Stratview Research announces the launch of the Building Thermal Insulation market report which aims to deliver comprehensive information on the market by considering several aspects of market research and analysis such as market size valuations, market dynamics, positioning and segmentation, competitive landscaping, and opportunity analysis.
Market Insights-
The building thermal insulation market was estimated at USD 28.06 billion in 2022 and is likely to grow at a CAGR of 4.66% during 2023-2028 to reach USD 37.01 billion in 2028.
What is building thermal insulation?
Building thermal insulation is a vital and cost-effective component used for sustainable construction. It involves the use of various techniques to minimize the amount of heat that escapes in winter and controls the hot air entering the house. Thermal insulation not only enhances the occupant’s comfort but also reduces greenhouse gas emissions contributing to cost savings in the long run.
Market Dynamics
There are several factors behind the growth of the building thermal insulation market. Below mentions are a few-
Increasing construction industry – The world is currently experiencing an increase in construction activities. According to the data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, approximately 1,392,300 housing units were built in the year 2022, representing an increase of 3.8 percent compared to that of 2021. The global market for building thermal insulation is rising rapidly with the rise in the building and construction sector. To maintain the temperature of buildings, effective thermal insulation plays a vital role. Hence, the rise in the demand for the building thermal insulation market is closely linked to the increasing construction industry.
Rising Energy Expenditure and Costs – Significant energy usage might cost a lot of money to the consumers, and also results in depletion of natural resources. To avoid these situations, efficient thermal insulation is an ideal solution. To insulate their spaces, consumers require cost-effective and reliable building thermal insulation solutions. Building thermal insulation reduces the heat flow, resulting in reduced energy requirements. This can lead to significant energy savings. According to the Indian Green Building Council (IGBC), these solutions can reduce energy consumption by up to 8 percent.
The need to reduce greenhouse gas emissions – Organisations across the globe are working to reduce greenhouse gas emissions in the residential and industrial sectors. Since one of the sources of greenhouse gas emissions from human activities is energy consumption, energy saving becomes the utmost priority. Building thermal insulation solutions aid in reducing greenhouse gas emissions by reducing energy consumption.
Report Insights:
The report focuses on the market based on demographics, geography, features, and volume, among other things, and determines the most appealing segments and sub-segments. The segmentation has been based on the fact that it will not only help businesses save time, money, and other resources, but it will also allow businesses to learn more about their target audience in order to adapt campaigns and gain market share and income.
The report on Building Thermal Insulation by Stratview Research helps clients in discovering the simplest opportunities to achieve success within the market with effective methods of research used while formulating the market report.
Based on the material type, the market is segmented as stone wool, glass wool, plastic foam, and others. The plastic foam segment dominated the market in 2022 and is expected to maintain its position during the forecast period. Higher thermal resistance (R-Value), versatility, strength, and lifespan are some of the major features leading to the dominance of the segment in the global market.
Based on the application type, the market is segmented into roof insulation, wall insulation, and floor insulation. The wall insulation segment held the largest share of the market in 2022 and is expected to witness healthy growth during the forecast period. Rising demand for energy-efficient buildings along with maximum loss of energy through building walls is the major factor behind the dominance of the wall insulation segment.
Based on the building type, the building thermal insulation market is segmented into residential buildings and non-residential buildings. The residential building segment holds the larger share of the market and is also expected to witness healthier growth during the forecast period. Revival of the construction industry from subprime crises and euro-debt crises along with significant economic development in the Asia-Pacific region are the major factors driving the growth of residential buildings.
In terms of regions, North America is estimated to be the largest market for building thermal insulation during the forecast period. Significant demand from various end-use industries and the presence of major players in the region are the key factors behind the dominance of the region in the global building thermal insulation market. Asia-Pacific is expected to witness the highest growth during the forecast period. China, Japan, South Korea, and India are the driving forces of the region’s market.
The study conducted while compiling this market report analyses the market status, share, rate of growth, present and future trends, market drivers, opportunities and challenges, risks within the industry. This market research report delivers full knowledge about the market and competitive landscape.
Key Players
- Johns Manville Corporation,
- Saint-Gobain S.A.,
- BASF SE,
- Kingspan Group plc,
- Knauf Insulation, Inc.,
- Owens Corning,
- Huntsman Corporation,
- Rockwool International A/S,
- Firestone Building Products Company,
- Cabot Corporation,
- Dow Chemical Company,
- Covestro AG,
- URSA Insulation, S.A.,
- Paroc Group Oy,
- Atlas Roofing Corporation,
- GAF Materials Corporation,
- Lapolla Industries, Inc.,
- Beijing New Building Material (Group) Co., Ltd.,
- NICHIAS Corporation,
- Fletcher Building Limited,
- ODE Industry and Trade Inc.,
- Aspen Aerogels, Inc.,
- Trocellen GmbH,
- Recticel SA,
- KCC Corporation.
Attributes of the market report:
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value, critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. Furthermore, we have thoroughly leveraged our huge database, gathered during the preparation of our comprehensive reports on the Building Thermal Insulation market, in order to take the veracity of market estimations to the next level.
The following are the key features of the report:
- Comprehensive overview of market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend forecast analysis
- Recent market segment forecast
- Competitive landscape and dynamics: Market share, product portfolio, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
- In-depth market segmentation (Trends, Growth with Historical Forecast Analysis)
Customization of the Report:
With this detailed report, Stratview Research also offers customization options to its clients to meet their requirements. Please connect with our sales team at sales@stratviewresearch.com. You can also get in touch with us on (+1-313-307-4176) to share your research requirements.
What we do:
Stratview Research is one of the leading global Market Research agencies helping clients tract the ever-evolving market scenarios through customised and syndicated reports. Our reports include both quantitative and qualitative market data, gathered with the help of our across-the-board and reliable secondary sources and our in-depth interviews with the key players within the market. Our market valuations, derived from primary and secondary research, keep our clients informed about major market trends, opportunities, and challenges that may help or hamper their growth prospects in the industry.