Building Thermal Insulation Market Share, Size, Trends, Industry Analysis Report, By Product (Glass Wool, Mineral Wool, EPS, XPS, Cellulose); By Application (Roof, Walls, Floor); By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3219
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global building thermal insulation market was estimated at USD 32.7 billion in 2023 and is projected to grow at a 4.6% during the forecast period. Key elements anticipated to fuel the expansion include increasing household and commercial deployment of the product to lower total energy costs and increased awareness of energy saving.
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The building thermal insulation market is projected to be driven by favorable regulations as a result of the focus on reducing overall energy usage. Thermal building insulation aids in lessening a building's reliance on heating, ventilation, and air conditioning (HVAC) systems. This decreases total energy consumption, which is anticipated to improve the expansion.
The largest proportion in North America is anticipated to belong to the United States. Growth is anticipated to be fueled by a number of initiatives, including the Weatherization Assistance Program (WAP), which focuses on widespread product uptake in low-income families.
Building thermal insulation demand is anticipated to increase as a result of favorable building codes in the United States and Canada, as well as the establishment of energy certification organizations like the Leadership in Energy and Environmental Design (LEED) and the U.S. Green Building Council (USGBC). Due to its low biodegradability and carcinogenicity, the United States Environmental Protection Agency (EPA) has put strict limitations on the use of foamed plastics that could harm market growth.
Due to the global COVID-19 breakdown, there has been a decline in the market for thermal insulation. Most the world's nations are on lockdown, which has halted new construction operations and prevented the consumption of insulation materials. Also, due to a lack of both the necessary materials and manpower to complete the installation, the old buildings that are required to get insulated under the new norms and regulations adopted by the local government are also on hold.
Over the forecast period, the industry's attention is projected to turn to the development of environmentally friendly goods due to the influence that building insulation materials have on the environment. In addition, it is anticipated that rising plastic foam prices will hinder expansion, spurring the creation of substitute goods.
The strict restrictions governing traditional goods like plastic foams are making recyclable insulation more and more attractive. Over the projection period, the threat of alternatives is anticipated to grow as consumers, architects, and businesses show an increased preference for green, biodegradable, and recyclable items as a result of growing environmental awareness.
The building and construction business uses between 50% and 60% of the insulation material, followed by the consumer goods and transportation industries. The whole insulation business is experiencing margin issues as a result of the tremendous blow that the coronavirus outbreak has dealt to these industries. There is additional pressure on regions with strict thermal insulation laws, like Europe and North America. They are waiting until there is an extreme necessity before building any new structures or buying any technology. Also, a region like Asia-Pacific, which had the fastest growth rate in the consumption of thermal insulation as a residential building area is still undeveloped and has a lot of room for expansion, is also having trouble.
Industry Dynamics
Growth Drivers
As the building and construction industries have expanded, so has the demand for thermal insulation for buildings. Building thermal insulation techniques reduce heat transfer between surrounding environments to maintain stable indoor temperatures. Also, they reduce carbon emissions by requiring less energy to maintain temperature and limiting heat transmission to the outer environment. It offers outstanding structural qualities, like as impact and fire resistance.
For instance, 1,295,000 housing projects were finished, according to the U.S. Census Bureau and U.S. Department of Housing and Urban Development. Moreover, 1,724,700 dwelling developments were scheduled to be allowed by construction permits in 2021. As comparison to the 2020 figure of 1,471,100, this is 17.2% (0.6%) greater. The market for building thermal insulation is projected to expand as a result of the rising number of development projects.
The increased demand for building thermal insulation products in residential and commercial applications is the main factor contributing to rising energy costs. Energy consumption that is inefficient has two costs. Significant energy use could result in high consumer costs due to recent price hikes. Natural resources are also depleted as a result of it. Consumers make it a point to insulate their spaces as a result, especially those who live in residential regions. There is a sizable industry for creating low-energy insulating materials like foamed plastics. Some of these solutions can pay for their insulating costs back in as little as a year through energy savings.
Report Segmentation
The market is primarily segmented based on application, product and region.
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By Product |
By Application |
By Region |
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In 2022, the roof application dominated the market, accounting for the largest market share.
Roof application had a largest market share in 2022 and is anticipated to experience a substantial CAGR during the forecast period as a result of the growing need to prevent heat from buildings' roofs from being penetrated by direct sunlight. During the projection period, an increase in the number of single-family homes is anticipated to accelerate the segment's growth.
The EPS will expect to grow dominantly over the forecast period
Expanded Polystyrene (EPS), which has good thermal insulation properties and a long lifespan, is anticipated to have the highest CAGR in terms of revenue over the projection period. Moreover, rising consumer demand for the product as a result of its non-toxic, rot-proof, and recyclable qualities is anticipated to fuel expansion.
The demand in Europe is expected to witness significant growth.
Europe led the market share in 2022, will continue to be a significant market for thermal insulation for buildings. Regional development is anticipated to be aided by initiatives taken by the European Commission and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) to promote thermal insulation as a way of energy conservation.
Competitive Insight
Some of the major players operating in the global building thermal insulation market include CertainTeed Corporation, Roxul, Inc., Dow Building Solutions, Owens Corning Corporation, Saint-Gobain S.A., Byucksan Corporation, Kingspan Group PLC, Rockwool International A/S, GAF Materials Corporation, Guardian Building Products, Inc., Huntsman International LLC, Johns Manville Corporation, Cellofoam North America, Inc., Atlas Roofing Corporation, CertainTeed Corporation, Roxul, Inc., Roxul, Inc and Byucksan Corporation.
Building Thermal Insulation Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 34.11 billion |
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Revenue forecast in 2032 |
USD 49.01 billion |
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CAGR |
4.6% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
Product, application, end-use, region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
NICE Actimize, Tata Consultancy Services Limited, Trulioo, BAE Systems, Nice Systems, Fiserv, Cognizant Technology Solutions Corporation, ACI Worldwide, SAS Institute, Fiserv, Oracle Corporation, BAE Systems, LexisNexis Risk Solutions, CaseWare RCM and Accenture |
FAQ's
The building thermal insulation market report covering key segments are application, product and region.
Building Thermal Insulation Market Size Worth $49.01 Billion By 2032.
The global building thermal insulation market projected to grow at a 4.6% during the forecast period.
Europe is leading the global market.
key driving factors in building thermal insulation market are increase efforts in conserving energy and reducing greenhouse gas emission.
