and is expected to grow at a CAGR of 4. 5% during 2019–2027, to account to US$ 632. 98 Mn by 2027. Fireproof insulation material assists in reducing the damage caused by fire. The fireproof insulation materials are available in five forms—foam; chopped fibers; board or block insulation; fibrous mats; and textiles, films, and foils.
New York, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Fireproof Insulation Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Materials ; End Users" - https://www.reportlinker.com/p05989500/?utm_source=GNW
The resistance of each form depends on the material from which it is made.The performance of insulation heavily relies on installation.
In this, assistance of professionals is required to ensure installation of high quality and certified insulation material.Several government authorities across the world are supporting the installation of different types of insulation materials for floor, roof, ceiling, and other areas to protect residents and workers during the case of fire or any other mishaps.
For instance, the insulation which are certified by the Environment Protection Agency (EPA)’s third-party certification bodies are checked separately to ensure safety standards are getting fulfilled. The primary function of insulation is to check and regulate heat flow inside and outside of the house. Energy efficient solutions help increase energy efficiency in businesses and homes while saving money. Various types of energy efficient solutions are being used widely in residential and industrial sectors, in turn contributing toward reducing greenhouse emissions. Installation of insulation results in massive reduction of energy waste and bill amount. Insulation materials, such as foam, play a significant role in providing insulation to buildings. It fills the gaps that can potentially leak air and create an energy-efficient surrounding in a building. Owing to its effective and powerful insulation properties, spray foam attracts investments from customers to protect their properties in case of fire outbreaks.
Based on material, the Asia Pacific Fireproof insulation market has been segmented into glass wool, mineral wool, plastic foam, fiberglass, polyurethane foam and others.In 2019, the glass wool segment dominated the market, and the market for the fiberglass is projected to grow at the highest CAGR during the forecast period.
Glass wool is made from recycled glass and fused sand, such as soda ash, limestone, and sand, which helps in trapping air and blocking heat, noise, and cold.This property of this material is embraced of lightweight, pest-proof, and flexible, due to which it is widely used in electrical and thermal insulation purpose in buildings.
Glass is spun into fibers and then combined with plastic polymers to make fiberglass, which is a noncombustible material.Fiberglass insulation is commonly used in home insulation, as this material is affordable, lightweight, easy to install, and readily available in a variety of sizes.
This type of insulation consists of 20–30% recycled content. The loose-fill fiberglass insulation offers an easy, rapid, and economical method to insulate wall cavities and attic floors of the residential properties. On the contrary, when compared with mineral wool, fiberglass insulation is not resistant to water. It gets soggy when exposed to water, thereby losing insulation properties. This aspect might hinder the installation of fiberglass in commercial properties.
Asia Pacific includes developed economies such China, Japan, India, Australia, South Korea and Rest of Asia Pacific.A large population in Asia Pacific has led to increased demand for residential as well as commercial construction in the region.
The region comprises several developing economies, including India and many Southeast Asian countries, posing strong demand for more infrastructure projects.Further, various country governments are taking several measures to attract private investments in infrastructure development.
Growing investments in the commercial as well as residential construction is bolstering the demand for fireproofing technologies in Asia Pacific countries.APAC countries, especially China, India, and Indonesia, are demanding increased volumes of oil and gas, which is triggering the number of exploration projects in these countries.
This increase in exploration projects has magnified the requirement of fireproof insulation products in recent years. In the oil & gas plants, fireproof insulating materials are deployed to protect machinery, valves, and flanges from fire. The governments of India, China, Indonesia, etc., are emphasizing on respective oil & gas industry and investing substantial amounts in this sector, which is a key enabler of the fireproof insulation market growth. Besides this, several industry-recognized and numerous smaller fireproof insulation market players have presence in Asia Pacific. This leads to the easy availability of fireproofing solutions to the construction industry players. The smooth supply chain of fireproof insulation significantly supports the growth of the market.
Saint Gobain S.A., BASF SE, Johns Manville, Kingspan Group PLC, Lloyd Insulations (India) Limited, Owens Corning, Rockwool International A/S, U.P. Twiga Fiberglass Limited, Knauf Insulation GmbH, and L’ISOLANTE K-FLEX S.P.A are among the major players operating in the Asia Pacific fireproof insulation market.
The COVID-19 pandemic first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe.As of September 2020, US, India, Brazil, Russia, Mexico, South Africa, Spain, Argentina and UK are among the worst-affected countries in terms confirmed cases and reported deaths.
The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.Shutdowns of chemicals and materials industry and disruptions in supply chains due to lockdown of countries has created a strain on the supplies of the various products offered by this industry.
The Asia-Pacific constitutes the world’s two most populated countries as well as leading manufacturing hubs: India and China.India witnessed the highest number of day cases in a day on 2nd August 2020.
The government of various countries in the Asia Pacific has taken necessary steps to reduce its effects by announcing lockdowns, and thus, impacting the growth of the fireproof insulation market. The introduction of lockdowns has resulted in the halt of construction projects in the region, which negatively impacted the growth of fireproof insulation in the region. After a prolonged lockdown, various countries have started easing the restrictions. For instance, the government of India started the unlock phase in which it allowed the construction activities to resume.
The overall Asia Pacific fireproof insulation market size has been derived in accordance to both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically involved in the process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific Fireproof Insulation market.
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