Building Thermal Insulation Market size is estimated to exceed USD 45 billion by 2032, according to the recent research report by Global Market Insights Inc.
New government initiatives to reduce carbon footprint will have a positive impact on the industry outlook. According to the International Energy Agency (IEA), buildings account for nearly 40% of global energy consumption and approximately 33% of greenhouse gas (GHG) emissions. Thermal insulation reduces the need for active heating and cooling systems in buildings, which facilitates the reduction of energy consumption and carbon emissions. Due to ongoing concerns associated with climate change and surging carbon emissions, government bodies worldwide are introducing ambitious strategies to decarbonize energy use. Such initiatives will boost the demand for building thermal insulation materials.
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Construction of green buildings to foster necessity of open-cell thermal insulation
Building thermal insulation market share from open-cell materials is expected to surpass USD 20 billion by 2032. Open cell materials elevate the overall performance of building thermal insulation with improved insulation properties, cost-effectiveness, and greater durability. Open-cell spray foams have emerged as popular insulators due to an increasing preference for green building materials that save on energy costs.
Carbon reduction strategies will emphasize the need for roof insulation
The industry from roof insulation applications will witness over 6% CAGR during 2023-2032. It enables improved fire rating, reduction of carbon footprint, and creates a mold-resistant space. With an increasing focus on reducing energy consumption across residential and commercial spaces, this insulation type is gaining significant traction.
Rising need for thermal insulation in commercial buildings
The commercial end-user segment in building thermal insulation market is poised to cross USD 12.5 billion revenues by 2032. Increasing number of commercial projects in developed and developing countries will propel the demand for thermal insulation products. Several government initiatives are encouraging the adoption of sustainable heating systems for commercial buildings. As commercial space owners seek sustainable and energy-efficient HVAC technologies to reduce their carbon footprint, the demand for thermal insulation is projected to rise.
Browse key industry insights spread across 700 pages with 713 market data tables and 55 figures & charts from the report, “Building Thermal Insulation Market Size By Material (Open Cell Materials/Wool Insulation [Glass Wool, Stone Wool], Closed Cell Materials/Plastic Foams [Expanded Polystyrene, Extruded Polystyrene, Polyurethanes]), By Application (Wall Insulation [Internal Wall, External Wall, Air Cavity Wall], Roof Insulation [Flat Roof, Pitch Roof], Floor Insulation), By End-use (Residential, Commercial, Industrial), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032” in detail along with the table of contents:
Europe to emerge as a hotspot for building thermal insulation companies
Europe building thermal insulation market is anticipated to surpass USD 12 billion by 2032. Ambitious environmental goals and carbon emission policies will complement industry expansion. Government bodies are urging homeowners to replace fossil gas boilers with more sustainable alternatives. According to a study conducted by the Buildings Performance Institute Europe (BPIE), home insulation is one of the most promising means to reduce energy use and energy bills in the region. Furthermore, growing efforts to reduce dependence on Russian gas will increase the need for insulating homes.
New product developments to garner industry expansion
Leading building thermal insulation industry companies are BASF SE, Huntsman International LLC, Johns Manville, CertainTeed, Cellofoam North America, Inc., Atlas Roofing Corporation, Neo Thermal Insulation (India) Pvt., Ltd., Paroc Group, Dow Building Solutions, etc. These participants are expanding their product portfolios. For instance, in September 2022, CertainTeed expanded its suite of high-performance insulation products with the addition of InsulPure™ Fiberglass Building Insulation which is a lightweight product.