Latin America, Middle East And African (Lamea) Insulation Materials Market size is expected to reach $3,030 million by 2023, growing at a CAGR of 6.9%.

Portland, OR -- (SBWire) -- 06/15/2017 --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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The 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. The government has also been supportive of offering 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 the 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.

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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 a 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.

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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.