Report : North America Thermal Insulation Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material Type (Fiber Glass, Plastic Foam, Stone Wool, Calcium Silicate, Cellular Glass, and Others) and Industry Vertical (Building and Construction, Oil and Gas, Chemical, Aerospace and Defense, Automotive, Pharmaceutical, and Others)
At 6.0% CAGR, the North America Thermal Insulation Market is speculated to be worth US$ 17,591.02 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America thermal insulation market was valued at US$ 12,385.91 million in 2022 and is expected to reach US$ 17,591.02 million by 2028, registering a CAGR of 6.0% from 2022 to 2028. Increase in demand for lightweight thermal insulation and growth in the building and construction industry are the critical factors attributed to the market expansion.
Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Companies focusing on lightweight products such as plastic as plastic is a lightweight material and it is driving the market growth for lightweight thermal insulation. Furthermore, as heavier insulation material is used in electronic goods such as refrigerators, the labor costs for installation also increases. Whereas lightweight thermal insulation material requires minimal effort and time for installation. Thermal insulation also finds applications in other sectors such as building and construction, automotive, aerospace, and others. For aerospace applications, NASA has developed Aerogel insulation that packs a massive R-value of 2.4 at only 5mm thick for myriad uses within the space program. Due to the intense cold and heat that space travel inherently presents, NASA has created a solution—a premium aerogel insulation for space suits and spacecraft. The lightweight products have become a preferred choice for manufacturers for complex and high-quality product designs. Therefore, increase in demand for lightweight thermal insulation is expected to drive the market growth.
On the contrary, high cost of installing thermal insulation devices hurdles the growth of North America thermal insulation market.
- Based on material type, the North America thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held 37.4% market share in 2022, amassing US$ 6,695.84 million. It is projected to garner US$ 584.68 million by 2028 to expand at 6.3% CAGR during 2022–2028.
- Based on industry vertical, the North America thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and construction segment held 45.8% market share in 2022, amassing US$ 5,671.86 million. It is projected to garner US$ 8,390.77 million by 2028 to expand at 6.7% CAGR during 2022–2028.
- Based on country, the North America thermal insulation market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 72.1% market share in 2022. It was assessed at US$ 8,933.96 million in 2022 and is likely to hit US$ 12,961.07 million by 2028, exhibiting a CAGR of 6.4% during the forecast period.
Key players dominating the North America thermal insulation market are Asahi Kasei Corporation, BASF SE, Bayer AG, Dow Chemicals Company, DuPont, Johns Manville, Kingspan Group PLC, Owens Corning, ROCKWOOL A/S, and Saint Gobain S.A., among others.
- In 2019, Johns Manville acquired ITW Insulation Systems, a business owned by Illinois Tool Works Inc. that is known in the industry for its premium, low temperature polyisocyanurate foam insulations and metal jacketing solutions.
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