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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, 2021-2028

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

 

KEY MARKET INSIGHTS

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The global building thermal insulation market size was USD 28.89 billion in 2020. The market is projected to grow from USD 29.85 billion in 2021 to USD 40.34 billion in 2028 at a CAGR of 4.4% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with these products witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of 2.6% in 2020. The sudden decline in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Thermal insulation is a critical technology that helps to reduce energy usage in buildings & construction by preventing heat transfer through the building encasement. The thermal conductivity of building insulation products is often less than 0.2 W/mK, making them an effective medium to prevent loss/gain of heat inside closed premises. Building thermal insulation products provide shielding from the loss of energy efficiency and offer auxiliary support to the building structure, especially in roofs.


The demand for building thermal insulation shall gain impetus due to increasing concerns regarding energy conservation across commercial and residential applications. The factor mentioned above, coupled with stringent government regulations to reduce energy consumption and greenhouse gas emissions, is projected to drive the market.


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 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 government's new construction & development projects 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 Kits to Aid Growth


Due to rising cost of technicians and handymen, various companies are launching affordable solutions for consumers in order to capture a maximum market share. These DIY kits come in the form of panels and sprays which can be easily integrated or joined. These factors will decrease the overall cost going forward to the consumer. For instance, DuPont offers Froth-Pak, a spray-based DIY kit that has the ability to form PU foam for stuffing space in the roof tops. Striving focus of prominent market players towards launching similar DIY kits is expected to fuel the market growth during the forecast period.


DRIVING FACTORS


Rising Building & Construction Industry to Favor Growth


The rapidly growing building & construction sector have given rise to increase in thermal insulation measures. Additionally, these factors are respolsible for reducing indoor temperature by decreasing heat transfer elements between environments. The carbon footprint is further limited by reducing the heat transfer rate from the external environment while using less energy input for maintaining the prospective temperature. Insulatiton integrates excellent properties such as fire and impact resistance to the infrastructure it insulates. These factors are highly attractive for creating highly effective thermal insulation. Also, rapid industrialization will increase thermal installations within the commercial sector in order to preserve energy. This factor will encourage positive 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 and 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 Building Thermal Insulation Products to Hinder Market Growth


Severe health concerns related to thermal insulation are expected to hinder the market growth. For example, prolonged exposure to glass wool during the installation process is known to cause irritation to the eyes and the respiration system. Several studies have shown that the production process for polystyreness by expansion and extrusion can cause styrene emission, which is a carciogenic to be released. These health related concerns are expected to cause hinderance to the marekt growth, thereby limiting the adoption rate.


SEGMENTATION


By Material Analysis


Low Cost of Foamed Plastics to Promote Growth of the Segment


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


The mineral wools segment is further branched across 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 segmented across 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. Their inexpensive nature and R-values suitable for clement conditions make them popular for insulation application in equatorial and temperate regions.


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 Hold 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. According to a European Commission report on the insulation materials industry for energy-efficient buildings, residential buildings consume more than 40% of primary energy demand. The energy diverted from these measures can be saved by 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 the building thermal insulation market.


Conversely, the non-residential segment has faster growth due to stringent regulations on industries to employ energy-saving codes and guidelines. For instance, NAIMA 202-96 Standard describes details for flexible glass insulation to be laminated in metal buildings.


By Application Analysis


Roof & Ceiling Segment to Maintain Strong Growth


Based on application, the market report 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 application process in the difficult-to-reach areas in the roof and the attic. Furthermore, roof insulation is preferred in all regions with 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 insulation segment accounts for a considerable share in the market due to the sheer volume of insulation used in walls compared to roofs and floors.


These factors, along with the emphasis of regional and national government agencies for sustainable infrastructure development, further fuel the global demand for building thermal insulation.


REGIONAL INSIGHTS


Asia Pacific Building Thermal Insulation Market Size, 2020 (USD Billion)

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Asia Pacific to Dominate Market due to Large-Scale Investments


Asia Pacific stood at USD 13.50 billion in 2020 and is the largest and fastest-growing region in the global building thermal insulation market growth 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 upcoming five years, further attracting 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 markets in South America and Middle East & Africa are still in the nascent stage and thus shall gain steady market shares 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 market's competitive landscape 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 considerable 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 mergers and partnerships with larger enterprises to improve their offering portfolio and other related services. This trend is projected to positively impact the building thermal insulation statistics 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:



  • April 2021 – Atlas Roofing Company introduced SureSlope prefabricated tapered products. The new product family of polyiso roof insulation components is ideal for roofing applications, reducing jobsite waste, and decreasing installation time.

  • March 2021 – Owens Corning acquired Vliepa GmbH, a company specialized in the coating, printing and finishing of nonwovens, film, and paper for construction industry. The acquisition widens the company’s nonwovens portfolio for European customers working in the regional construction industry.


REPORT COVERAGE


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


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



  2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Volume (MSM) and Value (USD billion)



Segmentation



By Material, By End-use, By Application, and By 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 Geography


 




  • 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

    • U.K.

    • 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 Pacifi



  • South America (By Material, By End-Use, By Application, By Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Middle East & Africa (By Material, By End-Use, By Application, By Country)

    • GCC

    • South Africa

    • Rest of Middle East & Africa





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 28.89 billion in 2020 and is projected to reach USD 40.34 billion by 2028.

In 2020, the market value stood at USD 28.89 billion.

The market will exhibit steady growth with a CAGR of 4.4% during the forecast period (2021-2028).

The 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 2020.

The 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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