Chicago, May 31, 2023 (GLOBE NEWSWIRE) -- The global Thermal Insulation Material Market is projected to grow from USD 71.7 billion in 2023 to USD 96.0 billion by 2028, at a CAGR of 6.0% from 2023 to 2028. as per the recent study by MarketsandMarkets™. The thermal insulation material market is mainly driven by the demand for thermal insulation material in various end-use industries, including construction, automotive, HVAC and industrial applications coupled with the increasing demand for indoor air quality, energy efficiency regulations and concerns for the environmental impact. Moreover, it is also driven by rapidly developing and emerging economies.
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Browse In-Depth TOC On "Thermal Insulation Material Market”
128 - Market Data Tables
47 - Figures
186 - Pages
List of Key Players in Thermal Insulation Material Market:
- Saint Gobain SA (France)
- Kingspan Group (Ireland)
- Rockwool International A/S (Denmark)
- Owens Corning (US)
- Knauf Insulation (US)
- BASF SE (Germany)
- Asahi Kasei Corporation (Japan)
- Recticel (Belgium)
- GAF Material Corporation (US)
- Evonik (Germany)
Drivers, Restraints, Opportunities and Challenges in Thermal Insulation Material Market:
- Drivers: Government initiatives for sustainability and energy regulations along with the increasing demand for noise reduction and indoor air quality.
- Restraints: Availability of green insulating materials and building codes and regulations coupled with the health concerns for adopting the thermal insulating materials.
- Opportunity: Innovation in smart solutions coupled with increasing demand for energy efficient buildings and increased adoption of passive house standards.
- Challenges: High cost of insulation materials and installation along with performance limitations.
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Key Findings of the Study:
- Fiberglass by material type is projected to grow at fastest CAGR, in terms of value, during the forecast period.
- Construction was the largest end-use industry for thermal insulation material market in 2022, in terms of value.
- Europe was the largest market for thermal insulation material in 2022, in terms of value.
Fiberglass is projected to be the fastest-growing segment in the global thermal insulation material market by material type, in terms of value, during the forecast period. One of its primary benefits is its strength and durability. Fiberglass is incredibly strong and can withstand heavy loads and impacts, making it ideal for use in structures and products that require high strength and longevity. Additionally, fiberglass is lightweight, which makes it easy to transport and install. It is also highly resistant to corrosion and extreme weather conditions, making it a good choice for use in harsh environments other benefits of fiberglass include its insulation properties, fire resistance, and low maintenance requirements. Because of these benefits, fiberglass is widely used in industries such as construction, automotive, aerospace, marine, and more.
Based on material type, the thermal insulation material market has been segmented into Fiberglass, Stone Wool, Foam and Wood Fiber. Fiberglass holds the largest share in terms of value. This is due to the versatile nature of the material that makes it fit for various industries. Fiberglass possesses certain characteristics like strength and longevity making it ideal for using in certain products and structures. It is also highly resistant to corrosion and extreme weather conditions, making it a good choice for use in harsh environments. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=189207197
Based on the temperature range, the thermal insulation material market has been segmented into 0-100℃,100-500℃,500 ℃ and above. The global market is being dominated by the 0 to 100 °C segment due to its diverse range of end use industries. In building construction, thermal insulation materials with resistance to this range of temperatures are used to improve energy efficiency, reduce heating and cooling costs, and increase overall comfort. These materials help to prevent heat transfer through walls, floors, and roofs, keeping indoor spaces cooler in the summer and warmer in the winter. In industrial settings, thermal insulation materials with resistance to this range of temperatures are used to protect equipment and workers from extreme temperatures. These materials help to reduce heat loss or gain, maintain consistent process temperatures, and increase safety in high temperature environments.
Based on end use industry, the thermal insulation material market has been segmented into construction, automotive, HVAC and industrial application. Construction holds the largest market share in terms of value. The residential sector is one of the major end-users of thermal insulation materials. The demand for thermal insulation materials in the residential sector is driven by the need for energy-efficient homes, reduced heating, and cooling costs, and enhanced indoor comfort. Insulating the building envelope, including walls, roofs, and floors, is crucial to reduce heat loss or gain and maintain optimal indoor temperatures throughout the year.
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