CHICAGO, March 21, 2024 /PRNewswire/ -- The report "Building Thermal Insulation Market by Material (Glass Wool, Stone Wool, Plastic Foam), Application (Roof Insulation, Floor Insulation, Wall Insulation), Building Type (Residential, Non-Residential) & Region - Global Forecast to 2028", is estimated at USD 29.2 billion in 2023 and is projected to reach USD 37.0 billion by 2028, at a CAGR of 4.8%.
The increasing need for green buildings to combat global warming drives the demand for insulation materials in residential and non-residential buildings. Stringent regulations on reducing greenhouse gas emissions and increasing investments in net-zero energy or low carbon buildings are expected to drive the building thermal insulation market.
Browse in-depth TOC on "Building Thermal Insulation Market"
311 - Tables
64 - Figures
262 - Pages
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The plastic foam segment to account for largest share in the building thermal insulation market, in terms of value, during the forecast period.
Plastic Foam segment accounted for the largest share in the global building thermal insulation market in 2022, in terms of value. There are several varieties of plastic foam, such as extruded polystyrene (XPS) and expanded polystyrene (EPS), each with advantages and disadvantages. Plastic foam is finding new uses in building insulation outside of its usual applications. Examples of these include continuous insulation technologies and exterior insulation finishing systems (EIFS). This results in significant energy savings and support the segment's overall growth in plastic foam.
Wall insulation to lead building thermal insulation market in application, during the forecast period, in terms of value.
The wall insulation accounted for the largest share of the building thermal insulation market in 2022, in terms of value. Maintaining constant interior temperatures through proper wall insulation not only increases energy efficiency but also makes living spaces more comfortable. More economical and effective wall insulation strategies are being produced by improvements in building procedures and materials. The market is also driven by the increasing adoption of continuous insulation solutions that minimize thermal bridging.
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Residential segment to lead building thermal insulation market in building type segment, during the forecast period, in terms of value.
The residential segment accounted for the largest share of the building thermal insulation market in 2022, in terms of value. The dominance of the residential segment in the building thermal insulation market is driven by a combination of increased consumer demand, environmental sustainability, and other factors. Building thermal insulation is frequently utilized in residential buildings to help minimize heat loss and maintain appropriate indoor temperatures. Furthermore, the expanding global population and rapid urbanization trends are vital factors propelling the growth of the building thermal insulation market.
Europe is expected to be the fastest-growing region, in the overall building thermal insulation market, during the forecast period.
Europe is the leading consumer of building thermal insulation. The European region's prominence as the largest market for building thermal insulation can be attributed to a convergence of economic, industrial, and cultural factors. The market dominance of Europe in the building thermal insulation market can be attributed to the existence of key players who have made a solid regional footprint. These players, with their vast R&D departments, strong distribution networks, and strategic collaborations, have been essential in propelling the adoption of building thermal insulation. This combination of economic growth, industrial competence, and consumer preferences has firmly established Europe as the largest market for building thermal insulation.
Key Players
The key players profiled in the building thermal insulation market include 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), and Aspen Aerogels, Inc. (US).
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