The Asia-Pacific building insulation market is anticipated to develop with a CAGR of 3.50% in terms of revenue and 3.10% in terms of volume during the forecast years. Affordable housing schemes, the rising population base and changing lifestyles, increasing investments by the government, and the elevated demand for insulation materials owing to the surging residential and commercial building constructions, are among the chief factors accredited to the region’s market growth.
The Asia-Pacific building insulation market growth assessment includes studying South Korea, Vietnam, Japan, Indonesia, Australia & New Zealand, Thailand, China, India, and the Rest of the Asia-Pacific. South Korea’s construction sector is anticipated to continue growing, owing to the investments in public infrastructure, commercial and industrial projects, and energy, in addition to improving investor and consumer confidence. Moreover, an increase in building permits for constructing non-residential and residential buildings in the country is anticipated to further supplement the sector’s growth. Similar to the trends of urbanization, government policies aimed at stimulating the residential segment also play a crucial role in fueling the market growth in South Korea.
On the other hand, the growing tourism in Indonesia, irrespective of the political turmoil, increases the country’s demand for commercial establishments like hotels, shopping malls, and restaurants. Furthermore, Indonesia is an attractive location for investors due to the allotment of Special Economic Zones (SEZ). As a result, the government continually offers special funds and tax incentives for new construction endeavors. Therefore, these factors are associated with the building insulation market growth in the Asia-Pacific over the forecast period.
Some of the key firms active within the market are Beijing New Building Material (Group) Co Ltd, BASF, Huntsman Corporation, etc.
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