Building Thermal Insulation Market to cross $31 Bn by 2026

Building Thermal Insulation Market size is likely to reach USD 31 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Rising energy costs and depleting fossil fuel levels are likely to stimulate consumer spending, on insulation products. Environmental impacts caused by urbanization and population growth have created the need to develop smart & sustainable solutions across cities. The insulation industry forms a major part of the construction of environment-friendly & smarter cities. The adoption of smart cities is expanding globally, and the number of such projects grew in 2016. It is anticipated that around 50% of the global smart cities will be located in North America and Europe by 2026, thus driving the market growth.

 

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Growth in green buildings and energy-efficient construction will drive building thermal insulation market growth

The construction & building sector accounts for more than two-thirds of the total GHG emissions across the globe. Low maintenance and operational costs along with stringent environmental regulations pertaining to carbon emissions are among the major factors proliferating the development of green buildings.
 

Government authorities in developing countries including the UAE, South Africa, and Saudi Arabia have introduced several incentives & guidelines to promote green building construction. For instance, as per the Dubai Green Building Regulations & Specifications, in the UAE, newly constructed air-conditioned buildings must have exterior building elements with Shading Coefficient (SC) and average thermal transmittance (U Value). The values should not be greater than the specified values and light transmittance should be greater than or equal to the values specified. The rising demand for green buildings along with a stringent regulatory environment will fuel insulation demand.
 

Building Thermal Insulation Market Revenue

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The strongly growing construction industry along with a supportive regulatory environment is expected to boost the building thermal insulation market growth. However, industry participants are witnessing challenges from the lack of product awareness in Asia Pacific. Lower product penetration in the largest construction markets, such as China and India, is limiting industry expansion.
 

The Covid-19 pandemic has negatively impacted the building insulation industry as there is a construction output decline since the pandemic started. In 2020, product demand is expected to reduce by 20% compared to 2019, which is mostly attributed to challenges created by the pandemic. Liquidity crunch, labor shortage, and disruption in the supply chain have had negative impacts on the product demand. However, as countries uplift the lockdowns and push economies’ growth, the market will witness growth in the coming years.
 

Browse key industry insights spread across 497 pages with 545 market data tables & 33 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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/building-thermal-insulation-market
 

Increasing demand for expanded polystyrene insulation product will drive the closed cell materials segment growth

The increasing demand for Expand Polystyrene (EPS) is attributed to its various properties including long-term Resistance Value (R-Value), thermal resistivity, sustainability, and dimensional stability. Expanded polystyrene held more than 55% market share in the closed cell material segment and more than 25% share in the material segment in terms of volume. The abundant availability of resources, lower carbon footprint, and easy installation will propel the closed cell insulation materials demand.

Roof insulation will be the fastest-growing segment

Among all applications, roof insulation is projected to witness the fastest growth of around 4.3% CAGR in terms of volume through 2026. The continuous development in R&D activities, processes, and systems to make zero-energy buildings will further support the building thermal insulation market growth trends. A significant reduction of heat loss from the roof compared to the wall & floor due to convection heat loss will spur the application scope.
 

Increasing growth of commercial spaces

The rising demand for renovation in convenience stores, shopping malls, and grocery shops along with strong growth in office spaces will boost the building thermal insulation market revenue. Furthermore, industry players are continuously engaged in new product development to enhance the product portfolio. Rising construction output in the commercial sector is also expected to support market expansion. The commercial segment is estimated to captured more than 25% market revenue share in 2026.
 

Government initiatives will support market growth in North America

North America is the second-largest market, in terms of consumption with over 30% of the global market share in 2019. Increasing government support in the form of initiatives and promotional activities is driving the sales of thermal insulation across the region. The increasing need for energy-efficient buildings, growing requirements for renovation & remodeling, are factors driving regional building thermal insulation market. Additionally, urbanization and energy costs are expected to trigger the demand for building thermal insulation.
 

Strategic alliance and partnership are key strategies as the market is witnessing a rising level of competition

In April 2019, BASF expanded its strategic agreement with Aspen Aerogels, Inc. including the production & supply of non-combustible high-performance thermal insulation products.
 

Some of the major players involved in the building thermal insulation market are Johns Manville, Huntsman International, Rockwool CertainTeed, International A/S, Saint-Gobain, Cellofoam North America, Paroc Group, Knauf Insulation, Atlas Roofing Corporation, and Sika AG.
 

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