Asia-Pacific Thermal Insulation Market is expected to reach US$ 29,692.60 million by 2028

At 5.4% CAGR, the APAC Thermal Insulation Market is speculated to be worth US$ 29,692.60 million by 2028, says Business Market Insights              

According to Business Market Insights’ research, the APAC thermal insulation market was valued at US$ 21,600.60 million in 2022 and is expected to reach US$ 29,692.60 million by 2028, registering a CAGR of 5.4% from 2022 to 2028.  Expansion of aerospace industry in emerging economies and increasing demand for high-temperature thermal insulation are the critical factors attributed to the market expansion.                

The aerospace industry is growing significantly with the rising activities from both the defense and civil aviation sectors. With an increasing demand for large aircraft from emerging economies, and a focus on Powered by Hour Contracts (PBH), many aerospace services and manufacturing activities are expected to be carried out over the coming years. The emerging demand for thermal insulating materials is linked to the expansion of the aerospace industry with advantages such as lower noise and vibration levels during flying hours. The rising usage of composites in commercial aircraft will promote the development of different aerostructures, resulting in significant aerospace industry potential. The growing demand for lightweight insulating materials, combined with the high demand for composite materials from the General Aviation (GA) and business jet industries to reduce cabin noise, is likely to boost the thermal insulation market growth. The enhanced user safety due to the minimal thermal conductivity of materials and growing demand for energy-efficiency boosting products across the region is expected to propel the growth of the market. Additionally, increasing commercial aircraft deliveries, passenger traffic, and adoption of low-cost composite materials is expected to fuel the market growth. The high demand for air transport, declining cost of composite materials, and surging industrialization are also projected to boost the market growth.

On the contrary, high cost of installing thermal insulation devices hurdles the growth of APAC thermal insulation market.   

• Based on material type, the APAC thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held 35.0% market share in 2022, amassing US$ 7,570.13 million. It is projected to garner US$ 10,625.12 million by 2028 to expand at 5.8% CAGR during 2022–2028.      
• Based on industry vertical, the APAC 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 54.5% market share in 2022, amassing US$ 11,766.69 million. It is projected to garner US$ 16,409.16 million by 2028 to expand at 5.7% CAGR during 2022–2028.     
• Based on country, the APAC thermal insulation market has been categorized into China, India, Japan, South Korea, Australia, and the rest of APAC. Our regional analysis states that China captured 46.6% market share in 2022. It was assessed at US$ 10,074.52 million in 2022 and is likely to hit US$ 14,139.62 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.            

Key players dominating the APAC 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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