External Wall Insulation Board Market Is Estimated To Witness High Growth Owing To Increased Demand for Energy-efficient Buildings
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 used in the construction industry to provide thermal insulation to buildings. These boards are installed on the external walls of a building to reduce heat transfer and improve energy efficiency. The advantages of external wall insulation boards include improved thermal performance, reduced energy consumption, and lower heating costs. With the increasing focus on sustainable and energy-efficient buildings, the demand for external wall insulation boards is expected to grow significantly.
Market Key Trends:
One key trend in the external wall insulation board market is the increasing adoption of green building practices. Governments and regulatory bodies around the world are promoting the use of energy-efficient materials in construction to reduce carbon emissions and combat climate change. This has led to a growing demand for external wall insulation boards, as they help in improving the energy efficiency of buildings. Additionally, the availability of eco-friendly and sustainable insulation materials is further driving the market growth. Manufacturers are also focusing on developing innovative and environmentally-friendly solutions to meet the increasing demand.
In conclusion, the global external wall insulation board market is expected to experience high growth due to the rising demand for energy-efficient buildings. The market is driven by the advantages of these boards and the increasing adoption of green building practices. However, the market is highly competitive with several key players operating in the market such as Saint-Gobain, Kingspan, Rockwool, BASF, and others.
PEST Analysis:
Political: The political factors influencing the external wall insulation board market include government regulations and policies related to energy efficiency and sustainability. Governments worldwide are increasingly focusing on reducing carbon emissions and promoting energy-efficient buildings. This has led to the implementation of stricter regulations and building codes, driving the demand for external wall insulation boards.
Economic: The economic factors affecting the market include the overall economic growth and construction activities in various regions. As the global economy is expected to recover and witness growth, the construction industry is also likely to experience an upswing. This will contribute to the demand for external wall insulation boards, as they are widely used in commercial and residential construction projects.
Social: The social factors that impact the market include changing consumer preferences and increasing awareness about sustainable building materials. Growing concerns about climate change and environmental conservation have led to a shift towards eco-friendly construction practices. Consumers are increasingly opting for energy-efficient buildings that offer better insulation and reduced energy consumption, thereby driving the demand for external wall insulation boards.
Technological: The technological factors influencing the market include advancements in insulation board materials and manufacturing processes. Manufacturers are continuously investing in research and development to improve the efficiency and performance of external wall insulation boards. This includes the development of lightweight and high-performance materials, as well as the adoption of innovative installation techniques.
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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