The global building thermal insulation market size is expected to reach USD 44.69 billion by 2030, expanding at 4.5% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Favorable regulations owing to focus on lowering the overall energy consumption is likely to be a major factor for the rising popularity of building thermal insulation materials. Thermal insulation materials help reduce the heat buildup within the buildings, thus resulting in lower dependence on air conditioning. This contributes to lowering energy costs.
Building Thermal Insulation Market Report Highlights
- EPS product segment accounted for 31% of the global building thermal insulation industry share in 2022. EPS exhibits excellent dielectric strength, and resistance to chemicals, heat, and moisture, making it a preferred material for insulation of electric components in building applications. Foamed plastics are expected to witness significant demand for building insulation applications, owing to the energy efficiency regulations imposed by various governments across the globe
- Flooring applications accounted for over 22% of the overall volume in 2022. To meet thermal insulation standards, the ground floor needs to be strong, and multi-layered foundation including flooring, underlayers, insulating layer, and a base. The insulation materials used for flooring applications require high compressive strength along with superior thermal barrier properties. Thus, XPS is one of the most popular materials used for insulation in flooring applications
- Thermal insulation is an essential component used widely in the building & construction industry with applications in residential, commercial, office, institutional, and industrial constructions. The residential construction segment is inclusive of residential buildings, apartments, complexes, and small houses. The growth in the number of single-family houses in developing economies and the rising disposable income of consumers are projected to drive residential construction activities. Thus, the growth of the residential construction sector along with growing building energy consumption norms are projected to positively influence the demand for insulation in above mentioned applications
- Asia Pacific is expected to witness the fastest growth rate, owing to the massive potential of the construction industry in the region, coupled with mandatory green energy building codes imposed by the various governments. The major economies in the region are anticipated to flourish over the forecast period on account of massive investments by various governments for the development of public infrastructure and the expansion of the residential construction sector, which is expected to benefit the product demand in Asia Pacific
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Building thermal insulation is an essential component of energy-efficient construction, helping to reduce heat transfer between a building’s interior and exterior environments. It is particularly important in regions with extreme temperature variations where buildings need to maintain a comfortable indoor climate while also minimizing energy consumption. Insulation materials such as fiberglass, foam, and cellulose are commonly used to create a barrier that prevents heat from escaping in winter and entering in summer. In addition to reducing energy bills, thermal insulation also improves indoor air quality, reduces noise pollution, and increases the lifespan of a building. Proper insulation design and installation can also play a critical role in achieving green building certifications and reducing a building’s carbon footprint.
Latest Trends
There were several notable developments in the building thermal insulation market. Firstly, there has been a growing demand for more sustainable and eco-friendly insulation materials, such as cellulose, wool, and recycled polyester, in response to increasing awareness of the environmental impact of construction. Additionally, advancements in technology have led to the development of more advanced insulation materials that offer better thermal performance, durability, and fire resistance. Furthermore, the market has seen a surge in demand for insulation systems that provide not only thermal insulation but also acoustic insulation, such as noise-reducing insulation for buildings located in noisy urban areas. Overall, the market is rapidly evolving, and new advancements in technology and material sciences are expected to continue driving growth and innovation in this sector.
The increasing urban population has led to the limited availability of affordable housing. It has also resulted in crowded roadways and inadequate water & sanitation services. The Middle East & Africa, in particular, is transitioning from places with a severe lack of infrastructure to the development of a robust infrastructure phase, which is expected to fuel demand for thermal insulation in residential, commercial, and industrial buildings.
Mineral wool is one of the most environmentally robust insulation materials. It is a widely used material for thermal insulation in buildings. Mineral wool helps in maintaining energy efficiency and provides fire protection, with good acoustics. Mineral wool is manufactured from volcanic rocks such as dolomite, diabase, and basalt, which are available in abundance.
Wall insulation application dominated the overall demand in 2022 and is expected to continue the trend over the forecast period, on account of the large surface area of the walls in a building, coupled with high product penetration for the application. Institutional buildings such as schools, hospitals, theaters, malls, hotels, etc. are adopting posh architecture and maintaining high energy-efficient standards. Thus, these trends are projected to positively influence the demand for wall insulation products over the forecast period, since it plays a key role in maintaining building energy consumption benchmarks across the globe.
Companies in the market are focusing on expanding their product portfolio by developing cost-effective insulation products with enhanced properties. Manufacturers are also focusing on expanding their manufacturing capabilities to cater to the ascending product demand across the globe. In addition, these companies develop a strong business model to adapt to market volatility and any technological & geographical change.
Building Thermal Insulation Market Insights By Region
Europe has been one of the mature markets. Initiatives by Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) and the European Commission to promote thermal insulation as a means of energy conservation are expected to aid regional growth. Burgeoning residential and commercial construction activities in North America, coupled with the implementation of strict green building codes to reduce the energy consumption per structure are expected to aid growth. The Asia Pacific region is expected to exhibit the highest growth during the forecast period, owing to the rising construction activities in the region to cater to the requirements of a growing population. Political and economic instability in Central and South America is expected to harm the regional building thermal insulation industry growth.
Competitive Analysis By Major Companies
The market players are focused on increasing their share through mergers and acquisitions. Industry participants are focusing on research and development activities to expand their product portfolio by developing cost-effective products with enhanced properties. Manufacturers also focus on expanding their manufacturing capabilities to cater to the ascending product demand. New constructions and implementation of energy efficiency codes are likely to result in high industry rivalry. Some prominent players in the global building thermal insulation market include:
- Rockwool International A/S
- GAF Materials Corporation
- Guardian Building Products, Inc.
- Huntsman International LLC
- Johns Manville Corporation
- Cellofoam North America, Inc.
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Grand View Research has segmented the global building thermal insulation market based on product, application, end-use, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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