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Building Insulation Materials Market

Global Market Study on Building Insulation Materials: Stringent Energy Codes and Focus on Energy Conservation to Augment Market Growth

Building Insulation Materials Market by Material Type (Fiberglass, Mineral Wool, Cellulose, Polyurethane Foam, Polyisocyanurate Foam, Polystyrene, Aerogels, and Others)

Global Building Insulation Materials Market Snapshot

According to the research conducted by Persistence Market Research, the building material insulation market will reach US$ 31,314.6 Million in 2023. The market is expected to witness a promising growth rate of 5.5% to reach a value of US$ 53,489.8 Million by 2033.

Building Insulation Materials Sales (2022A)

US$ 29,682.1 Million

Building Insulation Materials Demand (2023E)

US$ 31,314.6 Million

Building Insulation Materials Market Projections (2033F)

US$ 53,489.8 Million

Value CAGR (2023 to 2033)

5.5%

Collective Value Share: Top 3 Countries (2023E)

43.7%

Building insulation materials are materials or components used for reducing heat transfer through walls, roofs, flooring, etc., by forming an envelope or heat transfer barrier over the building. The demand for building insulation materials is estimated to witness an increasing trend during the forecast period, owing to the increasing adoption of green building initiatives. An increasing number of regulations and implementation over building energy codes in China, India, and other developing countries are key factors that are expected to drive the market over the forecast period.

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Historical (2018 to 2022) v/s Forecast (2023 to 2033) Market Outlook for Global Market

The historical study shows that from 2018 to 2022, the market grew at a compound annual growth rate (CAGR) of 4.3%. With the increasing building and construction activities in the industrial and commercial sectors, it is estimated that the building insulation material market is projected to grow at a CAGR of 5.5% during the forecast period.

Building and construction sectors contribute significantly to global energy consumption and greenhouse gas emissions. In recent years, consumers have became more aware of energy conservation and its environmental impact. Rising consumer awareness has increased the popularity of insulation materials in buildings and construction. Also, government-backed initiatives such as green building construction projects are also positively influencing the demand for building insulation materials.

The increased residential and non-residential construction spending especially in emerging economies is also expected to bolster the sales the building insulation materials in these countries. Commercial and industrial buildings consume more than 40% of all energy and electricity. The increased focus on energy conservation and cost reduction has resulted in the implementation of energy standards and codes which are anticipated to increase the use of building insulation materials during across the globe.

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Market Dynamics

Rising focus on energy conservation and growing green building trend to augment the industry growth

The building and construction sector is attributed as one of the prominent contributors to global energy consumption and greenhouse emissions. The growing need for understanding energy use and consumption has become crucial in the construction sector. Increased environmental awareness and rising government initiatives have resulted in the development of green construction activities across the globe. The growing urban population, increasing building and construction activities, and surging energy consumption along with rising energy costs have led to increased implementation of stringent building energy codes across the globe.

Implementation of building energy codes in developed and developing countries along with the establishment of green building rating systems, such as Building Research Establishment Environment Assessment Methodology (BREEAM) in the U.K., Leadership in Energy and Environmental Design (LEED) in the U.S. and Canada, and the U.S. Green Building Council (USGBC) is anticipated to have a positive impact on the demand of building insulation materials.

High cost of polyisopreneprene (PIR) and polyurethane (PU) insulation material can restrict the product demand

Polyisoprenecyanurate and polyurethane foam insulation are two of the most expensive types of insulation. As a result, polyisoprene and PU insulation is not preferred and is only used in limited applications for wall insulation. Most regions meet the demand for polyisoprene and polyurehtane insulation through imports, with most of these imports passing through Europe and North America. This factor may pose a challenge in domestic markets in regions such as Latin America and Africa. Despite their superior properties, the high cost of polyurethane and polyisopreneprene foams is limiting demand for these material types across the globe.

Focus on the development of high-performance insulation products to provide various growth opportunities

Various state and federal governments throughout the world have launched a variety of projects to lower carbon di-oxide emissions. The need for renewable energy sources and a decrease in energy waste has increased as a result of growing public awareness of climate change. The usage of effective building insulation materials with promising mechanical features, such as stiffness, rigidity, and elevated temperature endurance, coupled with chemical resistance to reduce carbon dioxide emissions are anticipated to propel the product market growth.

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Country-wise Insights

What is the market scenario of the product market in China?

China is estimated to be one of the key countries in building insulation materials and accounted for a substantial market share in 2023. Rapid population growth and increasing urbanization coupled with rapid industrialization are boosting the growth of the building and construction industry in the country. Increasing the construction of residential and commercial buildings is expected to create more demand for construction and effective insulation materials.

On the other hand, robust growth of various end-use industries, such as oil & gas, manufacturing, metal & mining, power, and other industries in the country, where operating temperature is high is also witnessing a significant demand for efficient insulation materials, which is further expected to boost the demand for building insulation materials market in the country.

What is the market growth outlook in Germany?

The German building insulation material market is estimated to hold a significant market share of the global market in 2023. Rising infrastructural and construction activities, increasing public and private investments in commercial and residential construction, and the increasing presence of key insulation product manufacturers are prominent factors bolstering the demand the insulation products in the country.

The country is witnessing an increased investment in industrial construction, which includes, manufacturing plants, chemical and pharmaceutical plants, metal and material production and processing plants, and waste processing plants. The German construction market is also expected to witness a significant increase in investment in infrastructure, energy, utilities, and institutional construction is also expected to bolster the product demand in the country.

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Category-wise Insights

How does the Polystyrene segment fairing in the market?

