Building Thermal Insulation Market

Building Thermal Insulation Market Size-(2023-2028)

The building thermal insulation market was valued at $ 23.76 billion in 2022 and is predicted to reach $ 29.40 billion in 2028, with a CAGR of 4.01% from 2023-2028 Building thermal insulation Buildings is employed to reduce the amount of energy required to heat or cool a home and to minimize heat leakage in winter and hot air penetration in summer. Building insulation tends to be the most cost-effective measure in climates that have a wide range of mean annual temperatures. Thermal insulation buildings are a method of preventing heat loss or gain in the building. It involves the flow of thermal energy between two bodies with different temperatures. Thermal insulation materials for buildings vary in color, core composition, surface finish, texture, and performance, and have low thermal conductivity, typically less than 0.1 W / mK. Some of the materials employed for thermal insulation in buildings are glass wool, rock wool, expanded polystyrene (EPS), extruded polystyrene (XPS), and polyurethanes (PU).

Building Thermal Insulation Market Trends:

The growing sustainability trends toward zero energy consumption in homes, as well as advances in the insulation of residential buildings equipped with integrated photovoltaic panels and double skin façades, will further expand the market. The rapid emergence of sustainable urban developments through the smart use of space in specific residential units due to strong population expansion around the world will drive calls from the industry.

Recent Developments in the Building Thermal Insulation Market:

• Dual temperature insulation blanket and cryogenic airgel. Armacell a world leader in energy efficiency, on this day declared the introduction of ArmaGel DT, a next-generation flexible aerogel blanket for cryogenic and dual temperature uses.
• Cabot launches a new high-performance thermal insulation coating additive. Enova airgel additive makes its debut at the European Coatings Show. The new coating additive offers a powerful combination of insulation performance and flexibility.

BUILDING THERMAL INSULATION MARKET REPORT COVERAGE:

Building Thermal Insulation Market Drivers:

The increase in construction and construction activities around the world is one of the main expansion drivers of the worldwide market for thermal insulation of buildings. Growing concern about energy conservation in buildings has driven a call for the use of insulation materials in the non-residential and residential sectors, thus escalating market expansion over the foreseen period. Environmental protection agencies around the world are working to reduce greenhouse gas emissions associated with the residential and industrial sector. In cold countries, building thermal insulation material is employed during building construction, helping to reduce energy use to maintain indoor temperature. It is a key driver in the worldwide building thermal insulation market. To reduce greenhouse gases due to the use of conventional energy sources, developed countries have implemented strict building codes. This makes it necessary to use other means to avoid heat loss and cooling of buildings. The inaction of various policies and regulations that favor the call for insulation in residential and commercial buildings is one of the main factors driving the market call. The growing awareness and need for energy-efficient structures to reduce high energy costs in commercial and public buildings is predicted to drive the market in the non-residential segment.

Building Thermal InsulationMarket Restraints:

The fluctuation of the prices of plastic foams is likely to hamper the expansion of the market due to the changes in the costs of crude oil in the international industry, as polystyrene is a derivative of crude oil.

Opportunities in the Building Thermal Insulation Market:

At present, the construction of green buildings is gaining popularity in various regions of the world. However, the harsh winter near the poles requires insulation of buildings to prevent heat loss. This is a key factor in driving the market for thermal insulation in buildings. The need for a sustainable alternative to conventional energy to insulate residential and industrial buildings in cold countries to avoid heat losses will serve to provide great opportunities for the building thermal insulation market. High energy requirements, stringent government carbon targets, and increased government initiatives to promote energy efficiency operations are driving several lucrative opportunities for the building thermal insulation market during the foreseen period mentioned above.

Challenges in the Building Thermal Insulation Market:

The availability of environmentally friendly insulating materials constitutes a barrier to the worldwide market for thermal insulation of buildings.

Building Thermal Insulation Market Segmentation:

By Material:

• Glass wool
• Stone wool
• Polystyrene
• Open-cell materials

The escalating utility of glass wool in thermal barrier applications in commercial and public buildings will further promote market expansion.

By Application:

• Flat roof
• Pitched roof
• External wall
• Internal wall
• Cavity wall
• Floor
• Wall insulation

Insulating the walls helps reduce costs and energy loss by trapping heat inside the home in winter and limiting heat penetration into the home in summer.

By Building Type:

• Residential
• Non-residential

The residential sector accounts for about 55% of world consumption in 2019. Changes in consumer preferences increased consumer purchasing power and energy savings play an important role in the adoption of thermal insulation products in the residential segment.

Building Thermal Insulation Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The European market for thermal insulation of buildings is predicted to exceed US $ 12.4 billion in turnover by 2026. Europe has faced energy problems for decades and has therefore become one of the largest consumers of thermal isolation. The depletion of natural resources, high carbon emissions, and climate change have forced the EU to use environmentally friendly construction techniques. The increase in purchases of Generation Y apartments in several countries in the region, as well as the change in preferences towards modern renovation activities, will provide solid prospects for the expansion of the regional market. Regulations and policies developed by various government agencies in different European countries in favor of zero GHG emissions will enhance the overall expansion of the industry.

The Asia Pacific market is predicted to be the fastest-growing regional market during the foreseen period due to the increase in the number of construction activities in the region supported by government agencies. Furthermore, continued population expansion and rising GDP per capita in the region are driving the need for more residential and non-residential buildings, consuming more thermal insulation materials in the region, thus driving the expansion of the worldwide market. North America occupies an important part of the world market for thermal insulation of buildings. Due to the presence of agencies such as the US Green Building Council (USGBC) and Leadership in Energy and Environmental Design (LEED), which promote the adoption of advanced insulating materials in buildings that provide a low-carbon environment, thus evolving towards greater sustainability.

The Latin American market is predicted to register a stable CAGR in the coming years due to critical climate changes and growing worldwide warming problems in the region, countries such as Peru and Colombia are turning to sustainable construction. In Latin America, the construction sector is one of the largest emitters of greenhouse gases, responsible for 25% of carbon emissions. In this way, the need arises for thermal insulation materials in the construction industry to reduce the carbon footprint of the environment.

Building Thermal Insulation Market Key Players:

1. Johns Manville Corporation (US)
2. Saint-Gobain S.A. (France)
3. BASF SE (Germany)
4. Kingspan Group plc (Ireland)
5. Knauf Insulation, Inc. (US)
6. Owens Corning (US)
7. Huntsman Corporation (US)
8. Rockwool International A/S (Denmark)
9. Firestone Building Products Company (US)
10. Cabot Corporation (US)
11. Dow Corning Corporation (US)
12. Covestro AG (Germany)
13. URSA Insulation, S.A. (Spain)
14. Paroc Group Oy (Finland)
15. Atlas Roofing Corporation (US)
16. GAF Materials Corporation (US)
17. Lapolla Industries, Inc. (US)
18. Beijing New Building Material (Group) Co., Ltd. (China)
19. NICHIAS Corporation (Japan)
20. Fletcher Building Limited (New Zealand)
21. ODE Industry and Trade Inc. (Turkey)
22. Aspen Aerogels, Inc. (US)
23. Trocellen GmbH (Germany)
24. Recticel SA (Belgium)
25. KCC Corporation (South Korea)