Thermal Insulation Market Size, Share, Growth Report 2032

Global Thermal Insulation Market Size

The global Thermal Insulation market size was worth around USD 28,519.50 million in 2021 and is estimated to grow to about USD 34855.00423 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.40 percent over the forecast period. The report analyzes the Thermal Insulation market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Thermal Insulation market.

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Thermal Insulation Market: Overview

Thermal insulation in buildings is used to reduce the amount of energy required to heat or cool a dwelling, as well as to minimize heat loss in the winter and hot air penetration in the summer. In locations with a large range of yearly average temperatures, building insulation is usually the most cost-effective strategy.

Over the forecast period, the environmental impact of insulating materials is projected to shift the industry's focus to the development of environmentally friendly solutions. Furthermore, rising plastic foam prices are likely to stifle industry expansion, leading to the development of alternative goods. Due to the strict laws governing traditional goods such as plastic foams, recyclable insulation is gaining favour. Homeowners, architects, and businesses are increasingly preferring green, biodegradable, and recyclable items as a result of growing environmental awareness, which is likely to increase the threat of replacements in the market throughout the forecast period.

Thermal insulation is essential for the efficient conservation and utilisation of thermal energy. Thermal insulation can reduce heat transfer and reduce the amount of thermal energy necessary to maintain a comfortable temperature by preventing thermal contact between two sectors with different temperatures. Various materials are used to achieve thermal insulation, depending on the intended application; common thermal insulation materials include eps foam, fibreglass, spray foam, cellulose, and mineral wool. The thermal resistance of a material determines its resistance to convection and conduction, as well as its ability to maintain stable indoor temperatures. In addition, thermal conductivity influences the efficiency with which thermal energy can be conserved through proper thermal insulation. Thermal insulation is a crucial aspect of temperature control that necessitates familiarity with the vast array of available thermal insulation materials and their properties.

COVID-19 Impact:

Due to the COVID-19 epidemic, India has implemented severe limits on the propagation of the new coronavirus that causes COVID-19 since the first quarter of 2020. Such limitations hampered the movement of products and people, disrupting the thermal insulation industry's supply chain. Furthermore, because to the lockdown imposed by the COVID-19 epidemic, new construction operations in the country are limited. As a result, the use of insulation material is decreasing. Insulation of historic structures, as required by new local government requirements, is also on hold due to a shortage of materials and workers.

Thermal Insulation Market: Growth Drivers

Driver: Rising Building & Construction Industry to Favor Growth

The constantly expanding building and construction industry has resulted in an increase in thermal insulation measures. Furthermore, by minimizing heat transfer elements across habitats, these aspects are responsible for lowering indoor temperatures. The carbon footprint is further reduced by lowering the rate of heat transfer from the outside environment and using less energy to maintain the desired temperature. Insulation provides good features to the infrastructure it insulates, such as fire and impact resistance. These elements are really appealing when it comes to constructing highly effective thermal insulation.

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Restraint: Health Concerns Regarding Adoption of Few Building Thermal Insulation Products to Hinder Market Growth

The market is projected to be hampered by serious health concerns about thermal insulation. Long-term exposure to glass wool during the installation process, for example, is known to irritate the eyes and respiratory system. Several studies have demonstrated that the expansion and extrusion processes used to make polystyrene can result in the release of styrene, which is carcinogenic. These health-related issues are projected to stifle market expansion and, as a result, limit adoption rates.

Opportunity: Increasing Energy Expenditure to Augment Growth

Due to recent price increases, significant energy usage might cost a lot of money to the consumer. It also results in the depletion of natural resources. As a result, consumers, particularly those who live in residential areas, make it a point to insulate their spaces. The development of low-energy insulation products, such as foamed plastics, presents a huge market opportunity because some of these products can recoup the cost of insulation in as little as 12 months through energy savings.

Challenge: concerns about health and the environment

Several thermal insulation materials, such as stone and glass wool, have negative health consequences, such as irritation of the respiratory and eye systems. Furthermore, due to carcinogen emissions during production, polymer-based insulating materials are subject to stringent regulations. These concerns about health and the environment will continue to stifle market expansion during the projection period.

Global Thermal Insulation Market: Segmentation

The global Thermal Insulation market is segregated based on material type, application and building type.

By Material type, the market is classified into Stone Wool, Glass Wool, Plastic Foam and Others. This category had a significant share in 2021 and is expected to maintain its dominance throughout the forecast period. During the forecast period, the plastic foam sector of the global thermal insulation material market is predicted to develop at the fastest rate. Increased global demand for LNG and LPG, as well as increased demand for refrigerators and air conditioners in the OEM market, are expected to propel this category forward.

By Application, the market is divided into Roof Insulation, Wall Insulation and Floor Insulation. The global Thermal Insulation market is dominated by wall insulation segment. Furthermore, wall insulation reduces costs and energy loss by keeping heat inside the house during the winter and preventing heat from entering the house during the summer. Insulate the walls with a variety of materials such as EPS, polyurethane foam, mineral wool, cellulose fibers, and sandwich panels, which would gradually enhance market demand in developed countries.

Report Scope:

Recent Developments

• In December 2021, Equinor and ENGIE, a French energy company, have developed the H2BE plan in Belgium, which intends to manufacture low-carbon hydrogen from natural gas using an ATR technology (auto thermal reformation) combined with storage and carbon capture.
• In April 2021, Atlas Roofing Company introduced SureSlope prefabricated tapered products. The new polyiso roof insulation component family is ideal for roofing applications, decreasing installation time and reducing waste on the job site.

Regional Landscape

For its relatively active construction sector and increasing investments in urbanization projects, North America is a prominent regional market for thermal insulation materials, with the United States owning a significant market share. A growing emphasis on green building initiatives, as well as the resulting demand for thermal insulation, are some of the key reasons driving growth.

Due to increased government spending on infrastructure and fast urbanization, the Asia Pacific building thermal insulation market is expected to rise substantially throughout the projected period. As a result of the growing demand for environmentally friendly building insulation materials, energy consumption will rise. China, India, and Japan are among the main economies that are investing in sustainable development.

Global Thermal Insulation Market Competitive Landscape

Some of the main competitors dominating the global Thermal Insulation market include – Johns Manville Corporation (US), Saint-Gobain S.A. (France), BASF SE (Germany), Kingspan Group plc (Ireland), Knauf Insulation, Inc. (US), Owens Corning (US), Huntsman Corporation (US), Rockwool International A/S (Denmark), Firestone Building Products Company (US), Cabot Corporation (US), Dow Corning Corporation (US), Covestro AG (Germany) , URSA Insulation, S.A. (Spain), Paroc Group Oy (Finland), Atlas Roofing Corporation (US), GAF Materials Corporation (US), Lapolla Industries, Inc. (US), Beijing New Building Material (Group) Co., Ltd. (China), NICHIAS Corporation (Japan), Fletcher Building Limited (New Zealand), ODE Industry and Trade Inc. (Turkey), Aspen Aerogels, Inc. (US), Trocellen GmbH (Germany), Recticel SA (Belgium), and KCC Corporation (South Korea).

The market is segmented as follows:

By Application Outlook

• Stone Wool
• Glass Wool
• Plastic Foam
• Others

By Product Outlook

• Roof Insulation
• Wall Insulation
• Floor Insulation

By Building type

• Residential Building
• Non-residential Building

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa