Building Thermal Insulation Market to Witness Robust Growth by 2028

Stratview Research delivers key insights on the Building Thermal Insulation market in its latest report titled Building Thermal Insulation 2023–2028.

According to the report, the global building thermal insulation market was estimated at USD 28.06 billion in 2022 and is likely to grow at a CAGR of 4.66% during 2023–2028 to reach USD 37.01 billion in 2028.

What is building thermal insulation?

Building thermal insulation is a vital and cost-effective component used for sustainable construction. It involves the use of various techniques to minimize the amount of heat that escapes in winter and controls the hot air entering the house. Thermal insulation not only enhances the occupant’s comfort but also reduces greenhouse gas emissions contributing to cost savings in the long run.

There are several factors behind the growth of the building thermal insulation market. Below mentions are a few-

· Increasing construction industry — The world is currently experiencing an increase in construction activities. According to the data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, approximately 1,392,300 housing units were built in the year 2022, representing an increase of 3.8 percent compared to that of 2021. The global market for building thermal insulation is rising rapidly with the rise in the building and construction sector. To maintain the temperature of buildings, effective thermal insulation plays a vital role. Hence, the rise in the demand for the building thermal insulation market is closely linked to the increasing construction industry.

· Rising Energy Expenditure and Costs — Significant energy usage might cost a lot of money to the consumers, and also results in depletion of natural resources. To avoid these situations, efficient thermal insulation is an ideal solution. To insulate their spaces, consumers require cost-effective and reliable building thermal insulation solutions. Building thermal insulation reduces the heat flow, resulting in reduced energy requirements. This can lead to significant energy savings. According to the Indian Green Building Council (IGBC), these solutions can reduce energy consumption by up to 8 percent.

· The need to reduce greenhouse gas emissions — Organisations across the globe are working to reduce greenhouse gas emissions in the residential and industrial sectors. Since one of the sources of greenhouse gas emissions from human activities is energy consumption, energy saving becomes the utmost priority. Building thermal insulation solutions aid in reducing greenhouse gas emissions by reducing energy consumption.

Segment Analysis

Based on the material type, the market is segmented as stone wool, glass wool, plastic foam, and others. The plastic foam segment dominated the market in 2022 and is expected to maintain its position during the forecast period. Higher thermal resistance (R-Value), versatility, strength, and lifespan are some of the major features leading to the dominance of the segment in the global market.

Based on the application type, the market is segmented into roof insulation, wall insulation, and floor insulation. The wall insulation segment held the largest share of the market in 2022 and is expected to witness healthy growth during the forecast period. Rising demand for energy-efficient buildings along with maximum loss of energy through building walls is the major factor behind the dominance of the wall insulation segment.

Based on the building type, the building thermal insulation market is segmented into residential buildings and non-residential buildings. The residential building segment holds the larger share of the market and is also expected to witness healthier growth during the forecast period. Revival of the construction industry from subprime crises and euro-debt crises along with significant economic development in the Asia-Pacific region are the major factors driving the growth of residential buildings.

In terms of regions, North America is estimated to be the largest market for building thermal insulation during the forecast period. Significant demand from various end-use industries and the presence of major players in the region are the key factors behind the dominance of the region in the global building thermal insulation market. Asia-Pacific is expected to witness the highest growth during the forecast period. China, Japan, South Korea, and India are the driving forces of the region’s market.

Key Players

The top market segments considered to prepare this report are reputed market players of Building Thermal Insulation industry from different geographical locations, their product type and application industries.

Some of the top market players considered for this report are as follows:

· Johns Manville Corporation,

· Saint-Gobain S.A.,

· BASF SE,

· Kingspan Group plc,

· Knauf Insulation, Inc.,

· Owens Corning,

· Huntsman Corporation,

· Rockwool International A/S,

· Firestone Building Products Company,

· Cabot Corporation,

· Dow Chemical Company,

· Covestro AG,

· URSA Insulation, S.A.,

· Paroc Group Oy,

· Atlas Roofing Corporation,

· GAF Materials Corporation,

· Lapolla Industries, Inc.,

· Beijing New Building Material (Group) Co., Ltd.,

· NICHIAS Corporation,

· Fletcher Building Limited,

· ODE Industry and Trade Inc.,

· Aspen Aerogels, Inc.,

· Trocellen GmbH,

· Recticel SA,

· KCC Corporation.

The report delivers detailed profiles of the key market influencers, market value, growth factors, etc. Furthermore, important information such as sales data, value, volume market share, profit margin, and growth plans of coming few years is also provided in the report.

The product trends, market share of the top market players, their profile details to know the competitive analysis, market growth of different regions, growth promoters, roadblocks, and opportunities are some of the key insights of the report that will help the users to prepare business plan and understand the investment opportunity and make a mark in the market.

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