The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Building Thermal Insulation Market.
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 control 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.
Segment Analysis:
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.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
· 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 and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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