Based on material type, the polystyrene segment is estimated to lead the building insulation materials market in 2023, in terms of value. Polystyrene is a waterproof thermoplastic foam that is a good insulator of both temperature and sound. Compared to fiberglass, polystyrene is a lightweight material, is easier to install, and can be simply trimmed to fit into walls and ceilings. Various advantages of polystyrene over other material type is one of the key factors that bolster the consumption of the product in the market.

The fiberglass segment accounts for a significant share of the global building insulation materials market and is expected to grow at a substantial growth rate during the forecast period. Fiberglass, also known as glass wool is one of the common insulation materials, produced by weaving fine strands of glass. Fiberglass is manufactured commonly from recycled glass. Fiberglass is an excellent non-flammable insulation material. Fiberglass has a lower cost but requires proper precautions during its handling & installation.

Which end use sector is expected to dominate the industry?

The residential segment is estimated to dominate the building insulation materials market in 2023 and is projected to grow at significant CAGR during the forecasted period. Significant growth of residential construction and a rebound in residential buildings in the developed market is expected to increase the consumption of these materials in the residential sector.

The commercial sector is estimated to provide several lucrative growth opportunities to building insulation materials manufacturers across the globe. Increasing government initiatives for infrastructural development and an increasing number of public-private commercial projects in developing countries are a few prominent factors driving the commercial construction sector.

Increased focus on the development of healthcare, institutional, and office workplace infrastructure is expected to bolster commercial construction activities. Also, the emergence of IT parks and business centers is also boosting the growth of commercial construction. Thus, growing commercial construction activities are expected to drive the demand for building insulation products.

Competitive Landscape

Market players have been focusing on the expansion of production capabilities and global footprint. Various key players are also focusing on the development of eco-friendly products in order to tackle the changing regulatory scenario and increased environmental awareness.

The global building insulation materials market is substantially consolidated, and tier-one market players account for more than one-third of the total market share. Prominent market players are strategically engaging in acquisition and business expansion activities in order to extend their business footprint across the globe to target different market regions.

For instance,

In December 2022, Saint-Gobain began a recycling operation at two locations in California where windscreen glass wastes are recovered and used to make insulation through its building goods company CertainTeed Insulation and its automotive glass subsidiary Saint-Gobain Sekurit. The finished glass cullet is then transported to a facility owned by CertainTeed Insulation in Chowchilla, California, where it is employed as a crucial recycled component in the creation of fiberglass insulation.

In November 2022, Evonik created a new range of specialised feedstocks called TEGO Therm that significantly enhances the functionality of thermal insulation coatings (TICs). Two microporous silica-based granules, TEGO® Therm HPG 6806 and TEGO® Therm HPG 4000 as well as a heat-resistant silicone-based binder, TEGO® Therm L 300, are included in the new product line.

Scope of Report

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2017 to 2022

Market Analysis

  • USD Million for Value
  • Tons for Volume

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • ANZ
  • Gulf Co-operation Council Countries
  • Türkiye
  • Northern Africa
  • South Africa

Key Segments Covered

  • Material Type
  • Insulation Type
  • Application
  • End Use
  • Region

Key Companies Profiled

  • BASF SE
  • Dow Inc.
  • GAF Insulation Types corporation
  • Knauf Insulation
  • Saint-Gobain S.A
  • GlassRock Insulation Company SAE
  • Rockwool International A/S
  • Owens Corning Inc.
  • Lloyd Insulations Limited
  • Covestro AG
  • Kingspan Group Plc.
  • Beijing New Building Insulation Type
  • Cabot Corporation
  • Johns Manville
  • Altana AG
  • Aspen Aerogels Inc.
  • CNBM Group Co. Ltd.
  • Huntsman International LLC

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • Drivers
  • Restraints
  • Opportunity Analysis
  • Challenges
  • Strategic Growth Initiatives

Customization and Pricing

Available Upon Request

Building Insulation Materials Market Segmentation

By Material Type, the Building Insulation Materials market is segmented as:

  • Fiberglass
  • Mineral Wool
  • Cellulose
  • Polyurethane Foam
  • Ppolyisoprenecyanurate Foam
  • Polystyrene
  • Aerogels
  • Others

By Insulation Type, the Building Insulation Materials market is segmented as:

  • Bulk
  • Reflective

By End Use, the Building Insulation Materials market is segmented as:

  • Wall Insulation
  • Underfloor Insulation
  • Ceiling/Roof Insulation
  • Window Insulation

By Application, the Building Insulation Materials market is segmented as:

  • Residential
  • Commercial
  • Industrial

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • BASF SE
  • Dow Inc.
  • GAF Materials corporation
  • Knauf Insulation
  • Saint-Gobain S.A
  • GlassRock Insulation Company SAE
  • Rockwool International A/S
  • Owens Corning Inc.
  • Lloyd Insulations Limited
  • Covestro AG
  • Kingspan Group Plc.
  • Beijing New Building Material
  • Cabot Corporation
  • Johns Manville
  • Altana AG
  • Aspen Aerogels Inc.
  • CNBM Group Co. Ltd.
  • Huntsman International LLC

- Frequently Asked Questions -

In 2022, the value of the global market reached over US$ 29,682.1 Million.

In 2023, the value of the global market reached over US$ 31,314.6 Million.

The global market is projected to reach US$ 53,489.8 Million by the end of 2033.

The global market exhibited a CAGR of 4.3% over the last 4 years.

The global market is estimated to grow with a CAGR of 5.5% from 2023 to 2033.

The polystyrene material type segment is estimated to lead the global market in 2023.

The residential end use segment is projected to lead the global market in the forecast period.

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