Energy Efficient Material Market Analysis
Energy Efficient Material Market - Size, Share, Trends, and Forecast 2019 - 2027
The global energy efficient material market size is projected to reach US$ 16.56 billion by 2025, and register a CAGR of 7.1% over the forecast period (2019 - 2027).
The need for reducing energy costs and conserving the environment have led to a high demand for energy efficient materials. Material efficiency means reducing the degree to which raw material is used, wasted, consumed, or incorporated in manufacturing and transportation processes.
Applying environmentally responsible procedures in all phases of a building’s life cycle, right from demolition to maintenance, can be beneficial in terms of durability, economy, comfort, and utility. Furthermore, components of green building do not release harmful toxins in the atmosphere, which make it a more sustainable alternative to conventional manufacturing methods. The building sector is responsible for a considerable amount of global emissions, which are expected to increase if viable building techniques are not adopted over the next few years. Opting for green building practices such as using fiber glass, rock and slag wool material for insulation purposes can be highly favourable, as manufacturing these materials does not require energy, and its maintenance costs are also minimal. Such insulation methods can significantly reduce cooling and heating costs which currently account for around 40% of an average American family’s utility bill. Furthermore, rock, fibre glass and wool can be reused.
In addition to insulation, energy efficient materials find application in several processes such as cool roofing, lighting, home appliances, and building materials. Energy efficient alternatives are also cost effective which ultimately results in financial savings for the consumers. Factors such as reduction in energy demands, lower carbon footprint, and national resource security in some countries are expected to propel demand for energy efficient materials over the forecast period. However, stringent regulations by regional governments and environmental agencies regarding material stipulations and quality may hamper growth of the global energy efficient material market in some countries.
Regions such as North America and Europe are expected to be the largest markets owing to the colder climate in the region which requires effective window insulations and lighting systems. Furthermore, incentives and tax credits provided by governments in the EU and in the U.S. for energy efficient materials are projected to account for a major market share in the energy efficient material market in Europe and North America. Increasing awareness of sustainable living and energy efficiency in the Asia Pacific region are likely to benefit the market growth in the region. Moreover, rapid industrialization and increasing gross domestic product (GDP) in countries in South America, Middle East, and Africa are projected to result in considerable demand for energy efficient products in these geographies.
Prominent players in the global energy efficient material market include China National Materials Group Corp., Fiber Glass Industries Inc., Guardian Building Products, Owens Corning Corporation, Taishan Fiberglass Inc., Chongqing Polycomp International Corp, PPG Fiber Glass, and Saint-Gobain Vetrotex.