CHICAGO, July 25, 2022 /PRNewswire/ — Building Thermal Insulation Market will grow to USD 35.3 billion by 2027, at a CAGR of 4.7% from USD 28.0 billion in 2022, according to a new report by MarketsandMarkets™. Building thermal insulation is used to reduce the amount of energy required to heat or cool a house and minimize the amount of heat that escapes during the winter and limits the hot summer air to penetrate the house. It is the most cost-effective measure in climates that have a wide range of annual average temperatures. The resistance to heat flow of insulation is measured or rated in terms of its thermal resistance or R-value. The higher the R-value, the higher will be heat resistance and better will be the insulation material. Insulation is mainly used in buildings having thin walls and timber constructions.
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Plastic foam is the largest building thermal insulation material of building thermal insulation market.
Plastic becomes foam when reacted with the blowing agent. Plastic foam is non-fibrous; therefore, personal protection equipment is not required during mounting. Different types of plastic foams include polystyrene, polyurethane (PUR), polyisocyanurate (PIR), elastomeric, and phenolic. The large market of plastic foam is owing to its application in various temperature ranges. In addition, the improved life cycle of the material makes it viable for applications such as walls, floors, and roofs. Its high thermal resistance, versatility, strength, and life span drives its demand.
Roof insulation is projected to be the fastest growing application of the building thermal insulation market, in terms of value, during the forecast period.
The demand is estimated to surge for the flat roof insulation due to the rapidly expanding construction industry. Residential and non-residential projects in countries such as China, Saudi Arabia, India, and the US is driving the market or flat roof insulation market. The refurbishment and renovation being done is driving the building thermal insulation market in this segment. The materials used for roof insulation include stone wool, PUR & PIR foam, EPS foam, and XPS foam.
Residential is the largest building type of building thermal insulation market
The residential building segment led the building type segment of the building thermal insulation market. Regulations regarding the construction of energy-efficient buildings are expected to propel the building thermal insulation market in the residential building segment. Properties of building thermal insulation materials, such as fire protection and high thermal efficiency, are also estimated to increase their demand.
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Asia Pacific is projected to be the fastest growing market for building thermal insulation during the forecast period
Asia Pacific is developing rapidly due to improving economic conditions and increasing population. The increasing population in the region accompanied by the development of new technologies and products are projected to make this region an ideal destination for the building thermal insulation industry to grow. Improved lifestyle, increasing income, and growing population help the building thermal insulation market to flourish in developing regions. However, setting up new plants, implementing new technologies, creating a value-supply chain between raw material providers and manufacturing industries in the developing regions of Asia-Pacific would be a challenge for the industry players as there is a lack of urbanization and industrialization.
The key market players profiled in the report include Kingspan Group Plc (UK), Knauf Gips KG (Germany), Owens Corning (US), Rockwool International A/S (Denmark), Saint-Gobain SA (France), BASF SE (Germany), Johns Manville Corporation (US), Altana AG (Germany), Dow Inc. (US), GAF Materials Corporation (US), CNBM Group Co., Ltd. (China), Aspen Aerogels, Inc. (US) and others.
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Foam Insulation Market by Product Type (Polystyrene, Polyurethane & Polyisocyanurate, Polyolefin, Elastomeric, and Phenolic), End-use Industry (Building & Construction, Transportation, and Consumer Appliances), and Region – Global Forecast to 2021
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