Thermal Insulation Material Market by Material Type (Fiberglass,Stone Wool,Foam,Wood Fiber), Temperature range (0-100 ℃, 100-500 ℃, 500 ℃ and above), End use industry (Construction,Automotive,HVAC,Industrial), and Region - Global Forecast to 2028
Thermal Insulation Material Market
The global thermal insulation material market is valued at USD 71.7 billion in 2023 and is projected to reach USD 96.0 billion by 2028, growing at 6.0% cagr during forecast period. The market is mainly led by the significant usage of thermal insulation material in various end-use industries. The growing demand for noise reduction, indoor air quality and governmental initiatives and energy regulations are driving the market for thermal insulation material.
ATTRACTIVE OPPORTUNITIES IN THE THERMAL INSULATION MATERIAL MARKET
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Thermal Insulation Material Market Dynamics
Driver: Government initiatives for sustainability and energy regulations along with the increasing demand for noise reduction and indoor air quality
Government initiatives to promote the construction of green buildings are rising globally due to the pressing need to reduce greenhouse gas emissions and conserve natural resources. Building construction and operation account for a considerable share of energy consumption and greenhouse gas emissions, making the promotion of green buildings critical for reaching sustainability goals. The increased demand for noise reduction is also propelling the thermal insulation material market forward. Thermal insulation materials reduce noise transmission through walls, floors, and ceilings, making them a vital component in soundproofing applicationsThere is an increased focus on indoor air quality which may further aid the expansion of the thermal insulation material industry. As individuals become increasingly concerned about indoor air quality, there may be a larger demand for thermal insulation materials that might aid in the creation of a healthier interior environment.Energy efficiency standards can assist property owners and occupants in lowering their energy bills. Buildings use less energy to heat and cool when energy consumption is reduced, resulting in cheaper energy bills. This can be especially advantageous for low-income homes and companies dealing with high energy expenditures.
Restraint: Availability of green insulating materials and building codes and regulations coupled with the health concerns for adopting the thermal insulating materials.
The availability of green insulation materials can be a restraining factor for the thermal insulation material market since it can shift consumer demand away from traditional insulation materials. As more customers become aware of the environmental impact of construction and the benefits of sustainable building solutions, demand for green insulation materials may increase, while demand for standard insulating materials may decline.The market for thermal insulation materials may be constrained by building rules and regulations. This is due to the fact that building standards and regulations frequently stipulate particular amounts of thermal insulation in new construction or restoration projects, which might restrict the kinds of insulation materials that can be utilized.
In addition to that certain thermal insulation materials include hazardous substances or fibers that could be hazardous to the health of building inhabitants and employees
Opportunity: Innovation in smart solutions coupled with increasing demand for energy efficient buildings and increased adoption of passive house standards.
The market for thermal insulation materials has a sizable opportunity due to innovations in smart insulation. Smart insulation materials are well-positioned to fill this need and gain market share as the need for energy-efficient and sustainable building practices keeps rising.
The market for thermal insulation materials has a substantial opportunity as passive home standards are increasingly adopted. A building's energy consumption can be decreased by minimizing heat loss and optimizing heat intake by passive methods, such as solar radiation and internal heat sources, according to a set of energy efficiency guidelines called "passive house standards."This provides a big opportunity for the thermal insulation material industry to gain market share while developing new and innovative insulation materials that meet the specific requirements of passive house design.
The increasing adoption of energy-efficient buildings represents a huge opportunity for the thermal insulation material industry, both in new construction and retrofitting of existing structures, and throughout the residential, commercial, and industrial sectors
Challenge: High cost of insulation materials and installation along with performance limitations.
High insulation material and installation costs might provide a substantial barrier to the thermal insulation material market. High-quality thermal insulation materials can be costly to manufacture, increasing the cost to customers. Furthermore, the installation of insulation necessitates professional workers, which might raise the cost. The expense of insulating materials and installation might be especially difficult for large buildings or retrofitting older structures.
Performance limitations are an important element that can limit the growth of the thermal insulation material industry. Thermal insulation materials are generally used in buildings to reduce heat transfer and boost energy efficiency. Yet, some materials may have performance constraints that limit their usefulness and limit their market acceptance. The temperature range of some thermal insulation materials is one of their key restrictions.
