Building Thermal Insulation Market to be Worth $44.69 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 22, 2023 /PRNewswire/ -- The global building thermal insulation market size is expected to reach USD 44.69 billion by 2030, expanding at 4.5% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Favorable regulations owing to focus on lowering the overall energy consumption is likely to be a major factor for the rising popularity of building thermal insulation materials. Thermal insulation materials help reduce the heat build-up within the buildings, thus resulting in lower dependence on air conditioning. This contributes to lowering energy costs.

Key Industry Insights & Findings from the report:

• EPS product segment accounted for 31% of the global building thermal insulation industry share in 2022. EPS exhibits excellent dielectric strength, and resistance to chemicals, heat, and moisture, making it a preferred material for insulation of electric components in building applications. Foamed plastics are expected to witness significant demand for building insulation applications, owing to the energy efficiency regulations imposed by various governments across the globe.
• Flooring applications accounted for over 22% of the overall volume in 2022. To meet thermal insulation standards, the ground floor needs to be strong, and multi-layered foundation including flooring, underlayers, insulating layer, and a base. The insulation materials used for flooring applications require high compressive strength along with superior thermal barrier properties. Thus, XPS is one of the most popular materials used for insulation in flooring applications.
• Thermal insulation is an essential component used widely in the building & construction industry with applications in residential, commercial, office, institutional, and industrial constructions. The residential construction segment is inclusive of residential buildings, apartments, complexes, and small houses. The growth in the number of single-family houses in developing economies and the rising disposable income of consumers are projected to drive residential construction activities. Thus, the growth of the residential construction sector along with growing building energy consumption norms are projected to positively influence the demand for insulation in above mentioned applications.
• Asia Pacific is expected to witness the fastest growth rate, owing to the massive potential of the construction industry in the region, coupled with mandatory green energy building codes imposed by the various governments. The major economies in the region are anticipated to flourish over the forecast period on account of massive investments by various governments for the development of public infrastructure and the expansion of the residential construction sector, which is expected to benefit the product demand in Asia Pacific.

Read 140 page market research report, "Building Thermal Insulation Market Size, Share & Trends Analysis Report By Product (Glass Wool, Mineral Wool, EPS, XPS, Cellulose), By Application (Roof, Walls, Floor), By End-use,By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Building Thermal Insulation Market Growth & Trends

The increasing urban population has led to the limited availability of affordable housing. It has also resulted in crowded roadways and inadequate water & sanitation services. The Middle East & Africa, in particular, is transitioning from places with a severe lack of infrastructure to the development of a robust infrastructure phase, which is expected to fuel demand for thermal insulation in residential, commercial, and industrial buildings.

X`Mineral wool is one of the most environmentally robust insulation materials. It is a widely used material for thermal insulation in buildings. Mineral wool helps in maintaining energy efficiency and provides fire protection, with good acoustics. Mineral wool is manufactured from volcanic rocks such as dolomite, diabase, and basalt, which are available in abundance.

Wall insulation application dominated the overall demand in 2022 and is expected to continue the trend over the forecast period, on account of the large surface area of the walls in a building, coupled with high product penetration for the application. Institutional buildings such as schools, hospitals, theaters, malls, hotels, etc. are adopting posh architecture and maintaining high energy-efficient standards. Thus, these trends are projected to positively influence the demand for wall insulation products over the forecast period, since it plays a key role in maintaining building energy consumption benchmarks across the globe.

Companies in the market are focusing on expanding their product portfolio by developing cost-effective insulation products with enhanced properties. Manufacturers are also focusing on expanding their manufacturing capabilities to cater to the ascending product demand across the globe. In addition, these companies develop a strong business model to adapt to market volatility and any technological & geographical change.

Building Thermal Insulation Market Segmentation

Grand View Research has segmented the global building thermal insulation market based on product, application, end-use, and region.

Building Thermal Insulation Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Glass Wool
• Mineral Wool
• EPS
• XPS
• Cellulose
• Others

Building Thermal Insulation Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Roof
• Wall
• Floor

Building Thermal Insulation Market - End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Residential
• Commercial

Building Thermal Insulation Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Asia Pacific
• India
• China
• Japan
• South Korea
• Indonesia
• Malaysia
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• UAE
• Qatar
• South Africa

List of Key Players in the Building Thermal Insulation Market

• Rockwool International A/S
• GAF Materials Corporation
• Guardian Building Products, Inc.
• Huntsman International LLC
• Johns Manville Corporation
• Cellofoam North America, Inc.
• Atlas Roofing Corporation
• CertainTeed Corporation
• Roxul, Inc.
• Dow Building Solutions
• Owens Corning Corporation
• Saint-Gobain S.A.
• Byucksan Corporation
• Kingspan Group PLC
• BASF Polyurethanes GmbH

Check out more related studies published by Grand View Research:

• Building Acoustic Insulation Market - The global building acoustic insulation market size is expected to reach USD 6.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. Rising investment in infrastructure, stringent building code, energy efficiency, and increasing living standards are augmenting the growth of the market.
• Subsea Thermal Insulation Materials Market - The global subsea thermal insulation materials market size is expected to reach USD 362.2 million by 2027, according to a new report by Grand View Research Inc., expanding at a CAGR of 4.0% from 2020 to 2027. Growing investment in the exploration and development of offshore oilfields is anticipated to have a positive impact on market growth.
• Industrial Insulation Market - The global industrial insulation market size is expected to reach USD 12.10 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.0%, according to a new report by Grand View Research, Inc. The increasing demand for adequate thermal insulation for industrial equipment for energy-efficient operations, and economical design, is expected to drive the market during the forecast period.

Browse through Grand View Research's  Advanced Interior Materials Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.