Global Building Thermal Insulation Market Expected to Grow at a CAGR of 4.6% during the Forecast Period
The global building thermal insulation market is projected to witness significant growth in the coming years, with a projected CAGR of 4.6% from 2023 to 2032. The market was estimated to be worth USD 49.01 billion in 2022.
One of the major factors driving the expansion of the building thermal insulation market is the increased adoption of the product in households and commercial buildings to reduce overall energy costs. As awareness regarding energy conservation grows, more and more people are turning to thermal insulation to lower their energy consumption.
Favorable legislation focused on lowering energy usage is also expected to fuel the market. Thermal building insulation helps reduce the need for heating, ventilation, and air conditioning (HVAC) systems, leading to overall energy savings. In countries like the United States and Canada, favorable building codes and the presence of energy certification organizations like LEED and the US Green Building Council are anticipated to drive the demand for building thermal insulation.
However, there are also factors that could hinder market growth. The United States Environmental Protection Agency (EPA) has imposed strict restrictions on the use of foamed plastics, which are commonly used in building insulation due to their low biodegradability and carcinogenicity.
The global COVID-19 pandemic has also impacted the building thermal insulation market. Lockdown measures have led to the halting of new construction projects and restrictions on the use of insulating materials in many countries. Moreover, the insulation of historic buildings, which must adhere to new standards and guidelines, has been put on hold due to a lack of necessary supplies and manpower to complete the installation.
In terms of product outlook, the building thermal insulation market covers a wide range of insulation materials such as fiberglass, mineral wool, plastic foam, and others. The application of thermal insulation includes residential, commercial, and industrial sectors.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Some of the key players operating in the global building thermal insulation market include BASF SE, Kingspan Group, Knauf Insulation, Owens Corning, and Rockwool International.
In conclusion, the global building thermal insulation market is expected to experience steady growth in the coming years. Factors such as increased adoption, favorable legislation, and energy conservation efforts are projected to drive market expansion. However, strict regulations and the impact of the COVID-19 pandemic may pose challenges to the market.
