India Thermal Insulation Market to Grow at a CAGR of 7.4% to reach INR 3,674.98 crore from 2020 to 2028

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)

Report Code : TIPRE00020900
Category : Manufacturing and Construction

Status : Published
No. of Pages : 123

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India Thermal Insulation Market to Grow at a CAGR of 7.4% to reach INR 3,674.98 crore from 2020 to 2028

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The India thermal insulation market is expected to reach INR 3,674.98 crore by 2028 from INR 2,189.81 crore in 2020. The market is estimated to grow at a CAGR of 7.4% from 2021 to 2028.

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 from 2021 to 2028. 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” initiative, across the country are boosting the adoption of thermal insulation. The growing infrastructural investment with the increasing FDI in the country is one of the significant factors driving the growth of the thermal insulation market. Such initiative along with rising infrastructural spending in India is creating lucrative opportunities for the Indian market players to develop advanced material for thermal insulation. Several market players operating in the region are focusing on the development of a variety of thermal insulation. For instance, in 2020, Fontaine introduced Fontaine Magnitude 60LCC, a lowbed trailer intended for customers working in regions where spread-axle configurations are not required to maximize their trailer loads. Similarly, in 2019, Saint-Gobain inaugurated its new blowing glass wool production line at its Isover plant in Chemillé, near Angers, France. The new facilities will meet the French market's growing demand for thermal insulation solutions for roof cavities. Thus, such developments are accelerating the growth of the India thermal insulation market

India is adopting several advanced technologies for developing thermal insulation material. Companies present in the country are continuously focusing on enhancing the overall business processes to meet customer requirements by offering high-quality products and services in the best possible way. Saint-Gobain has inaugurated its new blowing glass wool production line at its Isover plant in Chemillé, near Angers, France. The new facilities will meet the market's growing demand for thermal insulation solutions for roof cavities. Thus, the demand for thermal insulation is growing in India. On other hand, amid the COVID-19 outbreak, new construction activities in the country are restricted due to lockdown. Therefore, there is a decline in the use of insulation material. Insulation in old buildings, as per new local government rules and regulations, is also on hold owing to the lack of material and labor. According to Credit Rating Information Services of India Limited (CRISIL), the growth of Indian construction industry is declined by 12–16% in the current fiscal year because of the COVID-19 outbreak. According to the same agency, major players in the construction sector are expected to witness a 13 to 17% drop in revenue in fiscal year 2021 as there is decline in the construction activities. Also, the government's budgetary support for the next fiscal year is changed, putting the revised estimate for this fiscal year in jeopardy. Thermal insulation is also used in the consumer goods and transportation industries. The demand for foam insulation from OEMs has been decreased because of the poor sales in the automotive industry during the pandemic. Thus, the COVID-19 pandemic restrained the growth of the thermal insulation market in India.