The building
thermal insulation market has garnered significant attention in recent years
owing to growing environmental concerns and rising demand for energy-efficient
buildings. Thermal insulation helps improve thermal comfort, achieves energy
savings, and reduces Greenhouse gas emissions. Products such as mineral wool,
expanded polystyrene (EPS), extruded polystyrene (XPS), and cellular glass are
widely used insulation materials across residential and non-residential
construction projects.
Global building thermal insulation market is estimated to be
valued at USD 36.68 Bn in 2024 and is expected to reach USD
49.13 Bn by 2031, exhibiting a compound annual growth rate (CAGR)
of 4.3% from 2024 to 2031.
Key Takeaways
Key players operating in the Building Thermal Insulation market are Owens
Corning, Rockwool International A/S, Johns Manville (Berkshire Hathaway), Knauf
Insulation, Saint-Gobain, BASF SE, DuPont, 3M Company, Kingspan Group, GAF
Materials Corporation, Celotex, CertainTeed, Armacell International S.A.,
Fletcher Building Limited, Insulation Corporation of America, Nitto Denko
Corporation, Thermafiber, Inc., Sika AG, Isolatek International, and Huntsman
Corporation.
The growing
Building
Thermal Insulation Market Demand for energy-efficient buildings across
the globe is a major factor driving the growth of the building thermal
insulation market. Stringent government regulations regarding carbon emissions
are also propelling market revenue. Furthermore, rising disposable income is
encouraging homeowners to opt for superior insulation solutions.
Geographically, the market is witnessing significant expansion in Asia Pacific
due to rapid urbanization and industrialization. China, India, and Japan
account for a major share of thermal insulation consumption in end-use
industries such as industrial, commercial, and residential construction.
Developed regions including North America and Europe also offer lucrative
opportunities for building thermal insulation manufacturers.
Market Key Trends
One of the key trends gaining traction in the building thermal insulation
market is the rising popularity of bio-based and green insulation materials.
Concerns around sustainability and environmental protection are prompting
manufacturers to invest in R&D activities for developing renewable and
recyclable insulation technologies using natural fibers, cellulose, cork, and
hemp. Additionally, vacuum insulation panel or VIP technology continues to gain
recognition owing to its superior performance characteristics compared to
standardized insulation panels. VIP helps achieve ultra-high insulation with
thinner panel thickness.
Porter's
Analysis
Threat of new entrants: Low economies of scale and high barriers for new
players like capital, brand, consumer preference, regulations pose a threat to
new entrants in the building thermal insulation market.
Bargaining power of buyers: Large retailers have some bargaining power to
negotiate prices in the building thermal insulation market due to their bulk
purchasing power.
Bargaining power of suppliers: The presence of many raw material suppliers in
building thermal insulation market reduces the bargaining power of suppliers.
Threat of new substitutes: New innovative thermal insulation materials pose a
threat in building thermal insulation market.
Competitive rivalry: Intense competition among major brands pushing innovation
and pricing strategies in building thermal insulation market.
Geographical Regions
Europe accounts for the largest share in building thermal insulation market in
terms of value due to strict regulations pertaining to energy efficiency in
buildings. The growing construction industry in developing countries like China
and India also contributes significantly to the demand for thermal insulation
in buildings.
The Asia Pacific region is expected to witness the fastest growth in building
thermal insulation market during the forecast period. Increasing investments in
infrastructure development accompanied by government initiatives towards energy
efficient buildings will drive the growth of thermal insulation market in
emerging economies of China and India.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold
in the market research industry. She specializes in writing well-researched
articles from different industries, including food and beverages, information
and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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