Heat Insulating Films Market size is forecast to grow at a CAGR of 5.3% during 2021-2026 owing to increasing demand from building and construction, electronic sector, automotive industry, and more. Heat insulating films including window insulation films which regulate heat transfer in buildings or multi-wheelers, through windows or any other open sources. Apart from this, endothermic films boost summer cooling efficiency and winter heating efficiency in buildings, these are used to saving energy and reducing emissions of greenhouse gases. In addition, harmful UV rays are blocked by reflective films. According to the India Brand Equity Foundation (IBEF), real estate market will grow to Rs. 65,000 crore (US$ 9.30 billion) by 2040 and expected to reach a market size of US$ 1 trillion by 2030 from Rs. 12,000 crore (US$ 1.72 billion) in 2019. Thus, increasing consumption of heat insulating films by the building sector is expected to grow the market size.
COVID-19 Impact
The tragedy of COVID-19, which is declared as pandemic by the World Health Organization, is having a noticeable impact on global economic growth. This has affected the demand and supply chain as well, thereby limiting the growth in 2020. According to U.S. Census Bureau, the construction spending in the US decreased 0.8% in January 2021. Due to lockdown all construction activities were pending. Thus, the private construction declined 0.5 percent, residential (-0.2 percent), health care (-4.4 percent) and office (-0.5 percent). Also, public construction declined 1.7 percent due to highway and street (-0.6 percent) and education (-3.2 percent) in January 2021. Thus, all pending construction activities are limiting the demand of heat insulating films.
Heat Insulating Films Market Segment Analysis – By Type
Reflective film segment held the largest share of more than 55% in global demand of heat insulating films and are expected to continue their dominance for the forecast period 2021-2026. Reflective films are suitable for home, business premises or retail stores, and can be directly applied to any smooth glass surface as these control heat from outdoor areas. Reflective film is a self-adhesive or static adhesive substance that can be quickly retrofitted to windows and doors or to a conservatory. The effect is immediate and a temperature difference should be noted, particularly on hot summer days. Apart from this, reflective films reducing the amount of ultraviolet light which are protect from damages to furnishings and fabrics. Thus, increasing usages of this film will contribute growth for the market size in upcoming years.
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Heat Insulating Films Market Segment Analysis – By Material Type
Polystyrene material type segment held the global demand of heat insulating films market in 2020. Extruded polystyrene and expanded polystyrene insulation material provide thermal and acoustical insulation with a high moisture resistance, structural strength and low weight used in commercial and residential construction. It is commonly used in interior & exterior walls and roof applications. Additionally, polystyrene insulating material is used to manufacture car parts, including knobs, instrument panels, trim, energy absorbing door panels and sound dampening foam. Thus, increasing consumption of polystyrene insulating materials are expected to grow the market size.
Heat Insulating Films Market Segment Analysis – By Thickness
100µm-200µm has dominated the heat insulation films market in 2020 due to its wide use in wire and cable insulation owning to excellent transparency. With 100µm-200µm thickness, these films are used in industrial application owing to excellent dimensional stability and great machinability. It has standard lamination bond strength thus; these are suitable for flexible packaging. Thus, increasing demand of thick films from electrical and electronics, packaging, and other sector is expected to boost the market size during the projected period.
Heat Insulating Films Market Segment Analysis – By End Use Industry
Building and construction has dominated the market with the largest share of more than 30% in the heat insulating films market in 2020, and is growing at a CAGR of 5.9% during 2021-2026 due to rising middle-class population, along with increased disposable incomes, has encouraged a rise in the middle-class housing market. According to the India Brand Equity Foundation (IBEF) the government launched the 'Housing for All by 2022' scheme under Pradhan Mantri Awasa Yojana (PMAY) in India, which is expected to drive the residential construction at low cost of the country over the coming years. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes approved to construct in urban areas under Pradhan Mantri Awasa Yojana in 2021. Additionally, according to Ministry of Rural Development and Ministry of Housing and Urban Affairs indicate a housing shortage about 3 crore units in rural areas and 1.2 crore units in urban areas. Hence, the growing demand for construction provides a continuous boost to the residential industry, pushing the demand for additives for heat insulating films market in the residential sector.
