Global Insulation Products Market: Key Highlights
Global Insulation Products Market: Key Market Dynamics
Global Insulation Products Market: Regional Overview
The market in North America is expected to witness high growth owing to demand from oil & gas, construction, electrical & electronics industry. Moreover, stringent regulations for the reduction of GHG emission levels is expected to fuel market growth. According to the US Census Bureau, total construction spending during December 2019 was estimated at USD 1,327.7 billion, out of which USD 991.2 billion was accounted for the private investment.
With government initiatives such as Net Zero Imports and Make in India, rapid industrial development is expected in the region. Industrial development in countries such as India, Thailand, Malaysia, etc. is expected to drive the regional market. The region is projected to grow at the highest CAGR, thus becoming the fastest-growing region.
Global Insulation Products Market: Key Players Overview
BASF SE is one of the leading chemicals company and operates through six segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. Its products portfolio includes chemical, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture, and paper industries, and provides a range of system solutions and services. In April 2019, BASF and Aspen Aerogel expanded their strategic partnership for production and supply of a new non-combustible, high-performance thermal insulation product, SLENTEX.
Sika AG is a specialty chemicals company engaged in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protecting in the building and automotive industry. It has subsidiaries in 101 countries around the world with more than 300 manufacturing facilities. In November 2019, the announced the acquisition of Adeplast SA, Romanian-based mortars and thermal insulation solution manufacturer.
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