Performance Insulation Market to See 6.9% Annual Growth Through 2023
Industry Boosted by New Materials With Enhanced Properties
WELLESLEY, Mass., September 9, 2019 (Newswire.com) - Introduction of new materials with advanced properties and high levels of R&D in the aerogels segment are two factors driving growth in the global performance insulation market, according to a report by BCC Research, “Performance Insulation: Market Overview and Top 10 Companies.”
The market expects to see a compound annual growth rate (CAGR) of 6.9% through 2023, when it could be worth $23.4 billion.
Major players in the market include: 3M, Morgan Advanced Materials, Unifrax LLC and Aspen Aerogels Inc.
- Aerogel is the fastest-growing segment of the performance insulation materials market, worth $.5 billion in 2017. It is expected to grow to $.9 billion by 2023 at a CAGR of 12.5%.
- The ceramic fiber segment was worth $1.6 billion in 2017 and is expected to reach a value of $2.8 billion by 2023 at a CAGR of 9.2%.
- The high-performance foam segment was valued at $1.6 billion in 2017 and should reach a value of $2.6 billion by 2023, with a CAGR of 8.9%.
Read the full report here: https://www.bccresearch.com/market-research/manufacturing/top-10-performance-insulation-companies.html
“In the current market, industrial, residential and commercial builders face myriad options for improving building energy efficiency that includes high-performance insulation, energy-efficient equipment, and a growing cadre of smart systems and controls,” writes BCC analysts. “When seeking green building certification or simply higher energy efficiency construction, cost-effectiveness and multiple benefits become critical factors in selecting energy-efficient, green technologies. High-performance insulation includes a group of rapidly growing, multi-benefit residential and commercial building technologies designed to improve insulation capacity while advancing building strength.”
The Growth of Aerogels
The report adds that aerogels, first developed in the 1930s, were popularized in 1999 by the NASA Stardust mission, which used them to capture dust particles from a comet. In the past 15 years, interest has increased steadily in these ultra-light, nonporous materials, leading to their use in many industrial, high-performance applications. Aerogels now are commercially available in a variety of materials, shapes and sizes, to meet the requirements of a broader number of applications.
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Source: BCC Research
Categories: Production and Manufacturing