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Thermal Insulation Material Market Size, Growth Analysis And Forecast To 2033
Thermal Insulation Material Market Size
According to The Business Research Company's, the thermal insulation material market size has grown strongly in recent years. It will grow from $58.71 billion in 2023 to $62.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to government regulations, energy efficiency awareness, technological advancements, construction industry growth, rising energy costs.
The thermal insulation material market size is expected to see steady growth in the next few years. It will grow to $74.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to increased urbanization, climate change mitigation efforts, emphasis on sustainable construction, adoption of green building standards, advancements in material science. Major trends in the forecast period include development of bio-based insulation materials, expansion of the retrofitting market, rise of smart insulation solutions, integration of nanotechnology in insulation materials.
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Market Drivers and Trends:
The rising building and construction industry is expected to fuel the growth of the thermal insulation material market going forward. The building and construction industry encompasses a wide range of activities related to the design, development, and erction of structures such as residential buildings, commercial buildings, infrastructure projects, and industrial facilities. The building and construction industries use thermal insulation materials to enhance the energy efficiency, comfort, and sustainability of buildings. For instance, in January 2024, according to the United States Census Bureau, a US-based government agency, an estimated 1,452,500 housing units were completed, representing a 4.5% increase in 2023 compared to the preceding year's number of 1,390,500. Therefore, the rising building and construction industry is driving the thermal insulation material market.
Major companies operating in the thermal insulation material market are focused on developing innovative products with advanced technologies, such as light mineral wool, to increase their profitability in the market. Light mineral wool is a versatile and effective thermal insulation material that contributes to energy efficiency, comfort, and sustainability in buildings. For instance, in May 2023, Isover, part of the Saint-Gobain Group, a France-based manufacturer of thermal and acoustic insulation solutions, launched QTech. QTech is a light mineral wool insulation solution for medium-temperature applications. It offers excellent thermal insulation, shot-free construction for superior heat resistance, and easy handling during installation. Non-combustible and chemically inert, QTech ensures safety and environmental sustainability in industrial, HVAC (Heating, Ventilation, and Air Conditioning), and OEM (Original Equipment Manufacturer) settings.
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Major Key Players of the Market:
BASF SE, Compagnie de Saint-Gobain S.A., Dow Chemicals Company, Bayer AG, Asahi Kasei Corporation, DuPont de Nemours Inc., Owens Corning, Kingspan Group PLC, Huntsman International LLC, Rockwool International A/S, Fletcher Building Products Ltd., Guardian Building Products Inc., GAF Materials Corporation, Armacell International, Paroc Group, Johns Manville Corporation, Byucksan Corporation, Jushi Group Corporation, Aspen Aerogels Inc., Atlas Roofing Corporation, Cellofoam North America Inc., Isocell GmbH, CertainTeed Corporation, Roxul Inc., ARK Thermal Insulation
Thermal Insulation Material Market 2024 Key Insights:
• The thermal insulation material market is expected to grow to $74.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Rising Building And Construction Driving Growth Of The Thermal Insulation Material Market
• Increasing Focus On Introducing Innovative Solution In The Thermal Insulation Material Market
• Asia-Pacific was the largest region in the thermal insulation material market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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