Building Thermal Insulation Market Size By Material (Open Cell Materials/Wool Insulation, Closed Cell Materials/Plastic Foams), By Application (Wall Insulation, Roof Insulation, Floor Insulation), End-use & Global Forecast, 2023 - 2032

Industry Analysis

Building Thermal Insulation Market size surpassed USD 25 billion in 2022 and is projected to grow at over 6% CAGR during 2023 to 2032. Increasing focus on reducing energy consumption and greenhouse gas (GHG) emissions will boost the demand across the residential and commercial sectors.
 

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Lack of awareness regarding the benefits of thermal insulation could restrain the building thermal insulation industry growth. Despite the myriad of advantages including eco-friendly nature and energy efficiency, lack of awareness regarding such thermal insulations could be a major challenge for leading players. Additional expenses associated with insulation materials could hamper product usage in developing regions such as South Asia, and MEA. Some of the traditional insulation materials such as fiberglass are not moisture and mold-resistant. This could drive the need for cost-effective alternatives for thermal insulation materials.
 

Rising energy consumption to foster the demand for closed-cell insulation materials

Building thermal insulation market from closed-cell materials is expected to witness around 5.5% growth between 2023 and 2032. Closed-cell materials, also known as closed-cell spray foams, comprise of plastic foams that are highly effective in preventing any contact with both moisture and air. These materials are widely used in buildings as well as certain parts of residential spaces such as roofs, attics, and windows. Growing requirement of construction materials that ensure shock absorption, sound dampening, watertight seals and thermoplasticity will elevate segment growth.
 

Shift towards sustainable wall insulation materials in residential sector

The wall thermal insulation market revenue is estimated to reach USD 22 billion by 2032. Wall insulation ensures year-round comfort in residential buildings, especially in regions with extremely cold winters. The material helps prevents cold air from entering through ceiling cracks, walls, and floors. It also prevents substantial expenses required to install heating or cooling equipment by maintaining an optimum temperature. Features like low-maintenance, longer shelf-life and the ability to prevent condensation & mold formation make wall thermal insulation an energy-efficient heating solution for residential spaces.
 

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Rise in residential construction spending to support the deployment of insulation materials

The residential building thermal insulation market is anticipated to exceed USD 25 billion by 2032. Increasing purchasing power of customers throughout developed and developing economies and rising initiatives focusing on minimizing carbon footprints will encourage construction companies to use thermal insulation materials. In recent years, residential construction activities and infrastructure spending have grown rapidly.
 

Surge in work-place accidents to drive the thermal insulation blankets demand

The thermal insulation blankets market is poised to record nearly USD 30.5 billion revenue by 2032. Blanket insulation materials are widely used in residential as well as commercial buildings as they are highly customizable, easy to install, and flexible. The product can help lower emissions by reducing energy consumption. They also have applications across military, oil & gas, industrial processing, and underground mining, among others. Insulation blankets reduce the risks associated with burns and injuries caused while handling high-temperature equipment.
 

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Favorable government programs to augment APAC industry expansion

Asia Pacific building thermal insulation market size is expected to attain around 7% gains through 2032. The region is said to emerge as a lucrative avenue for the players owing to the expanding construction sector. Asian economies including China, Indonesia, and India are among the top 5 construction landscapes in the world. According to the National Investment Promotion & Facilitation Agency, the construction sector in India accounts for 9% of the country’s GDP. Favorable government policies and training programs will support the deployment of thermal insulation products.
 

Joint ventures & collaborations to garner competitive landscape

Major building thermal insulation industry participants include Johns Manville, BASF SE, Huntsman International LLC, CertainTeed, Atlas Roofing Corporation, Neo Thermal Insulation (India) Pvt., Ltd., Paroc Group, Cellofoam North America, Inc., and Dow Building Solutions. These companies are implementing strategic collaborations and ventures with related to firms to introduce new products in the market. For instance, in May 2022, Huntsman joined forces with BRUGG Pipes to develop a next-generation polyurethane foam system with superior insulation properties.
 

Impact of COVID-19 pandemic on insulation industry trends

The COVID-19 pandemic had a slightly positive impact on the global building thermal insulation market. Residential energy consumption skyrocketed during the pandemic even though commercial energy needs declined due to lockdown restrictions. According to a survey published in June 2021, residential electricity consumption recorded a 30% growth during the lockdown in the U.S. A significant number of households are switching to cleaner heating solutions in the wake of the pandemic. Considerable scope for green construction projects should accelerate the demand for roof-top insulation in the coming years.
 

This market research report on building thermal insulation includes in-depth coverage of the industry with estimates & forecast in terms of volume in million square meter and revenue in USD million from 2018 to 2032 for the following segments:

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Market, By Material

• Open cell materials (Wool insulation)
  • Glass wool
  • Stone wool
  • Others (cellulose & aerogel)
• Closed cell materials (Plastic foams)
  • Expanded polystyrene
  • Extruded polystyrene
  • Polyurethanes
  • Others (phenolic foams & polyisocyanurate insulation)

Market, By Application

• Wall insulation
  • Internal wall
  • External wall
  • Air cavity wall
• Roof insulation
  • Flat roof
  • Pitch roof
• Floor

Market, By End-use

• Residential
• Commercial
• Industrial

Market, By Format of Insulation

• Blankets
• Panels
• Foam
• Others (block insulation, reflective sheet insulation, etc.)

Market, By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Poland
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Malaysia
  • Indonesia
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • South Africa