Heat Insulating Films Market Segment Analysis – By Geography
APAC dominated the heat insulating films regional market with a share of more than 42.7% in 2020. The demand for heat insulating films is driven by numerous industries, such as construction activities, automotive sector, medical sector, and others. Thus, growing construction activities in Asian countries are driver the heat insulating films market. According to the Construction Association of South Korea (CAK), Korea's construction industry, including public and private infrastructure and civil engineering services, generated estimated revenues of US$148 billion (KRW166 trillion) in 2019. In revenue segments including US$58.4 billion for residential development, US$45.4 billion for commercial and industrial facilities and US$44.2 billion for civil engineering services. Additionally, according to the National Development and Reform Commission (NDRC), 14 construction investment projects approved worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. Thus, the rising construction and infrastructure activities in the South Korean region will further drive the market for heat insulating films during the projected era.
Heat Insulating Films Market Drivers
Rising Demand for Heat Insulating Films
Heat insulating films including endothermic film, reflective films, and window insulation films helps to improve cooling efficiency in summers and heating efficiency in winter in buildings and automobile sector. These are also saving energy and reducing greenhouse gas emission. Heat insulating films are materials that control heat transfer by outside environment. Reflective films provide excellent thermal insulation and use to reduce energy consumption for heating or cooling. Endothermic film can withstand any harsh condition in order to protect from high temperature and corrosion tends to increase the demand of the heat insulating market.
Increasing Demand from Building and Construction
With their various properties, such as protection from harmful UV rays, reduce high temperature, heat insulating films are highly required in construction sector. According to the US Census Bureau, new housing units construction was 11,471 thousand units in 2019 in United States, which reached 3,642 units in 2020. Moreover, according to the Federal National Mortgage Association, housing starts were expected to jump with 1 million new homes in 2021. ? Additionally, according to the Indian Brand Equity Foundation (IBEF), the real estate market of India is expected to grow USD 1 trillion by 2030. Hence, all such factors will influence the demand of heat insulating film in near future.
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Heat Insulating Films Market Challenges
Fluctuation in Raw Material Prices
Volatility in material prices may hamper the market growth. Polyurethane, polyester are petrochemical products which are derived from crude oil. Thus, the fluctuation in crude oil may limit the material production and hamper the market growth in the era. According to the International Energy Agency, oil demand in China fell of 1.8 million barrels per day (mb/d) in Q1 2020. The Global crude oil demand drops by 2.5 mb/d in Q2 of 2020. In the second quarter which declined of around 90,000 barrels a day compared with 2019. This decrease has impacted the price of raw materials, which is hampering the heat insulating films market.
Heat Insulating Films Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Heat Insulating Films Market. Major players in the Heat Insulating Films Market are 3M, Saint-Gobain, Johnson, Avery Dennison, BASF, Certain Teed, Dow Building Solutions, Madico, A&B Films, Kangde Xin Composite Material, Eastman Chemical Company, Dunmore and among others.
Acquisitions/Technology Launches
In August 2019, Huntsman launched ACOUSTIFLEX® S NBR polyurethane foam system which is designed for acoustic applications in engine for vehicles and trunk compartments. This formulation is thermoformable and boasting superior acoustics absorption. Also, it offers greater flexibility to meet design in automotive industry. This foam is lightweight absorber and semi-rigid foam.
In May 2019, Saint-Gobain acquired Pritex, which provides a thermal solution for the automotive market. This acquisition helped Saint-Gobain High Performance Solutions to expand their business model beyond automotive glazing and become a provider of solutions in the mobility market for comfort, safety and energy saving.
Key Takeaways
Asia-Pacific region dominated the heat insulating films market, due to highly consumption of reflective films and endothermic films for built the construction buildings in the region’s developing countries such as India, China, and others.
According to the National Bureau of Statistics, China's real estate market investment jumped from 15.7% in 2019 to 38.3% in the January-February 2021.
Window insulation films helps to drastically improve the performance of residential and commercial glass and also reduce heat and cooling cost, which is expected to grow the market size of heat insulating film market during the projected period.
Increasing consumption in various end use industries such as electronics, construction, automotive, healthcare industry, and others due to these are reducing sound and heat from outside.
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