Latin America,
Middle East and African (LAMEA) Insulation Materials Market Report, published
by Allied Market Research, forecast that the LAMEA Insulation Materials market
is expected to reach $3,330 million by 2023, growing at a CAGR of 6.9%. Wires
& cables application was the highest contributor in terms of revenue to the
LAMEA insulation materials market in 2016. Brazil held the leading position in
2016, and is expected to lead in the forthcoming years, owing to the
construction activities of various facilities for hosting Rio Olympics. Brazil
is also expected to dominate the residential construction segment, as the
country is expected to need 11.5 million new homes over the next seven years,
which means it needs to build around 1.4 million homes per year, according to a
study by the So Paulo Federation of Industries (FIESP), and the Brazilian
Equipment and Maintenance Technology Association (Sobratema) in 2015.
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Automotive industry in Brazil is expected to offer
new opportunities for the insulation materials, due to the friendly
governmental policies of renewed bi-lateral automotive trade agreements with
Latin American countries. Government has also been supportive to offer tax
reduction and incentives for the technology development, innovation, safety,
environmental protection, energy efficiency, and quality improvement thereby,
making Brazil, a strong competitor in LAMEA insulation materials market.
Countries in Middle East, such as Saudi Arabia, Iran, and UAE are leading
countries in terms of crude oil & natural gas extraction and purification,
thereby providing attractive growth prospects for insulation materials, due to
the need of thermal and electric insulation in the extraction process.
Automotive industry in Brazil is flourishing, owing
to the trade agreements with various other Latin American countries. Brazilian
government is also taking an initiative to make automotive industry prosper by
introducing supportive policies for increasing innovation in technology and
quality improvement. Availability of plentiful resources, technical know-how
and increase in educated population are beneficial for the market in LAMEA
region. Extraction of crude oil and its export in countries, such as Venezuela,
Saudi Arabia and UAE requires high quality insulation materials for reducing
energy losses, which is anticipated to increase the demand for insulation
materials.
According to Eswara Prasad, Team Lead, Chemicals
& Materials at Allied Market Research, Increased application of insulation
materials in automotive and oil & gas industries is expected to offer major
opportunities to the market. The Brazil and Qatar region shows promising
opportunity, due to the large number of construction activities during Rio
Olympics and upcoming FIFA World Cup to be hosted by Qatar, in 2022
respectively.
Polyurethane foam was the highest revenue generator
in 2016, as the polyurethane insulation is cost-effective than installing foam
boards. Availability of polyurethane foam can be in the form of liquid sprayed
foam, rigid foam board, and panels with a variety of facings. Polyurethane foam
insulation made today is produced with a non-hydrochlorofluorocarbons (HCFC)
gas as the foaming agent. Polyurethane foam insulation materials are used in
automotive industry to manufacture seats, armrests, and headrests of most cars,
where their insulating properties help to manage noise, vibration and harshness
associated with driving. Residential and non-residential construction needs to
reduce cost on heating or cooling the structure, and sprayed polyurethane foam
is used for its strong, yet lightweight, ease of installation, durable, versatile
and exceptional duration reliable.
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Wires & cables application segment, generated the
highest revenue in 2016, as the industry mostly uses metals, which are good
conductors of heat & electricity and hence, needs to be protected from the
same. Metallic wires are insulated to protect them electrically and physically
within a cable. Growth in demand from industries and energy distribution
centers drives the global insulated wires & cables market.
Key Findings of the Latin America, Middle East And African
Insulation Materials Market:
- The
wires & cables application occupied the highest share in 2016, and is
expected to grow at a CAGR of 7.3%, in terms of value, during the forecast
period
- Brazil
is the leading consumer of insulation materials, accounting for
approximately half of the share in the global market, followed by UAE in
2016
- The
polyethylene type segment, is expected to witness the highest CAGR of 9.0%
during the forecast period
- Residential
construction is the leading application in insulation materials in the
LAMEA region, growing at a CAGR of 7.1%
Brazil accounted for the highest market share in
2016, whereas Saudi Arabia is projected to grow at a significant CAGR of 7.6%
during the forecast period. Increase in construction activities in emerging
economies, such as Brazil and Qatar while oil & gas application in Saudi
Arabia and UAE drive the insulation materials market. Rise in awareness about
green building concept is expected to offer major opportunities to the LAMEA
insulation materials market.
The key players profiled in this report include,
BASF SE, Bayer AG, Bridgestone, Evonik Industries AG, Huntsman International
LLC., Kingspan, Rockwool International A/S, and Saint Gobain.
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Analytics LLP, based in Portland, Oregon. AMR offers market research reports,
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