The market crossed US$ 27.5 billion mark in 2022 and is expected to hit US$ 39 billion by 2030, recording a CAGR of 4.5% during the forecast period.
Growing urbanization is driving the residential sector.
Construction activities for residential purpose is witnessing significant growth over the past few years owing to factors like population growth, migration from rural areas to service sector clusters, and the growing trend of nuclear families. Insulation of residential buildings is gaining popularity due to its architectural and energy efficiency benefits. The initiatives to promote energy efficiency requirements for new residential buildings has been proven an effective mandatory policy instrument to slow down the increase of energy consumption in the residential building sector. Decreasing land-to-population ratio and the growing trend of constructing high-rise residential buildings and townships have been driving the application of building insulation materials in the residential construction segment across the globe.
Within the report, the market is segmented into product, application, end use, and geography. By product, the market is further segmented into glass wool, mineral wool, expanded polystyrene (EPS), extruded polystyrene (XPS), and others. On the basis of application, the market is segregated into roof, wall, and floor. Based on end use, the market is bifurcated into residential, and commercial. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
High demand for wool insulation.
Wool insulation is highly used material for building insulations due to its characteristics which includes high thermal property, effective cost-efficiency, and durability. The growing need for glass wool in the thermal insulation market is attributed to its various properties including soundproofing, versatility, non-flammability, and low maintenance costs. The abundant availability of resources, low carbon footprint, easy installation, energy-efficient insulation, and incombustibility of the material will further strengthen the scope of wool insulation material in the market.
High energy requirements
The demand for thermal insulation in buildings is aligned both with the growth of the construction industry and energy industry. The cost of energy is rising due to its high demand in regions such as Europe and North America. Building and construction thermal insulation is used to mitigate the high energy requirement, as buildings account for nearly 40% of energy consumption. The major factors that increase the usage of building thermal insulation are the rising scarcity of energy, cost of energy, and increasing pressure to reduce global warming caused by the use of fossil fuels.
Recent strategic developments in building thermal insulation market
The building thermal insulation market has undergone several significant developments, and a few of these have been mentioned below:
The building thermal insulation market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Kingspan Group Plc, Knauf Gips KG, Owens Corning, Rockwool International A/S, and Saint-Gobain SA are among the prominent players operating in the market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented on the basis of:
Companies profiled
- Kingspan Group Plc
- Knauf Gips KG
- Owens Corning
- Rockwool International A/S
- Saint-Gobain SA