VALLEY COTTAGE, N.Y., Aug. 26, 2015 (GLOBE NEWSWIRE) -- Asia Pacific Excluding Japan (APEJ) is the most lucrative market for thermal insulation material market, according to a new research report by Future Market Insights (FMI). The report, titled, "Thermal Insulation Material Market: Global Industry Analysis and Opportunity Assessment 2015-2020", estimates the market in APEJ to expand at a compound annual growth rate (CAGR) of 6.3% during the forecast period.
According to FMI, APEJ is not only the largest, but also the fastest growing region in the global thermal insulation material market. The region accounted for a share of 37.8% in 2015 -- FMI estimates it to gain 400 basis points during the forecast period and reach a valuation of US$ 22.25 Bn by 2020.
Plastic foam is the preferred material type for manufacturing thermal insulation in APEJ, and FMI forecasts the status quo to remain unchanged during the forecast period. The plastic foam segment of the APEJ thermal insulation material market is anticipated to expand at a CAGR of 7.2% during the forecast period and reach a valuation of US$ 10.31 Bn by 2020. On the other hand, stone wall and fibreglass, other key materials used to make thermal insulation, are forecasted to expand at CAGRs in the range of 5% to 6%.
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Thermal insulation materials in the range of 1°C to 100°C are in demand in APEJ, with this segment accounting for US$ 10.03 Bn out of the total US$ 16.39 Bn market value of the APEJ market. FMI estimates this segment to expand at a CAGR of 6.8% during the forecast period.
Thermal insulation material is anticipated to witness robust demand from China, owing to recent implementation of legislation related to construction materials, as well as increased focus on development of FSRU and FPSO plants. FMI forecasts the China thermal insulation material market to expand at a CAGR of 7% during the forecast period and reach a valuation of US$ 10.14 Bn by 2020.
Japan thermal insulation material market, valued at US$ 1,692 Mn in 2015, is estimated to expand at a CAGR of 3.1% through 2020 and reach a valuation of US$ 1,966 Mn. The upcoming FPSO plants in Japan are anticipated to drive for demand for thermal insulation material in Japan. The objective of Japanese government to establish mandatory energy conservation standards for homes by 2020 is also anticipated to fuel the market during the forecast period.
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Like the rest of Asia Pacific, plastic foam remains the preferred material for manufacturing thermal insulation in Japan. Plastic foam accounted for US$ 746.8 Mn in market value in 2015, and FMI estimates to expand at a CAGR of 3.8% during the forecast period. On the other hand, use of fibreglass in thermal insulation material manufacturing is also projected to witness steady growth, with FMI forecasting it to amplify at a CAGR of 2.7% through 2020.
The key companies profiled by FMI in its market research report include Asahi Kasei Corporation, BASF SE, E. I. du Pont de Nemours and Company, Rockwool International A/S, Berkshire Hathway (Johns Manville), Bayer AG, Owens Corning, Dow Chemicals Company, Kingspan Group PLC and Saint Gobain S.A.
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Kingspan Group PLC's estimated revenue in 2014 was to the tune of US$ 2,104.42 in 2014, out of which 84% came from the thermal insulation material business. The company is looking at expansions and acquisitions to tap into other lucrative markets around the world.
Rockwool International A/S' annual revenue in 2014 was approximately US$ 2,897.87 Mn in 2014. The company is into thermal insulation material only, and 100% of revenue came from this segment. According to FMI, the company is not betting big on mergers and acquisitions.
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Source: Future Market Insights