India Thermal Insulation Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others) and Industry Vertical (Oil and Gas, Chemical, Aerospace and Defense, Automotive, Pharmaceutical, and Others)
Market Introduction
Rising investments in the construction industry coupled with widening scope of the industry in India drive the India thermal insulation market. Also, growth in residential and constitutional buildings are expected to offer lucrative growth opportunities to the market in the coming years. The government of India is focused on enhancing the country's electrification rate coupled with technological advancements, which would propel the demand of thermal insulation during the forecast period. Moreover, the thermal insulation is used for high efficiency in the varying temperature of the industries. Further, the growing pharmaceutical industry in India is offering significant business opportunities for the thermal insulation market players to increase their respective customer base and expand their presence across the country.
Further, since the first quarter of 2020, India imposed lockdown restrictions to control the spread of novel coronavirus that causes COVID-19. These restrictions restricted the movement of materials and people and disrupted the supply chain in the thermal insulation industry. Moreover, amid COVID-19 pandemic, new construction activities in India are put on hold due to the lockdown. Therefore, the demand for thermal insulation is decreased.
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Market Overview and Dynamics
The India thermal insulation market was valued at INR 3,674.98 crore in 2020 and is projected to reach INR 2,189.81 crore by 2028; it is expected to grow at a CAGR of 7.4% from 2021 to 2028. The rising expansion and evolution of India’s infrastructural stock is playing a critical role against climate change. According to Observer Research Foundation (ORF) online organization, the country’s total energy consumption accounts for more than 40% of the energy consumed by buildings, which is increasing with rate of 8% annually. The practice of conventional inefficient building continues, and the buildings are anticipated to account for around 70% of emissions by 2050, thus posing a major threat to India’s green ambitions. As per the International Finance Corporation (IFC), about 70% of the infrastructural development that includes construction of buildings are required to be completed in India by 2030. The government of India is focusing on embracing the concept of green buildings to meet this huge demand and precisely deal with the environment and economy. At present, the green buildings market in India is currently at a growing stage, with only 5% buildings being classified as green buildings. Some of the initiatives, such as the 2008 National Action Plan for Climate Change and National Commission on Enhanced Energy Efficiency, are being taken by the Indian government to boost the construction of green buildings across the country.
The constant rise in the infrastructural development in India is expected to boost the residential sector and industrial activities, which, in turn, would increase the adoption of insulation material during the forecast period. The Indian government is focused on introducing various infrastructure projects, such as the urban transformation schemes, smart city initiative, business parks, and new industrial estates, which are projected to boost the adoption of thermal insulation material during the forecast period. According to the India Brand Equity Foundation (IBEF), India is expected to become the third largest construction sector in the world in the coming years. Several initiatives, such as “Smart City Mission” and “Housing for all”, across the country are boosting the adoption of thermal insulation. The growing infrastructural investment with the increasing FDI in the country drive the growth of the thermal insulation market in India. Such initiative along with rising infrastructural spending in India is creating huge opportunity for the Indian market players to develop advanced material for thermal insulation.
In India, to reduce the energy consumption in buildings, the government announced the Energy Conservation Building Code (ECBC) in the year 2007, which is applicable for commercial buildings that has a connection load of about 100 kW or 120kVA. It helps in saving around 25%–40% of energy, compared to reference buildings without such energy efficiency measures. As per the ECBC, the provisions for installation of renewable energy generation systems are made mandatory. Any complaints of the buildings are registered with the updated buildings code and are ready for the installation of renewable energy systems. The proportion of total electricity demand is met through renewable energy systems rising with the efficiency level the project across the country. The significant objective of this initiative is to encourage the building design with the strategies to follow the norm for buildings in India. The building energy codes relate to the climate responsive buildings, which are used with local natural resources and climatic conditions.
Key Market Segments
The India thermal insulation market is segmented on the basis of material type and industry vertical. Based on material type, the market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. In terms of industry vertical, the India thermal insulation market is segmented into oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others.
Major Sources and Companies Listed
The top companies operating in the field of access control are Armacell India Pvt. Ltd., BASF SE, Imerys, Lloyd Insulations (India) Limited, Minwool Rock Fibres Limited, Neo Thermal Insulation (India) Pvt. Ltd., Owens Corning, Saint-Gobain, Supreme Petrochem Ltd, Thermocareindia, and ROCKWOOL INDIA PVT. LTD .Various other companies operating in the market are coming up with new technologies and offerings, which is bolstering the growth of the India thermal insulation market.
Reasons to buy report
- To understand the India thermal insulation market landscape and identify market segments that are most likely to guarantee a strong return.
- To stay ahead of the race by comprehending the ever-changing competitive landscape for the market
- To efficiently plan M&A and partnership deals in the India thermal insulation market by identifying market segments with the most promising probable sales
- To make knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segments of the India thermal insulation market
- To obtain revenue forecast for market by various segments from 2020 to 2027 in India
INDIA THERMAL INSULATION MARKET SEGMENTATION
India Thermal Insulation Market – by Material Type
- Fiber Glass
- Plastic Foam
- Stone Wool
- Calcium Silicate
- Cellular Glass
- Others
India Thermal Insulation Market – by Industry Vertical
- Oil and Gas
- Chemical
- Aerospace and Defense
- Automotive
- Pharmaceutical
- Others
India Thermal Insulation Market - Companies Mentioned
- Armacell India Pvt. Ltd.
- BASF SE
- Imerys
- Lloyd Insulations (India) Limited
- Minwool Rock Fibres Limited
- Neo Thermal Insulation (India) Pvt. Ltd.
