Selbyville, Delaware, Feb. 24, 2022 (GLOBE NEWSWIRE) --
The building thermal insulation market is expected to surpass USD 35 billion by 2028, as reported in a research study by Global Market Insights Inc. Increasing energy requirements will provide impetus to the industry growth.
The rising consumer awareness pertaining to energy conservation along with the increasing carbon footprint across the globe is further boost the market demand. According to the UN, the building segment has consumed 55% of the total electricity, which represents more than 38% of the total energy-related CO2 emission across the globe. The rising energy price growth rate and depleting fossil fuel levels are likely to stimulate consumer spending, driving market growth. Innovations including green buildings, sensor-embedded buildings, geopolymer concrete, sensor-embedded roads, and water management are likely to augment the market demand.
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Wool insulation segment is predicted to cross nearly USD 19 billion by 2028. The increasing demand for wool insulation in building construction activities is mainly attributed to its various properties including soundproofing, versatility, non-flammability, and lower maintenance costs.
Based on application, the flooring segment will gain a competitive market share of about 18% in 2028. Floor insulation will help in reducing the amount of heat that escapes from the floor. In addition, it also protects draughts coming up across floors and increases the fire resistance of the house.
The industrial application is likely to grow at around 5.2% CAGR through 2028. The emergence of different industry players in power, oil & gas, chemicals, automotive, and HVAC is contributing to the building thermal insulation market growth. Industrial buildings progressively embracing electricity-saving practices, such as roof, wall & floor insulation, are boosting the demand for thermal insulation products.
The North American market is set to gain sizeable growth and will acquire above 19% of the revenue share by 2028. The growing demand for green building construction coupled with strict government regulations & environmental policies will propel product demand over the assessment period.
Key market players in the building thermal insulation market are BASF SE, Johns Manville, Saint-Gobain, Huntsman International, CertainTeed, Cellofoam North America, Rockwool International A/S, Atlas Roofing Corporation, Tasman Insulation New Zealand, GAF, Dow Building Solutions, Beijing New Building Material, Neo Thermal Insulation, Kingspan Group, Owens Corning Corporation, URSA Insulation, Lloyd Insulations, and Sika AG.
Some of the prime findings in the global building thermal insulation market report include:
- Rising demand for green buildings to minimize energy consumption will propagate new market opportunities.
- Robust growth in urbanization across developing regions will proliferate the industry size.
- Increasing concerns of CO2 emissions coupled with shifting consumer trends toward low maintenance & high-performance insulation materials across the globe will create product demand.
- Key market participants are engaging in research & development, strategic alliances, and Mergers & Acquisitions (M&A) to gain competitive advantages in the market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Building thermal insulation industry 360° synopsis, 2018 - 2028
2.1.1 Business trends
2.1.2 Material trends
2.1.1 Application trends
2.1.2 End-use trends
2.1.3 Regional trends
Chapter 3 Building Thermal Insulation Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2018 - 2028
3.3 Industry ecosystem analysis
3.4 Pricing analysis
3.5 Regulatory landscape
3.6 Global construction industry outlook
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Greenhouse gas emission reduction
3.7.1.2 Tough government carbon targets
3.7.1.3 Increasing demand for energy requirement
3.7.2 Industry pitfalls & challenges
3.7.2.1 Stagnant growth of construction industry in Europe
3.7.2.2 Lack of awareness
3.8 Growth potential analysis, 2020
3.9 Global thermal insulation market outlook
3.10 Raw material trends
3.11 Innovation and sustainability
3.12 Porter's analysis
3.13 Competitive landscape, 2021
3.14 PESTLE analysis
3.15 COVID-19 impact on building thermal insulation demand, by end-user
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
