Global Energy Efficient Materials Market is Expected to Grow Significantly to 2027Published Date: November 7, 2020 |
The global energy-efficient materials market is expected to grow at a significant CAGR over the next seven years due to increasing energy consumption in the building and construction industry. Materials are used to improved energy efficiency and utilization in buildings and other construction structures.
Energy efficient materials offer thermal insulation for indoor heat and cold during winters and summers respectively. They are used to avoid wastage of energy in residential & commercial buildings. The goal of using energy efficient materials is to decrease the amount of energy necessary to provide products and services. Energy-efficient materials are largely used for thermal insulation of buildings. These materials allow a building to consume less power to attain and preserve indoor heating and cooling in winters and summers, maintaining comfort and saving energy.
Thermal insulation, Windows insulation, efficient lighting system, etc. are important for energy saving. The most common energy-efficient material is fiberglass which is largely used in constructing energy-efficient windows. Fiberglass was the dominant product segment in 2014 and the trend is anticipated to continue over the forecast period because of superior properties such as excellent thermal insulation, stability, and durability. Fiberglass is mostly used in windows and has the ability to withstand harsh weather and all the other elements preventing rusting, corrosion, splitting, warping and rotting.
The energy-efficient materials industry has huge market potential in developed countries of America and Europe however, this technology is expected to catch momentum in developing markets of Asia Pacific in near future owing to the increasing adoption of the concept of energy-efficient homes. The energy-efficient materials market is also driven by increasing consumer demand for operating various appliances and increasing the standard of living. In America, about 38% of total energy consumption is used for heating and cooling purpose in buildings while China accounts for 47.2% of total energy consumption.
There are various strategies implemented by governments like tax credits, rebates to encourage the usage of these materials by builders. Market growth is anticipated to driven by these materials in the future but the stringent government and environmental regulations regarding material quality and specifications are anticipated to hinder product demand.
EU regulations include Construction Products Regulation (CPR), REACH and waste directive, SVHV consultation along with EPA norms in U.S. Living standards in emerging countries are improving caused by increasing consumer disposable income. These will open new avenues for industry participants and provide them with immense growth opportunities.
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On the basis of product type, energy-efficient materials have been segmented into polyisocyanurate, extruded polystyrene, expanded polystyrene, fiberglass, cellulose, and mineral wool. In resisting moisture, convective currents, and air infiltration, extruded polystyrene is very effective. These properties are projected to augment their demand over the foreseeable future. Wool material is expected to witness considerable progress on account of its static and dirt resistance, noise reduction ability, and natural, renewable nature.
This is expected to boom the industry progress over the forecast period especially in the mature economies of Europe and North America on account of colder climates across most of its countries. Europe’s energy-efficient materials market witnessed the highest penetration in 2014 and is expected to observe significant progress over the forecast period owing to a favorable regulatory scenario encouraging the usage of these products. Countries such as the UK, Germany, and Switzerland are projected to be the leading consumer markets in the region with countries such as Romania and Belgium showing considerable development over the foreseeable future.
Substantial industry growth is anticipated in North America as well, on account of increasing investments in R&D associated with innovative product development in the region. Owing to widespread consumer awareness regarding the use of these materials, the U.S. is presumed to be the front runner in the region.
Countries like China, India, Japan, Malaysia are leaders in industrial growth, owing to that, the Asia Pacific energy efficient materials market is expected to provide maximum growth opportunities to industry participants.
Economic developments coupled with increasing consumer disposable income have improved living standards considerably in these countries. This has in turn led to shifting consumer preferences towards comfort-oriented and Eco-friendly products which are expected to augment energy-efficient materials demand over the foreseeable future.
Saint-Gobain, PPG industries, AGC, NSG are major players. Other industry participants include Loyal Group, INEOS Group, LG Chem, BASF, World Minerals Inc., Solvay SA, Ameron International Corp, Asahi Fiber Glass Co Ltd. and China Fiberglass Co. Ltd., are operating as major players in the global energy-efficient materials market.
To increase their market presence, industry participants will follow an innovative product development satisfying environment and government regulations, over the forecast period. M&A, JV’s, and product line expansion are presumed to be other key strategies followed by major players to increase their market share.
Additionally, establishing effective distribution channels along with innovative marketing strategies with substantial social platforms usage is expected to increase the industry share.
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