The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Increasing consumption of energy efficient passive cooling systems is primarily fuelling the sales of radiant barrier and reflective insulation globally. Persistence Market Research recently discovered that the global radiant barrier and reflective insulation market that was valued at US$ 890.0 Mn in 2017, will attain a value of US$ 1,927.0 Mn by the end of 2026. The market is estimated to thrive at a robust CAGR of 9% over 2018-2026, attributed to growing adoption of green building technology by several countries worldwide.
By product type, the market has two key segments which are further classified – radiant barrier segment is bifurcated as metallized film and pure Aluminum, whereas reflective insulation segment is sub-segmented into bubble type, foam type, and others. Reflective insulation has been a larger product type segment and is expected to remain the dominant one during the forecast period. On the basis of end-use, there are four key segments of the market, including residential, commercial and agriculture, industrial, and institutional and others; among which commercial and agriculture will remain dominant in terms of revenue generation, followed by industrial segment.
Markets in Emerging Economies to Elevate Following Popularity of Green Building Technology
According to regional analysis, the global radiant barrier and reflective insulation market is classified as North America, Latin America, Europe, SEA & Pacific (SEAP), China, Japan, and Middle East & Africa (MEA). Among all the regional markets for radiant barrier and reflective insulation, Persistence Market Research finds that North America, SEAP, and China are estimated to be lucrative markets in terms of revenue generation. North America and SEAP are projected to hold significant shares in the global radiant barrier and reflective insulation market, predominantly attributed to stringent regulations for mandatory installation of radiant barriers in new constructions in certain rapidly developing countries, such as Singapore.
While North America is expected to see healthy growth at a CAGR of around 8.5% between 2018 and 2026, SEAP is projected to expand at a stellar CAGR of 12% owing to the increasing green building initiatives in the region. China will possibly reach a value worth US$ 129.3 Mn by 2018 end and is expected to expand at a CAGR of 9.8% during the forecast period. MEA and Latin America are also projected to witness robust growth throughout the assessment period, at the CAGRs of over 9.5% and 8.5% respectively.
The growth of market in North America is primarily driven by growing demand of passive cooling systems in the southern states of US. The report indicates soaring popularity of radiant barriers and reflective insulation in the Pacific Rim, and Malaysia and ASEAN countries also export substantial amount of radiant barriers and reflective insulation materials to the North American industry. This growth is attributed to the bolstering green building initiative and strict regulatory standards regarding radiant barrier installation in a few rapidly developing countries such as Singapore.
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