The Thermal Insulation Market is segmented by Material Type (Fiberglass, Mineral Wool, Plastic Foam [EPS, XPS, PIR, and PU], and Others), by End-Use Type (Building & Construction and Industrial), and by Region (North America [The USA and Others], Europe [Central Europe, Western Europe, and Eastern Europe], Asia-Pacific [China and Others], and Rest of the World [The Middle East, Latin America, and Others]).
The Thermal Insulation Market is segmented by Material Type...
Thermal insulation refers to the use of materials or techniques to reduce the heat transfer between objects of different temperatures. The primary purpose of thermal insulation is to maintain a stable temperature within a space, whether that means keeping it cool in hot weather or warm in cold weather.
The various applications of thermal insulation include residential projects, industrial facilities, and vehicles to improve energy efficiency and comfort. The R-value is a measure of a material's resistance to heat flow.
The higher the R-value, the more effective the material is at preventing heat transfer. Key thermal insulation materials used include fiberglass, mineral wool, plastic foam (expanded polystyrene (EPS), extruded polystyrene (XPS), polyurethane, polyisocyanurate (PIR)), phenolics, flexible insulation etc.
Market Drivers
The market rebounded in 2021, followed by healthy growth in 2022. Stringent energy efficiency regulations and building codes, an increase in construction activities, growing infrastructure spending, rising industrial projects, growing awareness about climate change and environmental sustainability, and a growing prioritization of comfort and well-being in homes and workplaces are likely to fuel the growth of the market during the forecast period.
Thermal insulation currently holds a major chunk (>80%) of the overall insulation market (thermal and acoustic), and it is also expected to remain dominant during the forecast period.
The COVID-19 pandemic did not have a major impact on the thermal insulation market, and the market witnessed a decline of more than 3.5% in 2020 owing to a decline in residential and commercial construction activities and a slowdown in industrial activities.
Recent Market JVs and Acquisitions
In April 2023, Saint-Gobain acquired Twiga Fiberglass Ltd., one of India's leading glass fiber insulation manufacturers (Uttar Pradesh) for an enterprise value of US$ 51 million (approx.).
In August 2022, Owens Corning acquired Natural Polymers, LLC, a spray foam insulation manufacturer for building and construction applications, for approximately US$ 111 million (net cash acquired).
In June 2022, Xella Group sold its insulation business, URSA to ETEX. URSA is one of the leading players in Europe for extruded polystyrene (XPS) and glass mineral wool.
In March 2021, Recticel acquired FoamPartner, the Swiss-based global provider of high-added-value technical foams. Recticel Flexible Foams and FoamPartner merged and formed the Recticel Engineered Foams business line.
In February 2020, Huntsman Corporation acquired Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. The company acquired the business from an affiliate of FFL Partners, LLC, for $350 million. After the acquisition, in May 2020, Huntsman Building Solutions (HBS) was launched.
In February 2018, Owens Corning acquired Paroc Group (“Paroc”), a leading producer of mineral wool insulation for building and technical applications in Europe, for an enterprise value of approximately US$ 1,061.9 million.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Material-Type Analysis
Fiberglass, Mineral Wool, Plastic Foam, and Others
Plastic foam is expected to remain the dominant as well as the fastest-growing material type in the market.
End-Use-Type Analysis
Building & Construction and Industrial
Building & Construction is expected to remain the dominant as well as the fastest-growing end-use in the market.
Regional Analysis
North America, Europe, Asia-Pacific, and The Rest of the World
Asia-Pacific is projected to remain the dominant region in the market and is likely to grow fastest.
By Material Type
“Plastic foam is expected to remain the largest material type in the market during the forecast period”.
The thermal insulation market is segmented into fiberglass, mineral wool, plastic foam (expanded polystyrene [EPS], extruded polystyrene [XPS], polyurethane, and polyisocyanurate [PIR]), and others.
Plastic foam is expected to remain the largest material type in the market during the forecast period owing to advantages such as its high insulation value and low water absorption, resistance to mold and mildew growth, versatility, low thermal conductivity, longevity, fire resistance, and ease of installation.
Among plastic foam, expanded polystyrene (EPS) is expected to remain the largest plastic foam type in the market during the forecast period owing to its lightweight durability, versatility, and cost-effectiveness properties.
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By End-Use Type
“Building & Construction is expected to remain the dominant as well as the fastest-growing end-use in the market during the forecast period”.
The market is segmented into building & construction and industrial. Building & Construction is expected to remain the dominant as well as the fastest-growing end-use in the market during the forecast period, driven by changing trends toward eco-friendly buildings that provide efficient acoustic and thermal insulation for residential, commercial, and industrial uses
Regional Analysis
“Asia-Pacific is expected to remain the largest market for thermal insulation during the forecast period”.
The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, Asia-Pacific is expected to remain the largest market for thermal insulation during the forecast period.
An increase in investment in the construction industry, growing infrastructure development in key countries, and rising adoption of stricter building codes are key factors driving thermal insulation’s demand in the region. Europe and North America are also likely to create sizeable opportunities in the coming five years, driven by rising awareness of green construction and smart infrastructure and higher adoption of advanced technologies.
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Key Players
The following are the key players in the Thermal Insulation Market (arranged alphabetically)
BASF SE
Kingspan Group
Knauf Insulation
Owens Corning
Rockwool International
Saint-Gobain
The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete on some of the governing factors including price, product offerings, regional presence, etc.
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
in-depth Analysis of the Thermal Insulation Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s thermal insulation market realities and future market possibilities for the forecast period.
The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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The market is driven by an increase in construction activities, growing infrastructure spending, rising industrial projects, growing awareness about climate change and environmental sustainability, and stringent energy efficiency regulations and building codes.
Asia Pacific is estimated to remain dominant in the thermal insulation market in the foreseeable future. The key economies driving the region’s demand for thermal insulation are China, India, and Japan.
Building and construction are expected to remain the dominant end-use type in the market during the forecast period owing to the changing trends towards eco-friendly buildings that provide efficient acoustic insulation for residential, commercial, and industrial uses.
Owens Corning, Saint-Gobain, BASF SE, Kingspan Group, Rockwool International, and Knauf Insulation are the leading players in the thermal insulation market.
