Building Thermal Insulation Market Size, Share & Industry 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 Area (Floor & Basement, Wall, and Roof & Ceiling), and Regional Forecast, 2019-2026

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Thermal insulation is a critical technology that helps to reduce energy usage in building & construction by preventing heat transfer through the building encasement. Building insulation thermal conductivity is often less than 0.2 W/mK, which makes them an effective media to prevent loss/gain of heat inside closed premises. Building thermal insulation products not only provide shielding from the energy loss 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, since July 2019, it is compulsory to carry out the ceiling and underfloor insulation in all rental properties in New Zealand with predefined specifications.

MARKET TRENDS

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Development of Do It Yourself (DIY) Insulation Products to Drive the Market Growth

Companies in the building thermal insulation market 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 aid in expansion of the market.

MARKET DRIVERS

Growth in Building & Construction Industry to Drive the Building Thermal Insulation Market

The growing 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 promote the market growth.  

Increase in Energy Costs Driving the Demand for Building Thermal Insulation Products

Energy costs is the key driver increasing the demand for building thermal insulation products – both 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 of energy in the recent past, but it also leads to depletion of natural resources. Thus, consumers, especially residential consumers, 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.

MARKET RESTRAINT

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

A critical challenge affecting the growth of the building thermal insulation market is the health concern regarding the usage of few insulation products. For instance, exposure to glass wool during laying process can result in irritation of eyes and respiratory system. Production of expanded and extruded polystyrenes is also 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 in the coming years, thereby challenging the market.

SEGMENTATION

By Material Analysis

Foamed Plastics to Gain Impetus during the Forecast Period

Based on material, the market of building thermal insulation is classified into mineral wools, foamed plastics, cellulose, aerogels, and others. The mineral wools segment is further bifurcated into glass wool and stone wool. At the same time, foamed plastics are 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. This will 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.

On the other hand, aerogels are expected to disrupt the market of cryogenic building insulation due to its super-insulation properties, thus showing significant growth in the building thermal insulation market.

By End-Use Analysis

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Residential Segment to Account for the Major Share during the Forecast Period

In terms of end-use, the market of building thermal insulation is segmented into residential and non-residential. The demand for residential building insulation is slightly higher than that of 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. This energy can be saved by insulating the residential building infrastructures. The report also 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 building premises. Thus, a potential for energy savings can be observed in the residential segment, making it the primary reason for leading in the market.

On the flipside, non-residential segment is having faster growth owing to stringent regulations being placed on industries to employ energy-saving codes and guidelines.

By Application Area Analysis

Roof & Ceiling Segment to Maintain Strong Growth During the Forecast Period

Based on application area, the market of building thermal insulation is segmented into floor & basement, wall, and roof & ceiling. The emergence of laying boards and spray foams have added thrust to 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. Whereas, the wall segment accounts for a considerable share in the global market owing to the sheer volume of insulation being used in walls as compared to the roofs and floors.

These factors, along with the emphasis of regional and national government agencies for sustainable infrastructural development is further fueling the demand for building thermal insulation in the global market. However, the floor segment is projected to lose market share in the building thermal insulation industry during the forecast period.

REGIONAL ANALYSIS

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The market size for building thermal insulation, in Asia Pacific stood at USD 13.04 Billion in 2018. Asia Pacific held the largest and fastest-growing market share owing to large scale investments planned by the governments of China, India, and Southeast Asia on infrastructural development. Moreover, India and China are expected to lay stringent rules on energy consumption in the next five years. This will attract more market revenue in the forthcoming years. The market in the North America is characterized by substantial government support on energy-saving technologies, including building thermal insulation. Furthermore, rising awareness among the people in the region is expected to keep the market up and moving.

The market in Latin America and Middle East & Africa is in its nascent stage, and will gain steady market share during the forecast period. As the slump in the building & construction industry subsides, these regions are expected to fuel the growth.

KEY INDUSTRY PLAYERS

Key Players Adopting Organic and Inorganic Growth Strategies to Maintain Their Dominance in the Building Insulation Market

Competitive landscape of the market is consolidated in nature with the top 10 companies accounting for about 70% of the global building thermal insulation market revenue. Key players in the market have invested a considerable amount of resources in 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 gaining a competitive edge in the market of building thermal insulation.

Furthermore, small and medium-scale companies have adapted 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 learn a lot from the experience of the market leaders.

LIST OF KEY COMPANIES PROFILED:

• Atlas Roofing Company


• Cellofoam North America Inc.


• DuPont


• Knauf Insulation


• Owens Corning


• Armacell S.A.


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


• Evonik


• IMERYS Group


• PT. Bondor Indonesia


• BYUCKSAN


• Huamei Energy-saving Technology Group Co., Ltd.


• Johns Manville


• Kaneka Corporation


• KCC Corporation


• Kingspan Insulation LLC


• Lloyd Insulations (India) Limited


• NICHIAS Corporation


• ROCKWOOL International A/S


• U.P. Twiga Fiberglass Limited


• GAF


• Superglass Insulation Ltd.


• Reciticel Group


• Ursa


• Firestone Building Products

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

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 the key industry developments. In addition to this, the report encompasses several factors that have contributed to the growth of the market over the recent years.

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