Building Thermal Insulation Market Developing and Business Forecast period by 2028

The global building thermal insulation market size is anticipated to grow from USD 28.89 billion in 2020 to 29.85 billion in 2021 and is projected to hit USD 40.34 billion by 2028 and exhibit a CAGR of 4.4% during the forecast period. Building thermal insulation help in energy usage reduction in buildings by preventing heat transfer through the building encasement. It has witnessed steep demand in recent years due to swift industrialization and urbanization. The growing concerns regarding power conservation across residential and commercial applications are expected to surge the market growth. Fortune Business Insights™ has presented this information in its report titled, "Building Thermal Insulation Market, 2021-2028".

According to the report, the stringent regulations by the governments of major economies to reduce greenhouse gas emissions and energy consumption are anticipated to stimulate market growth significantly.

COVID-19 Impact-

COVID-19 Pandemic to Present Challenge for the Budding Market due to Imposed Lockdowns
The sudden emergence of the coronavirus pandemic has caused unprecedented challenges for the global economy. It has hampered the growth of several industries and markets, including the building thermal insulation market. The implementation of strict movement restrictions to control the virus's rapid spread has impacted the market growth. The disruptions in the global supply chain networks due to the lockdowns and curfews implemented by the governments of several nations have affected the market's growth. However, the vaccine is available to the masses, and the businesses have resumed their operations with a reduced workforce and strict restrictions. The market is gradually recovering and is expected to witness robust growth post-pandemic.

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Key Players in this Market are:
Atlas Roofing Company (U.S)
Cellofoam North America Inc. (U.S)
DuPont (U.S)
Knauf Insulation (U.S)
Owens Corning (U.S)
Armacell S.A. (Luxembourg)
Beijing New Building Material (Group) Co. Ltd. (China)
PT. Bondor Indonesia (Indonesia)
BYUCKSAN (South Korea)
Huamei Energy-saving Technology Group Co. Ltd. (China)
Johns Manville (U.S)
Kaneka Corporation (Japan)
KCC Corporation (South Korea)
Kingspan Insulation LLC (Ireland)
Lloyd Insulations (India) Limited (India)
NICHIAS Corporation (Japan)
ROCKWOOL International A/S (Denmark)
U.P. Twiga Fiberglass Limited (India)
GAF (U.S)
Superglass Insulation Ltd. (Scotland)
Recticel Group (Belgium)
Ursa (Spain)
Firestone Building Products (U.S)

Segmentation-
On the basis of material, the market fragments into aerogels, cellulose, foamed plastics, mineral wool, and others.
On the basis of end-user, the market bifurcates into non-residential and residential.
On the basis of application, the market segments into walls, roof & ceiling, and floor & basement.

Geographically, the market is classified into five major regions- North America, Asia Pacific, Europe, South America, and the Middle East & Africa.

Report Coverage-
The report focuses on the regional and global analysis for the prospected market.
The report provides detailed information on different product types and segments.
The report highlights strategies of growth for companies to wade through the COVID-19 pandemic.
The report incorporates PESTLE Analysis and Porters' Five Forces Analysis for an unerring prediction.
The report focuses on the competitive landscape of the prospected market and highlights industry developments, new product launches, key market trends, etc.
Drivers & Restraints-

High Energy Costs to Drive the Market Growth

Thermal insulation systems in buildings help to reduce carbon emissions by using less energy input and limiting the heat conduction to the external environment. They also offer impact and fire resistance to building structures which augments their demand in the construction industry. Due to rapid urbanization and industrialization, the increasing construction activities are anticipated to bolster the global building thermal insulation market growth.

Thermal insulation systems also help to reduce energy costs. The high energy costs are expected to boost the demand for the product across commercial and residential applications and foster market growth. The companies operating in the market have launched Do-It-Yourself (DIY) insulation products for customers who cannot afford insulation technicians. The development of DIY products by key companies such as Ecofoam Insulation & Coatings, Owens Corning, and Knauf Insulation is expected to boost the market's growth in the forthcoming years.

However, the health-related issues of the insulation products are likely to restrain the growth of the market.

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Regional Insights-

Asia Pacific to Gain the Largest Share Due to Increasing Government Investments on Infrastructural Development

Asia Pacific is projected to gain the largest portion of the global building thermal insulation market share due to the increasing government investments in infrastructural development across India, China, and Southeast Asia. Additionally, the growing government regulations regarding energy consumption in India and China are anticipated to boost the growth of the market.
North America is expected to witness significant growth in the global market due to the government's substantial support for energy-saving technologies. Moreover, the growing consumer awareness is likely to complement market growth.
Europe is anticipated to exhibit robust growth in the forthcoming years due to renovation and retrofitting activities.
The Middle East & Africa, and Latin America are expected to witness considerable growth in the coming years due to the surging urbanization and industrialization.

Competitive Landscape-

Key Players Adopt Inorganic Growth Strategies to Garner Growth

This market consists of various players operating at global and regional levels. These players are primarily focusing on mergers & acquisitions, product launches, and expansions to strengthen their market position and dominate the market. For instance, in July 2019, Knauf Insulation invested USD 35 million to expand its fiberglass loose-fill plant, based in Albion, Michigan. The investment aims to improve the plant's capacity by up to 30%.

Key Industry Developments:

January 2020: IMERYS Group acquired the thermal insulation business of Hyderabad Industries Limited (a CK Birla Group Company). The acquisition will help IMERYS to expand its operations in the Indian market.

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This release was published on openPR.