Thermal Insulation Material Market Ecosystem
A market ecosystem refers to the interconnected network of individuals, businesses, and other organizations participating in a particular market. It includes various stakeholders such as producers, distributors, retailers, customers, and regulatory bodies that interact with each other to exchange goods, services, and information. Prominent companies in the market are the ones who are well-established and financially stable and have state-of-the-art technologies and a strong global marketing network and sales record. Some of the key players in this market are Saint Gobain SA(France),Kingspan Group(Ireland),Rockwool International A/S (Denmark),Owens Corning(US),Knauf Insulation(US), BASF SE(Germany), Asahi Kasei Corporation(Japan), Recticel(Belgium), GAF Material Corporation(US),Evonik(Germany),
"Fiberglass is the largest material type for thermal insulation material in 2022, in terms of value"
Fiberglass is a versatile and popular material that has numerous benefits in various applications. It is also highly resistant to corrosion and extreme weather conditions, making it a good choice for use in harsh environments. Other benefits of fiberglass include its insulation properties, fire resistance, and low maintenance requirements. Because of these benefits, fiberglass is widely used in industries such as construction, automotive, aerospace, marine, and more.
"Construction was the largest end-use industry for thermal insulation material market in 2022, in terms of value"
The largest end-use market for thermal insulation materials, representing a sizeable portion of the market, is the construction industry. The introduction of thermal insulation materials in the construction sector has been prompted by the growing demand for energy-efficient buildings and the need to lower carbon emissions. These materials offer an affordable way to lower heat loss, maintain cosy inside temperatures, and improve building toughness. Stringent building codes and regulations across the globe have mandated the use of thermal insulation materials in new constructions and building renovations, further fueling market growth. Moreover, the availability of a wide range of insulation materials suitable for different applications, such as walls, roofs, and floors, has also boosted the adoption of thermal insulation materials in the construction sector.
"Europe was the largest market for thermal insulation material in 2022, in terms of value."
Europe was the largest market for the global thermal insulation material market, in terms of value, in 2022. UK is the largest market in Europe. It is projected to witness the highest growth during the forecast period considering UK has a strong industry for thermal insulated products, such as insulation for buildings and refrigeration units. This sector is particularly important in reducing the country's carbon footprint and achieving its climate change goals. Companies operating in the thermal insulation sector include Kingspan, Armacell, and Recticel. These companies provide a range of insulation products for buildings, refrigeration units, and other applications, which can help reduce energy consumption and carbon emissions.
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Thermal Insulation Material Market Players
The key players in this market Saint Gobain SA (France), Kingspan Group (Ireland), Rockwool International A/S (Denmark), Owens Corning (US), Knauf Insulation (US), BASF SE (Germany), Asahi Kasei Corporation (Japan), Recticel (Belgium), GAF Material Corporation (US), Evonik (Germany). Continuous developments in the market —including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of thermal insulation materials have opted for new product launches to sustain their market position.
Thermal Insulation Material Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 71.7 billion |
|
Revenue Forecast in 2028 |
USD 96.0 billion |
|
CAGR |
6.0% |
|
Years considered for the study |
2019-2028 |
|
Base Year |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Value (USD Billion/Million) |
|
Segments |
Material, Temperature, End-use industry, and Region |
|
Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies |
Saint Gobain SA(France),Kingspan Group(Ireland),Rockwool International A/S (Denmark),Owens Corning(US),Knauf Insulation(US), BASF SE(Germany), Asahi Kasei Corporation(Japan), Recticel(Belgium), GAF Material Corporation(US),Evonik(Germany), |
This report categorizes the global thermal insulation material market based on material type, temperature range,end use industry and region.
On the basis of material type, the thermal insulation material market has been segmented as follows:
- Fiberglass.
- Stone Wool
- Foam.
- Wood Fiber.
- Others.
On the basis of temperature range, the thermal insulation material market industry has been segmented as follows:
- 0-100 °C.
- 100-500°C.
- 500°C and above.
On the basis of end use industry, the thermal insulation material market has been segmented as follows:
- Construction.
- Automotive.
- HVAC.
- Industrial.
- Others.
On the basis of region, the thermal insulation material market industry has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In February 2023 Saint-Gobain and Dalsan have obtained the necessary approval from competition authorities to merge their plaster and plasterboard activities in Turkey.
- In February 2023 Saint-Gobain has entered into a definitive agreement to acquire U.P. Twiga Fiberglass Ltd. (UP Twiga), the leader on the glass wool insulation market in India.
- In February2022, Kingspan Group completed its acquisition of THU PERFIL SL, the Valencian firm specializing in metal ceiling profiles. THU has decades of experience in ceilings, roofing, drywall, and partition profile manufacturing.
