Market Trends of Thin Insulation Industry
This section covers the major market trends shaping the Thin Insulation Market according to our research experts:
The Building and Construction Sector to Boost the Market
- The building and construction sector makes extensive use of thin insulation, as these thin films provide the purpose of heat insulation, and at the same time, deal with the spacing problems which are prevalent in the industry.
- With rapid expansion and urbanization, construction activities have surged, like infrastructure, corporate buildings, residential, etc., which in turn, is expected to grow the demand for thin insulation material in the market.
- The global expenditure of the building and construction industry in 2019 was about USD 11 trillion, and it is evaluated to expand up to USD 14 trillion by the end of 2025, thus, benefitting the market during the forecast period.
- In 2019, the industry revenue of the construction sector from its different segments of specialized construction activities, construction of buildings, civil engineering, etc., is estimated to accrue USD 201.31 billion, USD 86.7 billion, and USD 45.55 billion, respectively.
- All the aforementioned factors, along with government support, are expected to drive the global thin insulation market during the forecast period.
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Asia-Pacific to be the Largest Market for Thin Insulation
- Asia-Pacific is expected to have the largest market share in the thin insulation market during the forecast period.
- Developing nations, for instance, India and China, create enormous interest in the items. China's thirteenth Five-Year Plan (2016 - 2020) expects to target the development of 6.5% during a similar period.
- The Indian government has made an ongoing declaration of its arrangement to incorporate the development of 100 smart cities across the country by investing USD 28.18 billion in the project.
- The building and construction sector of Asia-Pacific accounts for around 46% of the global market share, thus, making the region lucrative for the thin insulation market.
- Thus, the rising demand from various industries is expected to drive the market in the region during the forecast period.
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