- Owens Corning
- Saint-Gobain
- Supreme Petrochem Ltd
- Thermocareindia
- ROCKWOOL INDIA PVT. LTD.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. India Thermal Insulation Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 India – PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 Temperature Limits and Applications of Commonly used Insulation Materials
4.5.2 Insights on Perlite Insulation
4.5.3 Import and Export Statistics (Calcium Silicate and Perlite Based Insulation)
4.5.3.1 Import and Export Statistics of Calcium Silicate
4.5.3.1.1 Export Statistics
4.5.3.1.2 Import Statistics
4.5.3.2 Import and Export Statistics of Perlite Based Insulation
4.5.3.2.1 Import and Export Statistics of Cellulose
4.5.3.2.1.1 Export Statistics
4.5.3.2.1.2 Import Stats
4.5.3.2.2 Import and Export Stats of Aerogel
4.5.3.2.2.1 Export Stats
4.5.3.2.2.2 Import Stats
5. India Thermal Insulation Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Development of Green Buildings
5.1.2 Growing Number of Building Energy Codes
5.2 Market Restraints
5.2.1 Limited Penetration Among SMEs and Price Sensitivity Market
5.3 Opportunity
5.3.1 Rising Infrastructural Spending in India
5.4 Trends
5.4.1 Growing Adoption of Polyurethane Foam Insulation
5.5 Impact Analysis of Drivers and Restraints
6. Thermal Insulation – India Market Analysis
6.1 India Thermal Insulation Market Overview
6.2 India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
6.3 Market Positioning – India Market Players Ranking
7. India Thermal Insulation Market Analysis – By Material Type
7.1 Overview
7.2 India Thermal Insulation Market, By Material Type (2020 and 2028)
7.3 Fiber Glass
7.3.1 Overview
7.3.2 Fiber Glass: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
7.4 Plastic Foam
7.4.1 Overview
7.4.2 Plastic Foam: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
7.5 Stone Wool
7.5.1 Overview
7.5.2 Stone Wool: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
7.6 Calcium Silicate
7.6.1 Overview
7.6.2 Calcium Silicate: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
7.7 Cellular Glass
7.7.1 Overview
7.7.2 Cellular Glass: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
7.8 Others
7.8.1 Overview
7.8.2 Others: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
8. India Thermal Insulation Market Analysis – By Industry Vertical
8.1 Overview
8.2 India Thermal Insulation Market, By Industry Vertical (2020 and 2028)
8.3 Oil and Gas
8.3.1 Overview
8.3.2 Oil and Gas: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
8.4 Chemical
8.4.1 Overview
8.4.2 Chemical: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
8.5 Aerospace and Defense
8.5.1 Overview
8.5.2 Aerospace and Defense: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
8.6 Automotive
8.6.1 Overview
8.6.2 Automotive: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
8.7 Pharmaceutical
8.7.1 Overview
8.7.2 Pharmaceutical: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
8.8 Others
8.8.1 Overview
8.8.2 Others: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
9. India Thermal Insulation Market- COVID-19 Impact Analysis
9.1 Overview
10. Industry Landscape
10.1 Market Initiative
10.2 Merger and Acquisition
10.3 New Development
11. Company Profiles
11.1 Neo Thermal Insulation (India) Pvt. Ltd.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Owens Corning
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Supreme Petrochem Ltd
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Thermocareindia
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 SAINT GOBAIN S.A.
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Armacell India Pvt. Ltd.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 BASF SE
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Imerys S.A.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Lloyd Insulations (India) Limited
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Minwool Rock Fibres Limited
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
11.11 Rockwool India Pvt. Ltd.
11.11.1 Key Facts
11.11.2 Business Description
11.11.3 Products and Services
11.11.4 Financial Overview
11.11.5 SWOT Analysis
11.11.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Table 2. List of Abbreviation
LIST OF FIGURES
Figure 1. India Thermal Insulation Market Segmentation
Figure 2. India Thermal Insulation Market Overview
Figure 3. Stone Wool Material Type to Dominate the India Thermal Insulation Market
Figure 4. Chemical Industry Vertical to Dominate the India Thermal Insulation Market
Figure 5. India – PEST Analysis
Figure 6. India Thermal Insulation Market – Ecosystem Analysis
Figure 7. Expert Opinion
Figure 8. World Production of Perlite (In 000, Tonnes)
Figure 9. World Reserves of Perlite (In 000, Tonnes)
Figure 10. Total Value of Imports by Destination Port (%)- Year 2016
Figure 11. India thermal insulation market Impact Analysis of Drivers and Restraints
Figure 12. India: Thermal Insulation Market – Revenue and Forecast to 2028 (INR Crore)
Figure 13. India Thermal Insulation Market Revenue Share, by Material Type (2020 and 2028)
Figure 14. Fiber Glass: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 15. Plastic Foam: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 16. Stone Wool: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 17. Calcium Silicate: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 18. Cellular Glass: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 19. Others: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 20. India Thermal Insulation Market Revenue Share, by Industry Vertical (2020 and 2028)
Figure 21. Oil and Gas: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 22. Chemical: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 23. Aerospace and Defense: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 24. Automotive: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 25. Pharmaceutical: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 26. Others: India Thermal Insulation Market – Revenue, and Forecast to 2028 (INR Crore)
Figure 27. Impact of COVID-19 Pandemic on India Thermal Insulation Market
The List Companies - India Thermal Insulation Market
- Armacell India Pvt. Ltd.
- BASF SE
- Imerys
- Lloyd Insulations (India) Limited
- Minwool Rock Fibres Limited
- Neo Thermal Insulation (India) Pvt. Ltd.
- Owens Corning
- Saint-Gobain
- Supreme Petrochem Ltd
- Thermocareindia
- ROCKWOOL INDIA PVT. LTD.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the India thermal insulation market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the India thermal insulation market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth India market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution