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Building Thermal Insulation Market Size, Share & COVID-19 Impact Analysis, By Material (Mineral Wool {Glass Wool, Stone Wool}, Foamed Plastics {Expanded Polystyrene [EPS], Extruded Polystyrene [XPS], Polyurethane [PU], Polyisocyanurate [PIR], and Other Foamed Plastics}, Cellulose, Aerogels, and Others), By End-Use (Residential and Non-residential), By Application (Floor & Basement, Wall, and Roof & Ceiling), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI102708

 

KEY MARKET INSIGHTS

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The global building thermal insulation market size was USD 29,656.9 million in 2019 and is projected to reach USD 38,588.8 million by 2027, exhibiting a CAGR of 4.2% during the forecast period.


The demand for thermal insulation has gained impetus owing to the increasing concerns regarding energy conservation across commercial and residential applications. The aforementioned factor, coupled with the implementation of stringent government regulations on reducing energy consumption and greenhouse gas emission, is projected to drive the market.


Thermal insulation is a critical technology that helps to reduce energy usage in building & construction by preventing heat transfer through the building encasement. The thermal conductivity of building insulation products is often less than 0.2 W/mK, which makes them an effective medium to prevent loss/gain of heat inside closed premises. Building thermal insulation products not only provide shielding from the loss of energy efficiency but also offers auxiliary support to the building structure, especially in roofs.


The benefits of proper insulation of buildings are notable, which has resulted in governments placing regulations regarding minimum insulation requirements in a building. For instance, from July 2019 onwards, it is compulsory to carry out the ceiling and underfloor insulation in all rental properties in New Zealand with predefined specifications.


Healthcare Infrastructure Development by Government Agencies amid COVID-19 to Provide Impetus for Market Growth Globally


Since the last quarter of 2019, many countries, including China, India, Germany, Italy, and Brazil have announced lockdown restrictions to reduce the impact of the pandemic. Such restrictions have hindered the movement of humans and materials, seriously affecting the supply chain for the manufacturers operating in the insulation industry. However, several countries consider the construction activities and related operations as an essential service, which has enabled the companies to provide their services to the consumers, albeit with a reduced workforce and increased restrictions. Therefore, to reduce the impact, the companies are targeting the new construction & development projects undertaken by the governments to improve their healthcare infrastructure.


Additionally, the companies are pushing for the inclusion of insulation products in these buildings to reduce the energy demand and support the requirement of a sustainable environment inside the premises of these institutions. Thereby, promoting them as green buildings.


LATEST TRENDS


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Increasing Adoption of Do It Yourself (DIY) Insulation Products to Aid Growth


Companies in the market of building thermal insulations have launched DIY insulation products for consumers who cannot afford the services of insulation technicians. These DIY products come in the form of sprays or insulation panels, which can be easily sprayed or laid, thus decreasing the overall cost of the consumer. For instance, DuPont offers Froth-Pak, a spray foam-based DIY kit, containing quick-cure PU foam for filling cavities and cracks in the roof. The development of similar DIY products by key companies such as Knauf Insulation, Owens Corning, and Ecofoam Insulation & Coatings is expected to boost the growth of the market in the forthcoming years.


DRIVING FACTORS


Rising Building & Construction Industry to Favor Growth


High growth in the building & construction industry has led to a rise in the demand for thermal insulation. Building thermal insulation systems are utilized to maintain an average temperature indoors by reducing the heat transfer between adjacent environments. Furthermore, they reduce the carbon footprint by limiting the conduction of heat to the external environment while using less energy input to maintain temperature. It provides excellent properties, including fire and impact resistance to the building structures. These properties are creating the need for thermal insulation products in the building & construction industry. Additionally, rapid industrialization encourages the installation of thermal insulation systems in commercial buildings for energy conservation and is expected to drive the market growth.  


Increasing Energy Expenditure to Augment Growth


High energy costs are the key driver behind the rising demand for building thermal insulation products in residential as well as commercial applications. The cost incurred by improper consumption of energy is two-fold. The heavy usage of energy can cost a fortune to the consumer owing to a steep increase in prices experienced in the recent past. Moreover, it leads to the depletion of natural resources. Thus, consumers, especially those residing in residential spaces, make it a point to insulate their premises. The development of insulation products that require low energy for production, such as foamed plastics, creates a significant opportunity for the market as some of these products can rebate the investment put in insulation through energy savings in as little as 12 months.


RESTRAINING FACTORS


Health Concerns Regarding Adoption of Few Thermal Insulation Products to Hinder Market Growth


A critical challenge affecting the growth of the market is the health concern regarding the usage of few insulation products. For instance, exposure to glass wool during the laying process can result in irritation of the eyes and respiratory system. Production of expanded and extruded polystyrenes has been regulated due to the emission of styrene, a carcinogen, during the production process. Such health-related issues of these insulation products may limit their adoption, thereby challenging the market growth.


SEGMENTATION


By Material Analysis


Low Cost of Foamed Plastics to Promote Growth of the Segment


Based on material, the market is classified into mineral wools, foamed plastics, cellulose, aerogels, and others.


The mineral wools segment is further bifurcated into glass wool and stone wool. Mineral wool is the most preferred material owing to its properties such as easy installation. The European Insulation Manufacturers Association (EIMA) has further certified this product as fire-resistant and safe for usage in buildings.


The foamed plastics segment is further divided into expanded polystyrene (EPS), extruded polystyrene (XPS), polyurethane (PU), polyisocyanurate (PIR), and other foamed plastics. Adoption of shale gas for the production of foamed plastics is expected to decrease the production cost of foamed plastics considerably, which would lead to the growth of the segment during the forecast period. Furthermore, foamed plastics are light in weight, making them suitable for the development of insulation boards and other DIY products.


The aerogels segment is expected to disrupt the market of building thermal insulation due to its super-insulation properties, thus showing significant growth in the forthcoming years.


By End-Use Analysis


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Residential Segment to Account for Major Share


In terms of end-use, the market is segmented into residential and non-residential.


The demand for residential building insulation is slightly higher than that from the non-residential segment. This energy can be saved by insulating the residential building infrastructures. The report further states that the addition of insulation in the existing buildings can result in a decrease of up to 35% in energy requirements for maintaining ambient temperatures inside the premises. Thus, the potential for energy savings can be observed in the residential segment, making it the primary reason for being the leading segment in this market.


By Application Analysis


Roof & Ceiling Segment to Maintain Strong Growth


Based on application, the market is segmented into floor & basement, wall, and roof & ceiling.


The emergence of laying boards and spray foams have provided thrust for the growth of the roof & ceiling segment by easing the process of application in the difficult to reach areas in the roof and the attic. Furthermore, roof insulation is preferred in all the regions having varied climates, including the hot tropical belt. For instance, roof insulation made of mineral wool, especially glass wool, is generally accepted as an energy-saving solution in the Caribbean.


The wall segment accounts for a considerable share in the market owing to the sheer volume of insulation being used in walls as compared to roofs and floors.


These factors, along with the emphasis of regional and national government agencies for sustainable infrastructure development, is further fueling the demand for this market globally.


REGIONAL INSIGHTS


Asia Pacific Building Thermal Insulation Market Size, 2019 (USD Million)

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Asia Pacific stood at USD 13,806.5 million in 2019 and is the largest and fastest-growing region in the global building thermal insulation market owing to large scale investment planned by governments of China, India, and Southeast Asia on infrastructure development. Moreover, India and China are expected to lay stringent rules on energy consumption in the five years, which shall further attract more revenue for the market in the forthcoming years.


The market in North America is characterized by substantial government support on energy-saving technologies, including thermal insulation in buildings. Furthermore, considerable awareness among the people in the region is expected to keep the market up and moving.


The market in Europe is to be governed by the usage of building thermal insulation materials in the retrofitting work, which is being carried out in many countries to repair timeworn infrastructures.


The market in Latin America and Middle East & Africa is still in the nascent stage and thus shall gain steady building thermal insulation market share during the forecast period. As the slump in the building & construction industry subsides, these regions are expected to experience sluggish growth.


KEY INDUSTRY PLAYERS


High Investment to Develop Advanced Insulation Products by Companies to Maintain Their Dominance


The competitive landscape of the market depicts a consolidated market with the top 10 companies accounting for about 70% of the global market revenue. Key players in the market have invested a considerable amount of resources in the research and development of several building thermal insulation products. A diversified product portfolio, supported by superior operational efficiency, and safe & novel technology development for insulation application, are the strategies used by the market leaders for their growth.


