At 5.1% CAGR, the Europe Thermal Insulation Market is projected to be worth US$ 20,528.94 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Europe thermal insulation market was valued at US$ 15,188.76 million in 2022 and is expected to reach US$ 20,528.94 million by 2028, registering a CAGR of 5.1% from 2022 to 2028. Growth in the building and construction industry and increase in demand for lightweight thermal insulation are the critical factors attributed to the Europe thermal insulation market expansion.

Thermal insulation is a powerful technology that is used to reduce energy consumption in buildings by preventing heat gains or losses through the building covering. Thermal insulation is a construction material with minimal thermal conductivity, often less than 0.1W/mK. These materials save energy and provides comfort to residents by reducing the amount of heat transferred inside. Consumers are concentrating on the sustainable development of building construction projects, which is encouraging product demand. Using thermal insulation in buildings can reduce energy consumption, drastically decreasing the harmful effects on the climate and environment. Minimal maintenance, low operational costs, and high energy efficiency are helping to propel the green building development projects across the region. Further, the sustained amount of work in the public sector in areas including public housing and civil engineering is encouraging the growth of the construction industry in several nations, making prices broadly stable: thus, increasing the overall growth of the building & construction industry, thereby aiding the adoption of thermal insulation across the region.

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

Based on material type, the Europe thermal insulation market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. The fiber glass segment held 33.5% of the Europe thermal insulation market share in 2022, amassing US$ 5,092.65 million. It is projected to garner US$ 6,940.23 million by 2028 to expand at 5.3% CAGR during 2022–2028.    

Based on industry vertical, the Europe 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 37.7% of the Europe thermal insulation market share in 2022, amassing US$ 5,726.92 million. It is projected to garner US$ 7,907.41 million by 2028 to expand at 5.5% CAGR during 2022–2028.     

Based on country, the Europe thermal insulation market has been categorized into the UK, Germany, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that the UK captured 21.1% of the Europe thermal insulation market share in 2022. It was assessed at US$ 3,209.38 million in 2022 and is likely to hit US$ 4,477.36 million by 2028, exhibiting a CAGR of 5.7% during the forecast period.

Key players dominating the Europe 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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