Chicago, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The Building Thermal Insulation Market is estimated to grow from USD 29.2 billion in 2023 to USD 37.0 billion by 2028, at a CAGR of 4.8% in terms of value, as per the recent study by MarketsandMarkets™. Growing construction industries in developing nations and increasing focus on sustainability and green building serve as a significant driver for innovation Additionally, the increasing manufacturing sector is expected to grow in the building thermal insulation market during the forecast period.
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Browse in-depth TOC on "Building Thermal Insulation Market”
311 - Market Data Tables
64 - Figures
262 - Pages
List of Key Players in Building Thermal Insulation Market:
- Kingspan Group PLC (UK)
- Knauf Gips KG (Germany)
- Owens Corning (US)
- Rockwool A/S (Denmark)
- Saint-Gobain SA (France)
- BASF SE (Germany)
- Dow Inc. (US
- Johns Manville Corporation (US)
- GAF Materials Corporation (US)
- CNBM Group Co., Ltd. (China)
- Aspen Aerogels, Inc. (US)
Drivers, Restraints, Opportunities and Challenges in Building Thermal Insulation Market:
- Drivers: Stringent environmental regulations
- Restraints: Fluctuation in prices of plastic foam
- Opportunity: High energy requirements
- Challenge: Lack of awareness on building thermal insulation
Key Findings of the Study:
- The plastic foam segment to account for largest share in the building thermal insulation market, in terms of value, during the forecast period.
- Wall insulation to lead building thermal insulation market in application, during the forecast period, in terms of value.
- Residential segment to lead building thermal insulation market in building type segment, during the forecast period, in terms of value.
- Europe is expected to be the fastest-growing region, in the overall building thermal insulation market, during the forecast period.
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Based on material, the building thermal insulation market is segmented as Glass Wool, Stone Wool, and Plastic Foam. Plastic foam was the largest segment in global building thermal insulation market, in terms of value, in 2022. This is mainly due to its high thermal resistance (R-Value), versatility, strength, and life span. The long-life cycle of plastic foam insulation leads to its usage in applications such as walls, floors, and roofs. Its high thermal resistance, versatility, strength, and life span emphasize the need of plastic foam in the building thermal insulation market.
Based on building type, the building thermal insulation market is segmented as residential, and non-residential. Notably, the residential segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Factors such as changing consumer preferences, sustainability imperatives, regulatory dynamics, and technological advancements of materials with exceptional insulating qualities and environmental friendliness have contributed to the residential segment's leadership in the building thermal insulation market.
Based on application, the building thermal insulation market is segmented as roof insulation, floor insulation, and wall insulation. Wall insulation is estimated to be the largest application for building thermal insulation market, in terms of value, during the forecast period. The dominance is due to the increasing use of insulation for blankets, concrete blocks, foam boards, insulating concrete form, and structural insulated panels. The rising energy efficient buildings drive the demand for wall insulation in building thermal insulation market.
Based on region, Europe stands out as the fastest growing market for building thermal insulation. Europe's dominance in the building thermal insulation market has been largely driven by technological innovation. The region is home to research and development centers as well as a bustling startup and innovation community that is concentrated on sustainable solutions. The market for building thermal insulation grew due to the growth in construction activities and the ease of recyclability of used building thermal insulation materials, leading to a substantial expansion of the building thermal insulation market in Europe.
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