Building Thermal Insulation Market Forecast to 2027 - Global Trends, Share Analysis, Leading Players, Business Opportunities
Building thermal insulation is used to reduce the amount of energy required to heat or cool a house and minimize the amount of heat that escapes during the winter and limits the hot summer air to penetrate the house.
Northbrook, IL -- (SBWire) -- 09/07/2022 --The global building thermal insulation market will grow to USD 35.3 billion by 2027, at a CAGR of 4.7% from USD 28.0 billion in 2022. Building thermal insulation is used to reduce the amount of energy required to heat or cool a house and minimize the amount of heat that escapes during the winter and limits the hot summer air to penetrate the house. It is the most cost-effective measure in climates that have a wide range of annual average temperatures. The resistance to heat flow of insulation is measured or rated in terms of its thermal resistance or R-value. The higher the R-value, the higher will be heat resistance and better will be the insulation material. Insulation is mainly used in buildings having thin walls and timber constructions.
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The key market players profiled in the report include Kingspan Group Plc (UK), Knauf Gips KG (Germany), Owens Corning (US), Rockwool International A/S (Denmark), Saint-Gobain SA (France), BASF SE (Germany), Johns Manville Corporation (US), Altana AG (Germany), Dow Inc. (US), GAF Materials Corporation (US), CNBM Group Co., Ltd. (China), Aspen Aerogels, Inc. (US) and others.
Roof insulation is projected to be the fastest growing application of the building thermal insulation market, in terms of value, during the forecast period.
The demand is estimated to surge for the flat roof insulation due to the rapidly expanding construction industry. Residential and non-residential projects in countries such as China, Saudi Arabia, India, and the US is driving the market or flat roof insulation market. The refurbishment and renovation being done is driving the building thermal insulation market in this segment. The materials used for roof insulation include stone wool, PUR & PIR foam, EPS foam, and XPS foam.
Residential is the largest building type of building thermal insulation market
The residential building segment led the building type segment of the building thermal insulation market. Regulations regarding the construction of energy-efficient buildings are expected to propel the building thermal insulation market in the residential building segment. Properties of building thermal insulation materials, such as fire protection and high thermal efficiency, are also estimated to increase their demand.
Asia Pacific is projected to be the fastest growing market for building thermal insulation during the forecast period
Asia Pacific is developing rapidly due to improving economic conditions and increasing population. The increasing population in the region accompanied by the development of new technologies and products are projected to make this region an ideal destination for the building thermal insulation industry to grow. Improved lifestyle, increasing income, and growing population help the building thermal insulation market to flourish in developing regions. However, setting up new plants, implementing new technologies, creating a value-supply chain between raw material providers and manufacturing industries in the developing regions of Asia-Pacific would be a challenge for the industry players as there is a lack of urbanization and industrialization.
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Kingspan Group Plc is one of the global leaders in high-performance insulation and building energy solutions. It is engaged in the manufacture of insulated panels, rigid insulation boards, architectural facades, raised access floors, engineered timber systems, environmental management systems, and sustainable water and renewable energy solutions. The company has a wide regional presence, and thus, its geographical footprint is strong. It has a very strong focus on acquisition as it has acquired THU PERFIL SL (Spain), H2 Green Steel (Sweden), and Logstor International Holding (Denmark) in 2021 and 2022.
Knauf Gips KG is a family run, multinational company well known for drywall gypsum boards. The company manufactures building materials and construction systems consisting of construction materials for drywall construction, plasterboard, cement boards, mineral fibre acoustic boards, dry mortars with gypsum for internal plaster and cement-based external plaster and insulating materials.
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