At 3.40 % CAGR, Global Thermal Insulation Market Size & Share to Surpass USD 34855 Million by 2028 - Industry Trends, Demand, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, May 25, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Thermal Insulation market was worth around USD 28,519.50 million in 2021 and is estimated to grow to about USD 34855 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.40 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Thermal Insulation Market Reports:
- As per the analysis shared by our research analyst, the Thermal Insulation Market is expected to grow annually at a CAGR of around 3.40 % (2022-2028).
- Through the primary research, it was established that the Thermal Insulation Market was valued approximately USD 28,519.50 Million in 2021 and is projected to reach to roughly USD 34855 Million by 2028.
- For its relatively active construction sector and increasing investments in urbanization projects, North America is a prominent regional market for thermal insulation materials, with the United States owning a significant market share.
- Asia Pacific building thermal insulation market is expected to rise substantially throughout the projected period.
- Growing demand for environmentally friendly building insulation materials, energy consumption will rise. China, India, and Japan are among the main economies that are investing in sustainable development.
Zion Market Research published the latest report titled as "Thermal Insulation Market By Material type (Stone Wool, Glass Wool, Plastic Foam and Others) By Application (Roof Insulation, Wall Insulation and Floor Insulation) By Building type (Residential Building and Non-residential Building) and By Region – Global Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028" into their research database.
Thermal Insulation Market: Overview
Thermal insulation in buildings is used to reduce the amount of energy required to heat or cool a dwelling, as well as to minimize heat loss in the winter and hot air penetration in the summer. In locations with a large range of yearly average temperatures, building insulation is usually the most cost-effective strategy.
Over the forecast period, the environmental impact of insulating materials is projected to shift the industry's focus to the development of environmentally friendly solutions. Furthermore, rising plastic foam prices are likely to stifle industry expansion, leading to the development of alternative goods. Due to the strict laws governing traditional goods such as plastic foams, recyclable insulation is gaining favour. Homeowners, architects, and businesses are increasingly preferring green, biodegradable, and recyclable items as a result of growing environmental awareness, which is likely to increase the threat of replacements in the market throughout the forecast period.
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Industry Dynamics:
Thermal Insulation Market: Growth Dynamics
Drivers: Rising Building & Construction Industry to Favor Growth.
The constantly expanding building and construction industry has resulted in an increase in thermal insulation measures. Furthermore, by minimising heat transfer elements across habitats, these aspects are responsible for lowering indoor temperatures. The carbon footprint is further reduced by lowering the rate of heat transfer from the outside environment and using less energy to maintain the desired temperature. Insulation provides good features to the infrastructure it insulates, such as fire and impact resistance. These elements are really appealing when it comes to constructing highly effective thermal insulation.
Restraints: Health Concerns Regarding Adoption of Few Building Thermal Insulation Products to Hinder Market Growth.
The continual change in fuel pricing has had a considerable impact on the automobile industry. Along with this, the change in disposable income, inflammation, and stringent government policies regarding automobiles affect the price of automobiles. Price variations in the automobile sector may provide further challenges to the expansion of the tyre cord textiles market in the near future.
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Opportunity: Increasing Energy Expenditure to Augment Growth
Due to recent price increases, significant energy usage might cost a lot of money to the consumer. It also results in the depletion of natural resources. As a result, consumers, particularly those who live in residential areas, make it a point to insulate their spaces. The development of low-energy insulation products, such as foamed plastics, presents a huge market opportunity because some of these products can recoup the cost of insulation in as little as 12 months through energy savings.
Challenge: concerns about health and the environment
Several thermal insulation materials, such as stone and glass wool, have negative health consequences, such as irritation of the respiratory and eye systems. Furthermore, due to carcinogen emissions during production, polymer-based insulating materials are subject to stringent regulations. These concerns about health and the environment will continue to stifle market expansion during the projection period.
