(I-BusinessNews.Com, December 24, 2019 ) Market Overview
• Underfloor heating is a form of central heating which 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.
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.
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Market Segmentation
• 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.
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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.
Competitive Analysis
• 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).
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