Building Thermal Insulation Market Analysis | 2023-2028

Market Insights

The building thermal insulation market was estimated at USD 28.06 billion in 2022 and is likely to grow at a CAGR of 4.66% during 2023-2028 to reach USD 37.01 billion in 2028.

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Market Dynamics

Introduction

Building thermal insulation is a vital and cost-effective component used for sustainable construction. It involves the use of various techniques to minimize the amount of heat that escapes in winter and control the hot air entering the house. Thermal insulation not only enhances the occupant’s comfort but also reduces greenhouse gas emissions, contributing to cost savings in the long run.

Market Drivers

There are several factors behind the growth of the building thermal insulation market. Below are a few-

• Increasing construction industry: The world is currently experiencing an increase in construction activities. According to the data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, approximately 1,392,300 housing units were built in the year 2022, representing an increase of 3.8 percent compared to that of 2021. The global market for building thermal insulation is rising rapidly with the rise in the building and construction sector. To maintain the temperature of buildings, effective thermal insulation plays a vital role. Hence, the rise in the demand for the building thermal insulation market is closely linked to the increasing construction industry.
• Rising Energy Expenditure and Costs: Significant energy usage might cost a lot of money to the consumers, and also results in depletion of natural resources. To avoid these situations, efficient thermal insulation is an ideal solution. To insulate their spaces, consumers require cost-effective and reliable building thermal insulation solutions. Building thermal insulation reduces the heat flow, resulting in reduced energy requirements. This can lead to significant energy savings. According to the Indian Green Building Council (IGBC), these solutions can reduce energy consumption by up to 8 percent.
• The need to reduce greenhouse gas emissions: Organizations across the globe are working to reduce greenhouse gas emissions in the residential and industrial sectors. Since one of the sources of greenhouse gas emissions from human activities is energy consumption, energy saving becomes the utmost priority. Building thermal insulation solutions aid in reducing greenhouse gas emissions by reducing energy consumption.

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Key Players

Some of the major players in the market are-

• Johns Manville Corporation,
• Saint-Gobain S.A.,
• BASF SE,
• Kingspan Group plc,
• Knauf Insulation, Inc.,
• Owens Corning,
• Huntsman Corporation,
• Rockwool International A/S,
• Firestone Building Products Company,
• Cabot Corporation,
• Dow Chemical Company,
• Covestro AG,
• URSA Insulation, S.A.,
• Paroc Group Oy,
• Atlas Roofing Corporation,
• GAF Materials Corporation,
• Lapolla Industries, Inc.,
• Beijing New Building Material (Group) Co., Ltd.,
• NICHIAS Corporation,
• Fletcher Building Limited,
• ODE Industry and Trade Inc.,
• Aspen Aerogels, Inc.,
• Trocellen GmbH,
• Recticel SA,
• KCC Corporation.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Material Type

Based on the material type, the market is segmented as stone wool, glass wool, plastic foam, and others. The plastic foam segment dominated the market in 2022 and is expected to maintain its position during the forecast period. Higher thermal resistance (R-value), versatility, strength, and lifespan are some of the major features leading to the dominance of the segment in the global market.

By Application Type

Based on the application type, the market is segmented into roof insulation, wall insulation, and floor insulation. The wall insulation segment held the largest share of the market in 2022 and is expected to witness healthy growth during the forecast period. Rising demand for energy-efficient buildings along with maximum loss of energy through building walls is the major factor behind the dominance of the wall insulation segment.

By Building Type

Based on the building type, the building thermal insulation market is segmented into residential buildings and non-residential buildings. The residential building segment holds the larger share of the market and is also expected to witness healthier growth during the forecast period. Revival of the construction industry from subprime crises and euro-debt crises along with significant economic development in the Asia-Pacific region are the major factors driving the growth of residential buildings.

Regional Insights

In terms of regions, North America is estimated to be the largest market for building thermal insulation during the forecast period. Significant demand from various end-use industries and the presence of major players in the region are the key factors behind the dominance of the region in the global market. Asia-Pacific is expected to witness the highest growth during the forecast period. China, Japan, South Korea, and India are the driving forces of the region’s market.

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Recent News & Developments

MAR 2022: BASF expanded its graphitic expandable polystyrene (EPS) granulate portfolio- BASF has broadened its range of graphitic expandable polystyrene (EPS) granulate products with the introduction of Neopor® F 5 McycledTM. This innovative material incorporates 10 percent recycled content and is well-suited for a wide array of building applications, with a particular emphasis on facade insulation. This novel raw material is manufactured through the extrusion process and delivers the same reliable mechanical characteristics and enhanced insulation performance found in Neopor® F 5200 Plus.

Mar 2022: Knauf Insulation has officially opened a new €15 million Glass Mineral Wool recycling facility in Visé, Belgium, paving the way for an exciting new recycling service for the construction and deconstruction industry- The inauguration event saw the presence of Olivier de Wasseige, the Managing Director of the Walloon Enterprise Network (UWE) in Belgium. He lauded the facility as a significant step toward establishing a genuine circular economy within the construction sector, which bears responsibility for 35% of Europe's waste.

In France alone, approximately 85,000 tonnes of Glass Mineral Wool waste are generated each year. Meanwhile, in Belgium and the Netherlands, the combined total reaches around 30,000 tonnes, with demolition activities contributing 26,000 tonnes to this figure.

JULY 2021: Owens Corning Announces Acquisition of vliepa GmbH- Owens Corning (NYSE: OC) has unveiled its acquisition of vliepa GmbH, a company recognized for its expertise in coating, printing, and finishing nonwovens, paper, and film materials within the building materials sector. This strategic move expands Owens Corning's extensive worldwide nonwovens portfolio, further enhancing its ability to cater to European clients and fostering the growth of applications in the building and construction market throughout the region.

APRIL 2021: Atlas Roofing Corporation Introduces SureSlope Prefabricated Tapered Products- Atlas Roofing Corporation is proud to introduce its latest innovation, SureSlope™ Prefabricated Tapered Products. Leveraging the strong foundation of its industry-leading Gemini™ Pre-Cut Tapered Polyiso Roof Insulation, Atlas has not only rebranded but also elevated the product line to the name SureSlope, offering contractors, architects, and engineers a clearer understanding of its functionality and advantages.

Within this enhanced product line, you'll find the new addition of SureSlope DST 8x8 Drain Set. This innovative solution has been meticulously designed to assist contractors in minimizing installation errors, reducing on-site waste, and accelerating the installation process.

JAN 2021: JM Announces New Corbond® IV Fourth-Generation, Closed-Cell Spray Foam- Johns Manville (JM), a prominent global producer of energy-efficient building and industrial insulation solutions and a subsidiary of Berkshire Hathaway, has just unveiled the latest addition to its comprehensive range of building insulation products: JMCorbond® IV Closed-Cell Spray Polyurethane Foam.

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects building 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 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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The building thermal insulation market is segmented into the following categories.

By Material Type

• Glass Wool
• Stone Wool
• Plastic Foam
• Others

By Application Type

• Roof Insulation
• Wall Insulation
• Floor Insulation

By Building Type

• Residential Building
• Non-Residential Building

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report 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 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by building type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.