- In March 2022 Knauf insulation officially opened a new Glass Mineral Wool thermal insulation recycling facility with an investment of USD 12.5 million in Vise, Belgium, paving the way for an exciting new recycling service for the construction and deconstruction industry.
- In July 2021, Asahi Kasei announced that it had completed the acquisition of Sage Automotive Interiors, a leading provider of automotive interior materials. The acquisition is expected to strengthen Asahi Kasei's position in the global automotive market.
- In June 2021, Rockwool International A/S expanded its business by building a new production facility in Soissons, France. The new facility created 130 jobs and uses low-carbon electric melting technology to produce stone wool insulation for the French market.
Frequently Asked Questions (FAQ):
What is the expected growth rate of the Thermal insulation material market?
This study's forecast period for the thermal insulation material market is 2023-2028. The market is expected to grow at a CAGR of 6.0%, in terms of value, during the forecast period.
Who are the major key players in the thermal insulation material market?
The key players in this market Saint Gobain SA(France),Kingspan Group(Ireland),Rockwool International A/S (Denmark),Owens Corning(US),Knauf Insulation(US), BASF SE(Germany), Asahi Kasei Corporation(Japan), Recticel(Belgium), GAF Material Corporation(US), Evonik(Germany).
What are the major regulations of the thermal insulation material market in various countries?
Environmental protection agencies of different countries have laid down certain energy regulations and initiatives for sustainable development
What are the drivers and opportunities for the thermal insulation material market?
Government initiatives for sustainability and energy regulations along with the increasing demand for noise reduction and indoor air quality and the oppertunities being innovation in smart solutions coupled with increasing demand for energy efficient buildings and increased adoption of passive house standards
Which are the key technology trends prevailing in the thermal insulation material market?
The one of the key technology trends is the XPS (extruded polystyrene foam technology) which is a thermal insulation board made of extruded polystyrene that has a smooth surface to prevent thermal bridges from forming. It is frequently used in construction, automotive, HVAC, and industrial applications due to its strong thermal resistance.
Another one is ECOSE technology , which is a ground-breaking, brand-new formaldehyde-free binder technology that relies on quickly renewable resources rather than chemicals derived from petroleum. It produces improved environmental sustainability while reducing embodied energy. ECOSE Technology was created for rock mineral wool and glass. This is currently being successfully implemented throughout Europe and North America, giving improved product performance along with a significant improvement in sustainability.
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The study involved four major activities in estimating the market size of the thermal insulation material market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, the gold standard and silver standard websites, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, the monetary chain of the market, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The thermal insulation material market comprises several stakeholders in the value chain, which include input suppliers, equipment manufacturers, technology providers, service providers, distribution and logistics, and end users. Various primary sources from the supply and demand sides of the thermal insulation material industry have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the thermal insulation material industry.
Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, type, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of thermal insulation material and the future outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2021 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
To know about the assumptions considered for the study, download the pdf brochure
|
Company Name |
Designation |
|
Saint Gobain SA |
Individual Industry Expert |
|
Kingspan Group |
Sales Manager |
|
Rockwool Internatiional A/S |
Director |
|
Owens Corning |
Marketing Manager |
|
Knauf Insulation |
R&D Manager |
|
|
|
Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the thermal insulation material market.
- The key players in the industry have been identified through extensive secondary research.
- The industry's supply chain has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Thermal Insulation Material Market: Bottum-Up Approach
Note: All the shares are based on the global market size.
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
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Thermal Insulation Material Market: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Thermal insulation materials serve the purpose of reducing the flow of heat energy between surfaces by acting as a barrier. These materials are widely used in various industries, buildings, HVAC, and transportation vehicles to improve energy efficiency and reduce heating and cooling costs. The insulation material products are made from natural substances such as fiberglass and cellulose, synthetic or mineral materials such as foam glass and mineral wool etc. The thermal conductivity of insulation materials measures their effectiveness in preventing heat transfer. Materials with low thermal conductivity values are considered better insulators. In addition, the density, thickness, and moisture resistance of thermal insulation materials can also impact their performance
Key Stakeholders
- Thermal Insulation Material manufacturers
- Raw material suppliers
- Distributors and suppliers
- End-use industries
- Industry associations
- R&D institutions
Report Objectives
- To define, describe, and forecast the size of the thermal insulation material market, in terms of value.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on end use industry,material type, temperature range and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries.
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market.
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Generating Response ...
Growth opportunities and latent adjacency in Thermal Insulation Material Market