Market Analysis: Building Thermal Insulation Market Estimated to Achieve 4.3% CAGR

 

The global building thermal insulation market is anticipated to create an absolute dollar opportunity in the future by securing US$ 29,034 Million in 2022. The market is expected to exhibit a stable CAGR of 4.3% throughout the forecast years from 2022 to 2032. By 2032, the building thermal insulation market is slated to reach a valuation of around US$ 44,233.7 Million.

Rising commercial and residential applications to trim down the overall energy costs and increasing consumer awareness about energy consumption are expected to bolster growth in the market.

According to Indian Green Building Council, insulation building saves money and protects the environment at the same time. It enhances general comfort and decreases monthly expenditure. With the introduction of green technologies and green practices, energy savings can reach as high as 40% to 50% in the global market.

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Key Takeaways

• The industry’s focus is drastically being shifted from the environmental impact of insulation materials to the advancement of environment-friendly products. This drastic shift is due to changing consumer preferences for more advanced technologies. Furthermore, recyclable thermal insulation packs are also gaining traction due to the stringent government regulations responsible for conventional products like plastic foams.
• The growing environment awareness and surging preference for recyclable, green, and biodegradable products by homeowners, businesses, and architects are expected to augment growth in the market across the forecast period.
• There is a reasonable surge witnessed in the world for building thermal insulation attributed to the expansion of buildings and the construction sector. Thermal insulation systems help buildings in keeping a check on temperatures and make them consistent by reducing heat transmission between the adjacent environments. These efficient insulations also cut down on carbon emissions by decreasing heat transfer to the outside environment and it also needs way lesser energy to maintain temperature.
• Due to the rise in industrialization, thermal insulations are widely installed in commercial buildings in order to save energy, which is expected to spur the market size in the upcoming years. According to the U.S Census Bureau and U.S Department of Housing and Urban Development, 1,295,000 housing projects were completed. The rising construction projects are anticipated to foster the building thermal insulation market in the forecast period.
• Affordable insulation services have led consumers to buy DIY insulation products due to their affordability and being less expensive. Such DIY products are available as insulating panels and sprays designed by professionals for specific consumers who cannot afford the high-end insulation services.
• Residential construction across the world is gaining significant traction owing to the factors such as migration from rural areas to service sector clusters, the increasing trend of nuclear families, and population growth.

Competitive Landscape

Key market players are anticipating offering DIY insulation products because of their low cost and help reduce consumers’ overall market expense. In addition to that, widespread awareness of energy efficiency in residential buildings is fueling market growth. Prominent players in the market are adopting various innovative technologies that are expected to widen the market growth scope in the coming time.

Key Companies Profiled

• Rockwool International A/S
• Atlas Roofing Corporation
• Dow Building Solutions
• Principal Financial Group Inc.
• Johns Manville
• Huntsman Corporation
• Kingspan Group
• Owens Corning
• BASF SE

Key Segments Profiled in the Global Building Thermal Insulation Market

By Material:

• Wool Insulation/Open Cell Building Thermal Insulation
• Stone Wool Building Thermal Insulation
• Fiberglass Wool Building Thermal Insulation
• Plastic Foams/Closed Cell Building Thermal Insulation
• Extruded Polystyrene Building Thermal Insulation
• Polyurethanes Building Thermal Insulation

By Building Type:

• Residential Building Thermal Insulation
• Commercial Building Thermal Insulation
• Industrial Building Thermal Insulation

By Application:

• Building Roof Thermal Insulation
• Building Wall Thermal Insulation
• Building Floor Thermal Insulation

By Region:

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