Building Thermal Insulation Market Is Estimated To Witness High Growth Owing To Increasing Demand For Energy Efficient Buildings

The Building Thermal Insulation Market is estimated to be valued at US$ 36.68 Bn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

Building thermal insulation helps in reducing heat loss and gaining in buildings. The two major drivers which are fueling the growth of building thermal insulation market are rising demand for energy efficient buildings and stringent government regulations regarding carbon emissions. With growing awareness regarding environmental protection and sustainability, there is an increasing demand from consumers and industries for thermal insulation products and solutions to reduce energy consumption from buildings. Government across the globe are introducing various policies and regulations regarding minimum energy performance standards of buildings to attain climate change goals which is further propelling the demand for building thermal insulation.

Key Market Trends: One of the major trend gaining traction in building thermal insulation market is the use of bio-based insulation materials. Consumers are increasingly preferring bio-based insulation materials over conventional petroleum-based insulation materials due to their environmental friendliness and sustainability. Materials such as hemp, cork and recycled cotton are gaining popularity in insulation industry. Another trend is the increasing adoption of advanced insulation systems for building envelops and roofs which can provide higher insulation and air tightness. Vacuum insulated panels (VIPs) and rigid insulation are some advanced insulation systems finding wide uses in construction of green buildings.

Building Thermal Insulation Market Opportunities: By Type Insights- The building thermal insulation market by type is segmented into wool insulation, plastic foam insulation, and others. Plastic foam insulation held the largest market share of around 45% in 2019 owing to its high performance as an insulator. Plastic foam insulation materials like expanded polystyrene and extruded polystyrene foam are highly effective thermal insulators and have low costs of production.

By Application Type Insights– The building thermal insulation market by application type is segmented into residential, commercial, and industrial. The residential segment held the largest market share of around 40% in 2019. Rapid urbanization and growth of the real estate sector in developing economies is driving the demand for building thermal insulation in the residential construction sector. stringent energy efficiency regulations for residential buildings in developed nations is further propelling the adoption of insulation materials.

Key Market Takeaways : The global building thermal insulation market is anticipated to witness a CAGR of 4.3% during the forecast period 2024-2031, owing to growing awareness regarding energy conservation and stringent building energy codes.

On the basis of type, plastic foam insulation segment is expected to hold a dominant position, accounting for over 45% of the market share owing to its high performance as an insulator and low production costs.

By application, the residential segment will continue to be the major revenue generator with its market share expected to exceed 40% over the forecast period due to rapid growth of real estate and infrastructure sectors in developing countries.

Regionally, North America is expected to hold a dominant position over the forecast period with a market share of over 35% in 2031, due to stringent energy efficiency regulations for buildings in the US and Canada.

Competitor Insights: Some of the leading players operating in the building thermal insulation market include Owens Corning., BASF SE, Johns Manville, Knauf Insulation, Saint-Gobain, Rockwool International, Paroc Group and Kingspan Group. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.

Recent Developments: The global building thermal insulation market has seen significant growth over the past few years due to rising awareness about energy efficiency and sustainability. Various countries have implemented stringent codes and regulations to curb carbon emissions from the construction sector. As a result, demand for thermal insulation materials is surging across residential as well as commercial building segments. In this article, we will discuss some of the key developments and trends that are likely to shape the building insulation industry in 2023-2024. More information in full report.