Building Insulation Market Size, Share, Growth Report 2032

Building Insulation Market: Industry Prospective

The global building insulation market was valued at $26,170 million in 2021 and is anticipated to surpass $39,900 million by the end of 2028, with a compound annual rate of 3.9% over the forecast period. The report comprehensively analyses growth factors, opportunities, and challenges in the market during the forecast period. Additionally, the report explores the investor and stakeholder space to help turn opportunities into profitable business factors.

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Building Insulation Market: Overview

A steady and consistent growth rate of the global building insulation market in the past few years is likely to be determined by a healthy CAGR in the forthcoming years. Building insulation refers to the installation of thermal resistance in construction properties with the aim to lower heat, thereby saving cooling expenses by enhancing the energy efficiency of the air conditioners to prevent heat loss. Insulation adopts R-value to measure the thermal resistance that indicates the heat holding capacity of the material used in them. In general, the thicker the insulation layer, the higher the R-value will be. Building insulation encourages temperature control of surface and energy conservation with minimal charges.

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COVID-19 Impact:

The outbreak of the Covid-19 pandemic has significantly impacted the growth trajectory of the global building insulation market due to the worldwide lockdowns and import-export restrictions. There was undersupply of housing all around the globe to cater to surging demand during the pandemic period. It created a major opportunity for developers and investors to come up with innovative construction technology in order to accelerate development. Apparently, production at many manufacturing companies resumed in the second half of Covid-19 with the downtrend in Covid cases. However, it emerged as a positive indication for the speedy recovery of the global market, thereby fostering hope and development in the market.

Report Scope:

Building Insulation Market: Growth Drivers

Increasing energy expenditure will pave the way for global market growth.

High energy cost is one of the primary reasons for the growing demand for building thermal insulation products, particularly in commercial and residential applications. The cost incurred due to the unaccountable consumption of energy is twofold. Heavy energy usage leads to a steep surge in prices and causes fast depletion of natural resources. Commercial and residential spaces are looking forward to insulating their places and premises. Manufacturers of thermal insulation materials are concentrating on enhancing the overall performance of the material. Therefore, the application materials are innovated in a way to lower the overall installation and assembly time owing to the reduced thickness of insulating materials and several other factors. Thin application materials offer enormous benefits in material handling and thereby increase the load-bearing capacity of the established structures. Thereby, it supports architects and designers in designing an efficient building framework and structure.

Building Insulation Market: Restraints

Growing threats of substitutes may hamper the global market growth.

Growing preference for recyclable, biodegradable, and green products by businesses, architects, and homeowners due to the growing environmental awareness is likely to foster the threat of substitutes in the market.

Building Insulation Market: Opportunities

Favorable regulations focusing on reducing overall energy consumption are likely to offer huge growth opportunities.

Thermal insulation helps lower the dependency on air conditioning and ventilation, thereby significantly minimizing energy consumption globally. Additionally, the favorable building codes in Canada and the US, along with the growth of energy certification agencies like the US Green Building Council (USGBC) and leadership in Energy & Environmental Design (LEED), are likely to positively impact the growth trajectory of the global building insulation market by offering ample growth opportunities.

Building Insulation Market: Challenges

The high initial investment is a common barrier in the global market.

The lack of proper financing options for the up-front investments and high initial costs is continued to be a huge challenge for market players. However, the government in several regions has taken appropriate initiatives to lower the barriers like financial incentives, mandatory energy efficiency standards, etc.

Global Building Insulation Market: Segmentation

The global building insulation market can be segmented into material, application, end-user, and region.

By material, the market can be segmented into plastic forms and wool insulation.

By application, the market can be segmented into attic, ceiling, floor, and wall.

By end-user, the market can be segmented into the commercial and residential sectors.

Recent Developments

• Hira Industries, in February 2021, launched Aero foam NBR Lap Seal Tubes. These are effective and efficient thermal insulation solutions installed in commercial and residential complexes to offer enhanced durability, safety, and efficiency of the buildings.
• Demilec Inc., in September 2019, launched several spray foam insulation products for the Middle East market.

Building Insulation Market: Regional Landscape

Europe accounts for the largest share in the global building insulation market due to the growing regulations by the regional government regarding encouraging thermal insulation for energy conservation. Additionally, the growing construction activities in the commercial and residential sectors in North America are likely to foster speedy growth in the regional market. Additionally, the growing awareness among people regarding energy conservation materials is further likely to propel the growth of the regional market significantly during the forecast period.

Building Insulation Market: Competitive Landscape

Some of the significant players in the global building insulation market include Beijing New Building Material (Group) Co., Ltd., Saint-Gobain S.A., Paroc Group, Johns Manville, Rockwool International A/S, Knauf Insulation, and Owens Corning.

The global building insulation market is segmented as follows:

By Material

• Wool Insulation
• Plastic Foams

By Application

• Wall
• Floor
• Ceiling
• Attic

By End User

• Residential
• Commercial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa