention of opening a new facility in Joplin, US to manufacture Thermafiber mineral wool insulation for commercial, residential, and industrial applications.
The European region is the largest market for building thermal insulation. This is because of the presence of strict building codes, accompanied by the trend of energy efficiency in buildings in this region.
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