Building Thermal Insulation Market Size, Trends Analysis, Future Scope, Share, Forecasts 2022 – 2028

Report Summary

The size of the global market for building thermal insulation was evaluated at USD 26,170 million in 2021 and is projected to grow at a CAGR of 3.9% through 2028. The growth is anticipated to be driven by expanding household and commercial application of the product to lower total energy costs and rising awareness of energy saving.

Favorable laws because they place a strong emphasis on reducing overall energy use are probably a key element driving the industry. Thermal insulation contributes to a decrease in the need for heating, ventilation, and air conditioning (HVAC), which in turn lowers overall energy consumption and is anticipated to help the economy thrive.

Building thermal insulation demand is anticipated to increase as a result of favourable building codes in the United States and Canada, as well as the establishment of energy certification organisations like the Leadership in Energy and Environmental Design (LEED) and the U.S. Green Building Council (USGBC). Due to its low biodegradability and carcinogenicity, the United States Environmental Protection Agency (EPA) has put strict limitations on the use of foamed plastics that could harm market growth.

Product Information

Due to its superior thermal insulation capabilities and lengthy lifespan, expanded polystyrene (EPS) is anticipated to see the highest CAGR of 5.0% in terms of revenue over the projection period. Additionally, rising consumer demand for the product as a result of its non-toxic, rot-proof, and recyclable qualities is anticipated to fuel expansion.

Due to its resistance to water, capacity to enable energy savings, and ability to decrease moisture-related problems, extruded polystyrene (XPS) is predicted to have substantial growth throughout the projected period. Additionally, it is anticipated that growth will be aided by its capacity to prevent microbial or fungal growth in the insulated region.

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Application Perspectives

Due to the growing need to prevent heat penetration from direct sunrays through the roof, roof application, which had a market share of 35.07% in 2018, is anticipated to experience a substantial CAGR over the projection period. Additionally, during the course of the projected year, growth in the single-family home market is anticipated to accelerate.

Due to increasing product use on both interior and exterior walls, wall application, which dominated the building thermal insulation market in 2018, is predicted to grow at a CAGR of 4.9% in terms of revenue over the projected period. Additionally, increased product penetration for cavity wall insulation is anticipated to support market growth.

Consumer insights

Due to the rapid increase of single-family homes as well as the renovation and re-insulation of older homes, residential construction is predicted to see the greatest CAGR of 5.0% throughout the projected period. Additionally, it is anticipated that an increase in multifamily housing construction activities will support market expansion.

Regional Perspectives

By holding the biggest market share of 35.6% in 2018, Europe is expected to continue to be the largest market by 2025. The Regional Growth is anticipated to be aided by initiatives by Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and the European Commission to promote thermal insulation as a measure of energy conservation.

Key Organizations & Market Share Information

The key objective for the market participants is to grow their share through mergers and acquisitions. Industry participants are concentrating on R&D initiatives to broaden their product line by creating affordable items with improved qualities. In order to meet the rising product demand, manufacturers also prioritise increasing their manufacturing capacity.

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