The Europe thermal insulation market is expected to grow from US$ 15,188.76 million in 2022 to US$ 20,528.94 million by 2028. It is estimated to grow at a CAGR of 5.1% from 2022 to 2028.
Increase in Demand for Lightweight Thermal Insulation
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. 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 Europe thermal insulation market growth.
Europe Thermal Insulation Market Overview
The Europe thermal insulation market is segmented into Germany, France, Italy, the UK, Spain, and rest of Europe. In Europe, the introduction of regulations concerning energy-efficient buildings is driving the demand for thermal insulation. According to the Concerted Action Energy Performance of Buildings Programme [a joint initiative between the Member States of the European Union (EU) and the European Commission (EC)], all new buildings constructed in the Member States should comply with zero-energy standards. Existing buildings in the EU countries will be legally required to meet minimum energy standards for the first time from 2027. As a result, buildings will need to meet energy performance class E to be sold or rented out from 2027 and class C by January 2033. Thus, these energy-efficiency standards in Europe will boost the demand for thermal insulation across the region. The EC has stated a €210 billion (US$ 220 billion) plan to end its dependency on Russian fossil fuels in five years and speed up its transition to green energy. The invasion of Ukraine by Russia has prompted the EU to rethink its energy policies amid sharpened concerns of supply shocks. The development plan will include investments such as €86 billion (US$90 billion) for renewable energy, €27 billion (US$28 billion) for hydrogen infrastructure, €29 billion (US$30 billion) for power grids, and €56 billion (US$59 billion) for energy savings and heat pumps. The development of the oil & gas refineries in Europe will provide growth opportunities to the Europe thermal insulation market.
Europe Thermal Insulation Market Revenue and Forecast to 2028 (US$ Million)
Europe Thermal Insulation Market Segmentation
The Europe thermal insulation market is segmented based on material type, industry vertical, and country.
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 the largest share of the market in 2022.
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 the largest share of the market in 2022.
Based on country, the Europe thermal insulation market is segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe. The UK dominated the market in 2022.
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. are the leading companies operating in the Europe thermal insulation market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 15,188.76 Million |
| Market Size by 2028 | US$ 20,528.94 Million |
| CAGR (2022 - 2028) | 5.1% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Material Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Thermal Insulation Market is valued at US$ 15,188.76 Million in 2022, it is projected to reach US$ 20,528.94 Million by 2028.
As per our report Europe Thermal Insulation Market, the market size is valued at US$ 15,188.76 Million in 2022, projecting it to reach US$ 20,528.94 Million by 2028. This translates to a CAGR of approximately 5.1% during the forecast period.
The Europe Thermal Insulation Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Thermal Insulation Market report:
The Europe Thermal Insulation Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Thermal Insulation Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Thermal Insulation Market value chain can benefit from the information contained in a comprehensive market report.
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