The Growing External Wall Insulation Board Market to Attain a Valuation of $7.87 Billion By 2024
External wall insulation is a construction technique that increases the thickness of the walls from the outside of the building by adding an insulated layer. It enhances thermal insulation, reduces energy bills, minimizes moisture damage and growth of mold and mildew. Key benefits include improved energy efficiency, fire safety, weather resistance and indoor air quality.
The global external wall insulation board market is estimated to be valued at US$ 7.87 billion in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.
The Global External Wall Insulation Board Market is driven by the need for thermal insulation and sustainable construction. Rising consumer preference for eco-friendly green buildings is a major opportunity for market growth. Key players operating in the external wall insulation board market include Etex Group, Elementia Materials, Everest Industries Limited, James Hardie Industries PLC, Johns Manville, Knauf Gips KG, Saint-Gobain, BetonWood Srl, Cembrit Holding A/S, HIL Limited, GAF, and NICHIHA Co. Ltd.
Asia Pacific Emerging as the Fastest Growing Region
The Asia Pacific region is expected to witness the fastest growth in the external wall insulation board market owing to rapid urbanization and improving construction spending. China and India constitute a major part of the rising demand due to their huge populations and economic development. Initiatives for smart cities and green buildings and growing focus on thermal efficiency of residential and commercial buildings offer high growth opportunities. Local players as well as global brands are enhancing their manufacturing footprints in Asia Pacific. Besides, favourable business conditions and reduced production costs attract foreign investments. With the construction sector gaining momentum, Asia Pacific will evolve as a key market for external wall insulation boards in the upcoming years.
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