2014-01-23 14:05:03 - Industrial Thermal Insulation: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
The global market for Industrial Thermal Insulation is projected to reach US$5.1 billion by 2018, driven by the need for energy optimization in view of rising energy prices and stringent government regulations in terms of curtailing industrial greenhouse gas emissions.
Growth in the global industrial thermal insulation market is primarily driven by increasing energy costs and declining energy resources necessitating an urgent need for energy optimization by industries. Another key factor driving market growth is product innovation led by continued technological advancements. Innovative insulation products developed to satisfy the ever-changing preferences of customers are expected to sustain demand growth over the long term. Thermal insulation research is currently focused on developing nanotechnology based materials that can offer enhanced energy efficiency.
in emerging economies of Asia-Pacific and Latin America will help sustain growth in the global market while developed economies face yet another round of economic uncertainty. Furthermore, several insulation manufacturers from the developed countries are moving production to low cost destinations such as China, India, Indonesia and Brazil, among others, to leverage the advantage of cheap manpower and input supply as well as close proximity to a market base with huge potential.
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