Energy Efficient Material Market is forecast to reach $1,072.3 million by 2025, after growing at a CAGR of 15% during 2020-2025. The demand for energy-efficient materials is expected to expand due to the growing use of energy in the building & construction industry. The government initiatives such as rebates, tax credits in various nations also promote the usage of energy-efficient materials by builders and construction firms. Furthermore, the shift of consumer liking towards comfort oriented and eco-friendly products for the production of energy efficient materials will create new opportunities for the growth of the global energy efficient materials industry in the forecast era.
Energy Efficient Material Market Segment Analysis – By Type
Fiberglass is widely used in the energy efficient material market. Fiberglass was the dominant product in 2019 and is anticipated to continue over the forecast period owing to its superior properties such as excellent thermal insulation, stability and durability. Owing to the low cost and highly durable material fiberglass is used in various household products and industries. Slip resistance is one of fiberglass’s most common features, this feature is particularly important in the chemical industry, manufacturing plating plants and pulp and paper industry. For such workspaces the slip-resistant design provides a safer atmosphere. Fiberglass is also used by docks and marinas as a defensive shield against corrosion and rust from natural elements. Owing to these properties of fiberglass the demand for the energy efficient material market is anticipated to rise in the projected period.
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Energy Efficient Material Market Segment Analysis – By End Use
Building & construction held the largest share in the energy efficient material market in 2019 and are projected to grow at a CAGR of 21.1% during the forecast period 2020-2025. Increasing energy consumption for different electrical appliances and peripherals in buildings has created the concept of using energy efficient materials in building construction. Thermal insulation is the most effective and efficient way to increase energy utilization and building efficiency. Energy-efficient materials are often used for thermal insulation of buildings and constructions and allow a building to use less heating and cooling power to achieve and retain indoor heat and cold in winters and summers, while at the same time increasing comfort and energy savings. Some other important factors required for energy saving potential include, efficient lighting system and window insulation among others. Thus, owing to these properties the increasing demand for energy efficient materials in building & construction will drive the market over the forecast period.
Energy Efficient Material Market Segment Analysis – Geography
Europe held the largest share with 39% in energy efficient material market in 2019. Countries like the UK, Germany, and Switzerland are expected to be the region’s leading consumer markets, showing significant growth in the building & construction industry in the near future. Europe is aiming for a 30% cut in its annual primary energy consumption by 2030. According to the European Commission, the construction industry contributes about 9% of the EU’s GDP and 18 million direct jobs. According to the Office for National Statistics, the value of construction new work in Great Britain continued to increase in 2018, hitting its highest reported level of £113.127 million, powered by growth of £2.697 million in public sector work and, to a lesser extent, by growth of £ 750 million in private sector. Also, the monthly construction output increased by 23.5 percent in June 2020, significantly higher than the previous record monthly growth of 7.6 percent in May 2020; given this strong monthly development, construction output in June 2020 remained relatively small at 24.8 percent below the level of February 2020 due to the full impact of the corona virus (COVID-19) pandemic.
Energy Efficient Material Market Drivers
Increasing use of Polyisocyanurate insulation
Polyisocyanurate is an energy-efficient material used for the purposes of insulation. As energy prices are increasing day by day, the energy-efficient insulation is considered as a smart idea to save both energy and money. Polyisocyanurate rigid foam laminated with pure aluminum foil is commonly used in the manufacture of pre-insulated ducts that are used primarily for heating ventilation and air conditioning. Polyisocyanurate (PIR) is a very effective material used for building insulation. Polyisocyanurate foam insulation has been known for effective wall, foundation and roof insulation in both commercial and residential environments. It is also used for insulating commercial and industrial pipes. In addition, PIR insulation retains control of energy and heat loss, resulting in improved energy efficiency, and low utility costs. Thus, owing to the increasing use of Polyisocyanurate in various applications the demand for energy efficient material market is estimated to rise in upcoming years.
The rapidly growing use of energy efficient material in aircraft industry
With rapid economic growth and enormous developments in science and technology, environmental consciousness has become a norm across the globe. Energy conservation, reducing pollution, and coping with climate change are global priorities for the aviation industry and thus need energy-efficient materials to expand the aviation sector. Air transport is a significant user of both natural and energy resources. Developing green technology in the manufacture of aviation has increased demand for energy-efficient materials in aircraft transportation. Energy-efficient materials are increasingly being used by aeronautical and air transport engineers, as well as public administrations and regulators concerned with energy conservation or environmental problems in air transport. Thus, with increasing environmental concerns the demand for energy efficient materials are anticipated to rise which will boost the market in the forecast period.
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Energy Efficient Material Market Challenges
High operational cost can hamper the growth of the market
Buildings account for 40 percent of electricity usage and more than a third of EU CO2 emissions. Many of the buildings to be constructed in the year 2050 are already in construction. Therefore, renovating the current building stock is critical in achieving our long-term energy and environment goals. The construction method normally requires several different disciplines, leading to increased costs and risk of failure. The renovation market is predominantly supply oriented which can result in a disparity between the goods provided and the needs of the end-user. Many firms see high running costs and poor environment as an acceptable alternative to the time-consuming, disruptive, and dangerous phase of renovation. Further research and demonstration efforts in various areas relating to renovation of buildings are necessary. Hence, high operation cost to renovate the buildings will further create hurdles for the energy efficient material market in the forecast period.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the energy efficient material market. In 2019, the market of energy efficient material has been consolidated by the top five players accounting for xx% of the share. Major players in the energy efficient material market are PPG industries, AGC, NSG, Saint-Gobain, Cornerstone Industrial Mineral Corporation, BASF, World Minerals Inc., Loyal Group, LG Chem, INEOS Group, Asahi Fiber Glass Co Ltd., Solvay SA, Ameron International Corp and China Fiberglass Co. Ltd. among others.
Europe dominated the energy efficient material market owing to the increasing government initiatives for construction activities in this region.
Shifting consumer preferences to comfort-oriented and environmentally friendly products are expected to increase demand for energy-efficient materials in the near future.
Energy-efficient buildings help attain sustainable development goals through business and government collaboration. Through policymaking, prioritizing life-cycle and efficiency indicators, and participating in more comprehensive planning processes, building design and construction can contribute to national and urban sustainability objectives.
Due to COVID-19 palindrome, some of the supply chain operations are disrupted as the non-availability of migrant labor is interrupting certain construction activities. Thus, the market for energy efficient material is estimated to decline in the year 2020-21.
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