Building Thermal Insulation Market Size, Share & Trend Overview for 2024-2032
The global building thermal insulation market size was valued at USD 32.53 billion in 2023 and is projected to grow from USD 33.98 billion in 2024 to USD 48.60 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period. Building thermal insulation help in energy usage reduction in buildings by preventing heat transfer through the building encasement. It has witnessed steep demand in recent years due to swift industrialization and urbanization. The growing concerns regarding power conservation across residential and commercial applications are expected to surge the market growth. Fortune Business Insights™ has presented this information in its report titled, “Building Thermal Insulation Market, 2024-2032”.
The building thermal insulation market is pivotal in modern construction, addressing the growing demand for energy-efficient solutions in both residential and commercial sectors. With rising energy costs, stringent building codes, and a heightened focus on sustainability, building thermal insulation has emerged as an essential component in construction, significantly reducing energy consumption and carbon emissions.
According to the report, the stringent regulations by the governments of major economies to reduce greenhouse gas emissions and energy consumption are anticipated to stimulate market growth significantly.
Information Source: https://www.fortunebusinessinsights.com/building-thermal-insulation-market-102708
Key Players in the Building Thermal Insulation Market are:
Atlas Roofing Company (U.S)
Cellofoam North America Inc. (U.S)
DuPont (U.S)
Knauf Insulation (U.S)
Owens Corning (U.S)
Armacell S.A. (Luxembourg)
Beijing New Building Material (Group) Co. Ltd. (China)
Evonik (Germany)
Bondor Indonesia (Indonesia)
BYUCKSAN (South Korea)
Huamei Energy-saving Technology Group Co. Ltd. (China)
Johns Manville (U.S)
Segmentation-
On the basis of material, the market fragments into aerogels, cellulose, foamed plastics, mineral wool, and others.
On the basis of end-user, the market bifurcates into non-residential and residential.
On the basis of application, the market segments into walls, roof & ceiling, and floor & basement.
Geographically, the market is classified into five major regions- North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Report Coverage-
The report focuses on the regional and global analysis for the prospected market.
The report provides detailed information on different product types and segments.
The report highlights strategies of growth for companies to wade through the COVID-19 pandemic.
The report incorporates PESTLE Analysis and Porters’ Five Forces Analysis for an unerring prediction.
The report focuses on the competitive landscape of the prospected market and highlights industry developments, new product launches, key market trends, etc.
Drivers & Restraints-
High Energy Costs to Drive the Market Growth
Thermal insulation systems in buildings help to reduce carbon emissions by using less energy input and limiting the heat conduction to the external environment. They also offer impact and fire resistance to building structures which augments their demand in the construction industry. Due to rapid urbanization and industrialization, the increasing construction activities are anticipated to bolster the global building thermal insulation market growth.
Thermal insulation systems also help to reduce energy costs. The high energy costs are expected to boost the demand for the product across commercial and residential applications and foster market growth. The companies operating in the market have launched Do-It-Yourself (DIY) insulation products for customers who cannot afford insulation technicians. The development of DIY products by key companies such as Ecofoam Insulation & Coatings, Owens Corning, and Knauf Insulation is expected to boost the market's growth in the forthcoming years.
However, the health-related issues of the insulation products are likely to restrain the growth of the market.
Regional Insights-
Asia Pacific to Gain the Largest Share Due to Increasing Government Investments on Infrastructural Development
Asia Pacific is projected to gain the largest portion of the global building thermal insulation market share due to the increasing government investments in infrastructural development across India, China, and Southeast Asia. Additionally, the growing government regulations regarding energy consumption in India and China are anticipated to boost the growth of the market.
North America is expected to witness significant growth in the global market due to the government’s substantial support for energy-saving technologies. Moreover, the growing consumer awareness is likely to complement market growth.
Europe is anticipated to exhibit robust growth in the forthcoming years due to renovation and retrofitting activities.
The Middle East & Africa, and Latin America are expected to witness considerable growth in the coming years due to the surging urbanization and industrialization.
Competitive Landscape-
Key Players Adopt Inorganic Growth Strategies to Garner Growth
The market for building thermal insulation consists of various players operating at global and regional levels. These players are primarily focusing on mergers & acquisitions, product launches, and expansions to strengthen their market position and dominate the market. For instance, in July 2019, Knauf Insulation invested USD 35 million to expand its fiberglass loose-fill plant, based in Albion, Michigan. The investment aims to improve the plant’s capacity by up to 30%.
Key Insulation Materials in the Market
Fiberglass
Fiberglass is one of the most commonly used materials for building insulation due to its excellent thermal and acoustic properties. It is cost-effective, non-combustible, and widely available. Its versatility makes it suitable for residential, commercial, and industrial buildings.
Mineral Wool
Mineral wool, also known as rock wool or stone wool, is another popular insulation material known for its high resistance to fire and soundproofing capabilities. It is widely used in high-rise buildings, commercial structures, and applications where fire resistance is critical.
Polyurethane (PU) and Polyisocyanurate (PIR) Foams
PU and PIR foams offer excellent thermal resistance and are preferred for areas that require minimal space for insulation. Although they are more expensive than other options, their efficiency in saving energy costs over time often justifies the initial investment.
Expanded Polystyrene (EPS) and Extruded Polystyrene (XPS)
EPS and XPS are lightweight and durable insulation materials with good moisture resistance, making them ideal for applications in damp environments like basements. XPS, in particular, has higher compressive strength and is commonly used in roofing systems.
Eco-Friendly Alternatives
Natural insulation materials, such as cellulose, wool, and cork, are gaining popularity due to their low environmental impact. These materials are biodegradable, non-toxic, and often made from recycled or renewable sources, aligning with the sustainable building movement.
Information Source: https://www.fortunebusinessinsights.com/building-thermal-insulation-market-102708
Industry Developments-
January 2020: IMERYS Group acquired the thermal insulation business of Hyderabad Industries Limited (a CK Birla Group Company). The acquisition will help IMERYS to expand its operations in the Indian market.