The global building thermal insulation market is estimated to grow at a CAGR of ~3% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing application of building thermal insulators to obtain better heat/cold protection. They are being immensely used in places with extreme climatic conditions, for insulating buildings where cooling or heating systems are used, as this can save cost and energy. Thermal insulators trap the heat of the building inside, and save the energy spent on space heaters. Moreover, they can also prevent the extreme cold or extreme heat waves from entering the building. The growing adoption of heating or cooling systems in buildings is estimated to boost the market growth. Furthermore, the mounting awareness regarding energy conservation is estimated to boost the market growth. the global rise in temperature and climate change, caused by various human activities, are also estimated to boost the market growth. According to a report by NASA, the global temperature is currently increasing by 0.2 degrees Celsius per decade, causing extreme rise and fall of temperature.
The market is segmented by application into flat roof, external wall, internal wall, floor, and others, out of which, the external wall segment is anticipated to hold the notable share in the global building thermal insulation market over the forecast period on account of growing application of thermal insulation for blocking the harsh cold and heat out of the house, as external walls are the major point of entrance of the outdoor temperature. Similarly, the flat roof segment is also estimated to grow significantly throughout the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global building thermal insulation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Middle East and Africa region is estimated to witness modest growth over the forecast period on the back of high temperature, prevalence all the yearlong, along with growing industrial development in the region. The average temperature of this region is around 40 degrees Celsius, reaching a soaring high of 50 degrees in summers.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the extremely cold climatic conditions in Canada, and some areas of the United States. Similarly, the market in Europe is estimated to grow modestly throughout the forecast period, on the back of presence of extremely cold climatic conditions in countries, such as, Russia, Norway, Denmark, Iceland, Germany, UK, and others.
The global building thermal insulation market is further classified on the basis of region as follows:
Our in-depth analysis of the global building thermal insulation market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising global temperature, and increase use of cooling and heating systems are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
Lack of information regarding the thermal insulation amongst people is estimated to hamper the market growth.
The market in the North America region will provide more business opportunities for growth, owing to the harsh cold climate in the region.
The major players in the market are Huntsman Corporation, Knauf Insulation, Inc., Kingspan Group plc, Compagnie de Saint-Gobain S.A., Johns Manville, Covestro AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material, application, end-user, and by region.
The non-residential buildings segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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