Global Underfloor heating Market is segmented By Product Type (Carbon Fiber, Glass Fiber, Others), By Application (Industrial, Residential, Commercial, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
(ARAB NEWSWIRE) Market Overview
• The Global Underfloor Heating Market is expected to grow at a CAGR of 7.99% during the forecasting period (2020-2027), owing to the rising construction activities all around the world is anticipated to drive the market over the forecast period.
• Underfloorheating is a form of central heating that achieves indoor climate control for thermal comfort using conduction, radiation, and convection. The terms radiant heating and radiant cooling are commonly used to describe this approach because radiation is responsible for a significant portion of the resulting thermal comfort, but this usage is technically correct only when radiation composes more than 50% of the heat exchange between the floor and the rest of the space.
• The report covers all the major trends and drivers playing a vital role in the growth of the global Underfloor Heating market. The global Underfloor Heating market has been segmented based on Component, Type, Application, and Region.
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Market Dynamics
• The global Underfloor Heating Market is primarily driven by heavy investments in the infrastructure in developing nations like China and India. Long life cycle, low maintenance, corrosion resistance, heat resistance, lightweight and other advantages of the Underfloor Heating has also attracted the attention for its usage in the construction industry.
• China Commercial real estate has become popular with foreign investors as funding constraints on domestic developers reduce valuations in the sector. Foreign investors announced deals worth $6.7bn in the first half of this year, according to consultancy CBRE, up from $2.6bn in the same period last year.
• However, the availability of low-cost substitutes in the market and the high R&D cost for the development of these Underfloor Heating has hampered the growth of Underfloor Heating.
Market Segmentation Analysis
• By Product Type, the global Underfloor Heating Market is segmented into Carbon fiber, glass fiber, and others. Glass fiber composites has the dominant position in the Underfloor Heating market and is expected to retain its dominance in the forecasted period. However, due to increase in industrial construction the demand for Carbon fiber composites will also increase due to its property of corrosive resistance, low thermal and electric conductivity. It is expected that Carbon fiber Underfloor Heating will grow at a CAGR of ~XX% during the forecast period.
• By Application, the global Underfloor Heating Market is segmented into Industrial, Commercial, Residential, and Others. Underfloor Heating materials have higher dominance in the industrial application followed by residential application of Underfloor Heating, and its share is to increase due to the population growth leading to demand of dwelling place for the population, while Commercial application is also expected to grow in the forecasted period. And heavy investment in China for building up of the industries has also shown significant growth for industrial market as well.
Market Geographical Analysis
• By geography, the global Underfloor Heating Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• APAC holds the largest market share for Underfloor Heating Market due to economy rise and rising activity in infrastructure and industrial development in developing nations like China and India has high demands for Underfloor Heating. The rise in urbanization in the region is another major region for the market to grow. Urbanization in India began to accelerate due to the country’s adoption of a mixed economy, which gave rise to the development of the private sector. Urbanization is taking place at a faster rate in India. The population residing in urban areas in India, according to 1901 census, was 11.4%. This count increased to 28.53% according to 2001 census and crossing 30% as per 2011 census, standing at 31.16%. In 2017, the numbers increased to 34%, according to The World Bank.
• However, North America is after APAC in terms of the market share of Underfloor Heating Market due to large investment for infrastructure development and also due to increase in the urban population, increasing the demand in residential construction.
• In the Middle East and Africa (MEA) region, the middle east countries are expected to increase the market for the Underfloor Heating market as the activities for the construction is planned by the government. For instance, the government of Qatar is planning to spend over US$ 200 billion as part of a major infrastructure investment scheme between 2016 to 2022 as they are hosting the FIFA world cup 2022. The World Cup is expected to cost about US$ 30 billion, with stadiums accounting for US$10 billion. Africa’s demand for construction will also subsequently increase due to the rise in the economy which attracts more investments in infrastructure for the forecasted period 2020-2027.
Market Competitive Analysis
• Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Underfloor Heating Market is a fragmented market with the presence of various global and regional players in the market. The major players include Bedford Reinforced Plastics, Diversified Structural Composites, Exel Composites Oyj, and Hughes Brothers, Inc. Other key players in the market include amco Corporation, Johns Manville, Strongwell Corporation, Trex Company, Inc., UPM Biocomposites, RPM International, and CRH Plc.
• In April 2018, Exel Composites Plc (Mäntyharju, Finland) has signed an agreement to acquire 100% of the shares in Diversified Structural Composites Inc. (DSC, Erlanger, KY, US), from Teijin Carbon America Inc. (Rockwood, TN, US) a subsidiary of global carbon fiber manufacturer Teijin (Tokyo, Japan).
• In November 2018, Johns Manville (JM), a global manufacturer of energy-efficient building products and engineered specialty materials and a Berkshire Hathaway company, announced the release of the first-ever fiberglass duct wrap with an installed thermal resistivity rating of R-12: Microlite® FSK. This Formaldehyde-free™ duct wrap is designed specifically to meet new code requirements set forth by the IECC in 2015 that mandate the use of R-12 insulation on ducts in unconditioned spaces in climate zones 5-8.
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This news release was first published at EmailWire.com
http://www.emailwire.com/release/1114412-Underfloor-heating-Market-Size-Share-Opportunities-and-Forecast-20202027.html
