Market Research Future (MRFR) studied the global building thermal insulation market 2021 for the review period till 2028. The global building thermal insulation market value can expand at 4.7% CAGR and can earn around USD 38.64 Bn by 2028 from USD 28.02 Bn in 2020.
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Drivers and Restrains Impacting Building Thermal Insulation Market
The increase in the adoption of thermal insulation in modern construction is expected to support the market rise in the analysis period. The introduction of mega infrastructure projects and the rise in tangibility of smart city projects are observed to boost the incorporation of building insulation solution that can add to the upsurge of building thermal insulation market in the assessment tenure. The availability of advanced technologies to control the flow of heat energy at different temperature for various type of infrastructure can promote the market in the foreseeable future. Moreover, the easy accessibility of building thermal insulation materials in different color, surface finish, core composition, texture, and performance and at low thermal conductivity, generally less than 0.1W/mK, can favor the market rise in the years to come. The growing awarness about efficient thermal insulation material specifically for building are stone wool, glass wool, extruded polystyrene (XPS), polyurethanes (PU), and expanded polystyrene (EPS) among others.
The rise in infrastructure and architectural activities is another major cause that can drive the expansion of global building thermal insulation market. The growing concern for energy conservation in buildings has resulted into the demand for the insulation materials for both residential and non-residential sectors, thus is expected to augment the market of building insulation market over the forecast term.
In addition, the implementation of stringent government regulations can catalyze the adoption of advanced insulation material for the development of efficient energy buildings, thereby compelling builders and contractors to adopt such material. In addition, urbanization and rise in demand for thermal comfort is another significant cause that can fuel the market of building thermal insulation growth over the assessment period.
On the contrary, prices volatility of plastic foams and change in crude oil prices are other cause that can limit the growth of building thermal insulation market.
Segmentation Analysis of Building Thermal Insulation Market
The segment analysis of the global building thermal insulation market is based on end use, material type, and application.
The material type-based segments of the global building thermal insulation market are plastic foams [expanded polystyrene (EPS), wool insulation, phenolic, polyurethanes (PU), and extruded polystyrene (XPS) among others. The segments of the wool insulation segment are glass wool and stone wool.
The application-based segments of the global building thermal insulation are roof insulation, wall insulation, and floor insulation among others. The sub-segment of the roof insulation segment are flat roof and pitch roof. The sub-segments of the wall insulation segment are external wall, internal wall, and air cavity wall.
The end-use-based segments of the global building thermal insulation market are non-residential and residential.
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Regional Analysis of Building Thermal Insulation Market
In Europe, the market of building thermal insulation is expected to register a healthy growth rate over the evaluation period. The expansion of the regional market can be credited to stringent norms and regulations enforced by regulatory bodies to the construction of sustainable building in present time and in the future.
In Asia Pacific, the market of building thermal insulation is likely to upsurge at a decent pace over forecast term due to the rise in construction activities throughout this region to develop energy-efficient building. The upscaling need for residential and non-residential infrastructure can add to the expansion of APAC building thermal insulation market.
In North America, the building thermal insulation market can expand exponentially owing to the increase in the consumption of thermal insulation materials in this region. Similar growth causes are observed for market in Latin America.
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Building Thermal Insulation Market Key Players
Saint-Gobain SA (France), Johns Manville Corporation (US), BASF SE (Germany), Knauf Insulation (US), Kingspan Group (Ireland), Owens Corning (US), Rockwool International A/S (Denmark), Huntsman International LLC (US), Firestone Building Products Company, LLC (US), Dow (US), Cabot Corporation (US), Covestro AG (Germany), Paroc Group (Finland), URSA Insulation, SA (Spain), GAF Materials LLC (US), NICHIAS Corporation (Japan), Lapolla Industries, Inc. (US), Aspen Aerogels, Inc. (US), ODE Insulation (Turkey), Trocellen GmbH (Germany), KCC CORPORATION (South Korea), and Recticel SA (Belgium) are some prominent names in the global building thermal insulation market.
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