Global Thermal Insulation Market: Segmentation
- The global Thermal Insulation market is segregated based on material type, application and building type.
By Material type, the market is classified into Stone Wool, Glass Wool, Plastic Foam and Others. This category had a significant share in 2021 and is expected to maintain its dominance throughout the forecast period. During the forecast period, the plastic foam sector of the global thermal insulation material market is predicted to develop at the fastest rate. Increased global demand for LNG and LPG, as well as increased demand for refrigerators and air conditioners in the OEM market, are expected to propel this category forward.
By Application, the market is divided into Roof Insulation, Wall Insulation and Floor Insulation. The global Thermal Insulation market is dominated by wall insulation segment. Furthermore, wall insulation reduces costs and energy loss by keeping heat inside the house during the winter and preventing heat from entering the house during the summer. Insulate the walls with a variety of materials such as EPS, polyurethane foam, mineral wool, cellulose fibers, and sandwich panels, which would gradually enhance market demand in developed countries.
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List of Key Players of Thermal Insulation Market:
- Johns Manville Corporation (US)
- Saint-Gobain S.A. (France)
- BASF SE (Germany)
- Kingspan Group plc (Ireland)
- Knauf Insulation Inc. (US)
- Owens Corning (US)
- Huntsman Corporation (US)
- Rockwool International A/S (Denmark)
- Firestone Building Products Company (US)
- Cabot Corporation (US)
- Dow Corning Corporation (US)
- Covestro AG (Germany)
- URSA Insulation
- S.A. (Spain)
- Paroc Group Oy (Finland)
- Atlas Roofing Corporation (US)
- GAF Materials Corporation (US)
- Lapolla Industries Inc. (US)
- Beijing New Building Material (Group) Co.Ltd. (China)
- NICHIAS Corporation (Japan)
- Fletcher Building Limited (New Zealand)
- ODE Industry and Trade Inc. (Turkey)
- Aspen Aerogels Inc. (US)
- Trocellen GmbH (Germany)
- Recticel SA (Belgium)
- KCC Corporation (South Korea).
Key questions answered in this report:
- What are the growth rate forecast and market size for Thermal Insulation Market?
- What are the key driving factors propelling the Thermal Insulation Market forward?
- What are the most important companies in the Thermal Insulation Market Industry?
- What segments does the Thermal Insulation Market cover?
- How can I receive a free copy of the Thermal Insulation Market sample report and company profiles?
Report Scope:
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Recent Developments:
- In December 2021, Equinor and ENGIE, a French energy company, have developed the H2BE plan in Belgium, which intends to manufacture low-carbon hydrogen from natural gas using an ATR technology (auto thermal reformation) combined with storage and carbon capture.
- In April 2021, Atlas Roofing Company introduced SureSlope prefabricated tapered products. The new polyiso roof insulation component family is ideal for roofing applications, decreasing installation time and reducing waste on the job site.
Regional Dominance:
- A growing emphasis.
For its relatively active construction sector and increasing investments in urbanization projects, North America is a prominent regional market for thermal insulation materials, with the United States owning a significant market share. A growing emphasis on green building initiatives, as well as the resulting demand for thermal insulation, are some of the key reasons driving growth.
Due to increased government spending on infrastructure and fast urbanization, the Asia Pacific building thermal insulation market is expected to rise substantially throughout the projected period. As a result of the growing demand for environmentally friendly building insulation materials, energy consumption will rise. China, India, and Japan are among the main economies that are investing in sustainable development.
Global Thermal Insulation Market is segmented as follows:
Thermal Insulation Market: By Application Outlook (2022-2028)
- Stone Wool
- Glass Wool
- Plastic Foam
- Others
Thermal Insulation Market: By Product Outlook (2022-2028)
- Roof Insulation
- Wall Insulation
- Floor Insulation
Thermal Insulation Market: By Building Type Outlook (2022-2028)
- Residential Building
- Non-residential Building
Thermal Insulation Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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