New York, Aug. 20, 2021 (GLOBE NEWSWIRE) -- Building Thermal Insulation Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Building Thermal Insulation Market Research Report: By Material Type, Plastic Foams, Application, Roof Insulation and Floor Insulation, End-Use and Region - Global Forecast till 2028.” the market size is projected to be worth USD 45.81 billion by 2028, registering a CAGR of 5.67% during the forecast period (2021 - 2028), The market was valued at USD 30.56 billion in 2020.
Market Scope:
The MRFR analysis profiles some of the most important companies in the global Building Thermal Insulation Market, namely
- Johns Manville Corporation (US)
- Saint-Gobain SA (France)
- BASF SE (Germany)
- Kingspan Group (Ireland)
- Knauf Insulation (US)
- Owens Corning (US)
- Huntsman International LLC (US)
- Rockwool International A/S (Denmark)
- Firestone Building Products Company LLC (US)
- Cabot Corporation (US)
- Dow (US)
- Covestro AG (Germany)
- URSA Insulation SA (Spain)
- Paroc Group (Finland)
- GAF Materials LLC (US)
- Lapolla Industries Inc. (US)
- NICHIAS Corporation (Japan)
- ODE Insulation (Turkey)
- Aspen Aerogels Inc. (US)
- Trocellen GmbH (Germany)
- Recticel SA (Belgium)
- KCC CORPORATION (South Korea)
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Each of these companies have substantial building thermal insulation market share and give strong efforts to expand their geographical reach by introducing highly innovative products and solutions. They also adopt numerous strategies such as collaborations, agreements, and partnerships, which adds to the building thermal insulation market value.
Market USP exclusively encompassed:
Key Growth Drivers:
Building thermal insulation helps cut down the total power used for cooling or heating a home, while reducing the heat escape during winters and hot air penetration during summers. Building thermal insulation is a highly cost-effective method used in different climates with varying temperature ranges.
The US Environment Protection Agency (EPA) and similar agencies worldwide work on promoting construction of green buildings, which involves the use of practices and materials that are eco-friendly and resource efficient throughout the building’s life cycle. The main focus at present is on designing green buildings, in a bid to address challenges like high and volatile energy prices, negative impact on the health on the occupants and the environment. This emerging trend of sustainable construction and green buildings should have a remarkable impact on the global market.
Green building rating systems, such as Leadership in Energy and Environmental Design (LEED) in Canada and US, Building Research Establishment Environment Assessment Methodology (BREEAM) in the UK, and more are working diligently on constructing green buildings. As the number of green building projects continues to soar worldwide, the demand for building thermal insulation will also see a rapid surge in the years ahead.
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Market Restraints:
Lower awareness levels in underdeveloped countries regarding sustainable and green buildings can weaken the market demand in the years ahead.
COVID-19 Analysis
With the COVID-19 outbreak wreaking havoc on various sectors, especially the construction industry, the building thermal insulation market growth has slowed down to a large extent. The global market is reeling under the massive financial duress as well as the imbalance in the supply and demand gap.
However, the building thermal insulation market size shall continue to expand as the government continues to fund exhaustive research and development activities, lending strong support to the vendors.
Market Segmentation
The building thermal insulation industry has been assessed with respect to material type, application, as well as end use.
Depending on material type, the building thermal insulation market can be split into wool insulation [stone wool, glass wool], plastic foams [phenolic, polyurethanes (PU), extruded polystyrene (XPS), expanded polystyrene (EPS)] and many more.
The major material types studied in the MRFR report include roof insulation [flat roof, pitch roof], floor insulation, and wall insulation [internal wall, external wall, air cavity wall].
Top end-users of building thermal insulation are residential as well as non-residential.
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Regional Status
Asia Pacific, Europe, along with North America, the Middle East & Africa, and Latin America are recognized as the major regions across which the building thermal insulation industry should note extensive growth during the conjectured period.
The highest gainer in the global market is Europe, and it is expected that this would be the trend all through the review period. The building thermal insulation market size will continue to expand rapidly, thanks to the strict regulations implemented by the agencies like the European Commission and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) that encourage the use of thermal insulation in buildings top reduce the total energy consumption.
The building thermal insulation market value in Asia-Pacific market will continue to escalate at the fastest pace between 2020 and 2027. The region is experiencing a dramatic surge in the number of construction activities, with strong support from the government, which has raised the product demand to a large extent. Also, the exploding population along with the rising GDP has fostered the number of residential and commercial buildings, in turn boosting the consumption of thermal insulation materials in the region.
The building thermal insulation market growth in North America has been remarkable as well, considering the strong presence of several agencies like the Leadership in Energy and Environmental Design (LEED) and the US Green Building Council (USGBC). These agencies aim to bolster the use of quality insulation materials in the buildings to lower down the carbon emission and enhance overall sustainability.
The building thermal insulation market share in Latin American is expanding at a healthy rate, on account of the climactic changes as well as the surge in global warming issues in countries like Colombia and Peru. As a result, the region is gradually opting for sustainable construction, and in turn, raising the demand for thermal insulation materials.
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Segmentation of Market covered in the research:
Building Thermal Insulation Market Research Report: By Material Type (Wool Insulation [Glass Wool, Stone Wool], Plastic Foams [Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), Phenolic, Polyurethanes (PU)] and others), Application (Wall Insulation [Internal Wall, External Wall, Air Cavity Wall], Roof Insulation [Flat Roof, Pitch Roof] and Floor Insulation), End-Use (Residential, Non-Residential and Industrial) and Region (Asia-Pacific, Latin America, North America, Europe and Middle East & Africa) - Global Forecast till 2028.
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