COVID-19 Impact on Thermal Insulating Materialsin Chemical and Materials Industry
INTRODUCTION
Home insulation is an emerging trend in most of the countries. There are multiple benefits of insulating a building. Insulating can help in saving energy and reduce bill amounts, add comforts to the building and also create healthier and positive environmental impact. The major functioning of insulation material is to regulate the temperature of a building and thus making living a pleasant experience even at those places where weather is either extreme cold or extreme hot. The use of insulating materials or insulated building have an advantage that they require less amount of heating and cooling appliances and thus saving lot of money for the consumer.
Around 50%-60% of the insulation material is consumed by building and construction sector followed by consumer goods and transportation industry. As these sectors have faced major hit due to the breakout of coronavirus, the entire insulation industry is struggling for margins. Regions such as Europe and North America where thermal insulation regulations are very stringent are also under the pressure. People are avoiding building any type of new constructions or purchasing any electronics until the need is really high. Also, region such as Asia-Pacific which was growing with the highest rate in thermal insulation consumption as residential building area is still untouched and have a lot of scope for expansion, is also struggling.
IMPACT OF COVID-19 ON DEMAND
The demand for thermal insulation has faced a dip due to the breakdown of COVID-19 globally. As most of the countries are running under lockdown, new construction activities are kept on hold and thus no insulation material is getting consumed. Also the old buildings that are compelled to get insulated due to the new rules and regulations passed by the local government are also on hold as neither the material is available nor the labor to install. Read in detail...