The small and medium-scale companies have adopted the strategy of mergers and partnerships with larger enterprises to improve their offering portfolio and other related services. This trend is projected to positively impact the global market during the forecast period as the smaller companies can gain a lot from the experience of the market leaders.


LIST OF KEY COMPANIES PROFILED:



  • BASF (Germany)

  • Atlas Roofing Company (U.S.)

  • Cellofoam North America Inc. (U.S.)

  • DuPont (U.S.)

  • Knauf Insulation (U.S.)

  • Owens Corning (U.S.)

  • Armacell S.A. (Luxembourg)

  • Beijing New Building Material (Group) Co., Ltd. (China)

  • Evonik (Germany)

  • PT. Bondor Indonesia (Indonesia)

  • BYUCKSAN (South Korea)

  • Huamei Energy-saving Technology Group Co., Ltd. (China)

  • Johns Manville (U.S.)

  • Kaneka Corporation (Japan)

  • KCC Corporation (South Korea)

  • Kingspan Insulation LLC (Ireland)

  • Lloyd Insulations (India) Limited (India)

  • NICHIAS Corporation (Japan)

  • ROCKWOOL International A/S (Denmark)

  • U.P. Twiga Fiberglass Limited (India)

  • GAF (U.S.)

  • Superglass Insulation Ltd. (Scotland)

  • Recticel Group (Belgium)

  • Ursa (Spain)

  • Firestone Building Products (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • December 2019 – Superglass expanded its glass wool manufacturing facility located in Stirling, Scotland with an investment of about USD 42 million to increase its annual capacity to 60 KT of glass wool insulation. The expansion is carried out to meet the increasing consumer demand for glass wool insulation.

  • August 2018 – Atlas Roofing Company acquired ACH Foam Technologies, a manufacturer of molded polystyrene solutions in North America. The deal provides Atlas with a diverse product offering and advanced technology for its EPS foam business.


REPORT COVERAGE


An Infographic Representation of Building Thermal Insulation Market

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The building thermal insulation market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.


Report Scope & Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Volume (Mn Sqm); Value (USD Million)



Segmentation



  Material; End-Use; Application; and Geography



By Material


 




  • Mineral Wool

    • Glass Wool

    • Stone Wool



  • Foamed Plastics

    • Expanded Polystyrene (EPS)

    • Extruded Polystyrene (XPS)

    • Polyurethane (PU)

    • Polyisocyanurate (PIR)

    • Other Foamed Plastics



  • Cellulose

  • Aerogels

  • Others



By End-Use


 




  • Residential

  • Non-Residential



By Application


 




  • Floor & Basement

  • Walls

  • Roof & Ceiling



By Region


 




  • North America

    • By Material

    • By End-Use

    • By Application

    • By Country

      • U.S.

      • Canada

      • Mexico





  • Europe

    • By Material

    • By End-Use

    • By Application

    • By Country

      • Germany

      • France

      • Poland

      • UK

      • Italy

      • Spain

      • Russia

      • Rest of Europe





  • Asia Pacific

    • By Material

    • By End-Use

    • By Application

    • By Country

      • China

      • India

      • Japan

      • South Korea

      • Southeast Asia

      • Australia & New Zealand

      • Rest of Asia Pacific





  • South America

    • By Material

    • By End-Use

    • By Application

    • By Country

      • Brazil

      • Argentina

      • Rest of Latin America





  • Middle East & Africa

    • By Material

    • By End-Use

    • By Application

    • By Country

      • South Africa

      • GCC

      • Rest of Middle East & Africa







Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 29,656.9 million in 2019 and is projected to reach USD 38,588.8 million by 2027.

In 2019, the market value stood at USD 29,656.9 million.

Growing at a CAGR of 4.2%, this market will exhibit steady growth in the forecast period (2020-2027).

Residential segment is expected to be the leading segment in this market during the forecast period.

An increase in energy costs is the most critical factor driving the demand for thermal insulation products.

Asia Pacific held the highest market share in 2019.

Development of easy-to-use DIY products and continual research on developing high-performance insulation materials, further supported by the government, are few factors contributing to the growth of the market during the forecast period.

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Building Thermal Insulation Market Size, Share and Global Industry Trend Forecast till 2026
  • Dec, 2020
  • 2019
  • 2016-2018
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