PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514920
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514920
Thermal Insulation Market size was valued at USD 70,456.65 Million in 2023, expanding at a CAGR of 6.1% from 2024 to 2032.
Materials or constructions used to lessen heat transfer between objects or locations with varying temperatures are referred to as thermal insulation. Its major objective is to keep heat from leaving or entering an area to maintain a constant temperature inside. For insulation materials to function, heat must be delayed in three ways: radiation, convection, and conduction.
Thermal Insulation Market- Market Dynamics
Growing demand from the HVAC industry and green building are expected to propel market demand
Complementary insulation materials become more viable when energy-efficient HVAC (heating, ventilation, and air conditioning) systems become more common. The need for insulation materials is fueled by the improvement in HVAC system performance and the reduction in energy losses that come from properly insulated ducting, pipes, and equipment. Insulation minimizes temperature changes and reduces noise transmission, which are two important aspects of indoor comfort. Solutions for insulation that improve indoor air quality, stop moisture accumulation, and make a home or workplace comfortable are given priority by customers.
The need for thermal insulation in new building and retrofitting projects is growing due to rapid urbanization, industry, and infrastructure development initiatives. The need for insulating materials for green buildings in residential, commercial, and industrial buildings is driven by the expansion of construction activities in emerging economies. Innovation in insulating materials with better thermal performance, longevity, and ease of installation is the result of ongoing research and development. Technological developments in phase-change materials, aerogels, and nanotechnology are driving the growth of the thermal insulation industry.
Thermal Insulation Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.1% over the forecast period (2024-2032)
Based on Product Type segmentation, the glass wool segment was predicted to show maximum market share in the year 2023, owing to its high demand from the commercial & public sectors.
Based on Application segmentation, the roof segment was the leading Application in 2023, due to the high demand for insulation against sunrays and exterior elements.
Based on End User segmentation, the commercial segment was the leading End User in 2023, owing to increased commercial building construction in developing countries.
Based on region, Asia Pacific was the leading revenue generator in 2023, owing to growing construction activities in countries like China, India, etc.
The Global Thermal Insulation Market is segmented based on Product Type, Application, End User, and Region.
The market is divided into five categories based on Product Type: glass wool, mineral wool, EPS, XPS, and Cellulose. The glass wool segment dominates the market. Glass wool insulation is used in all major industries as it is recyclable and high in demand which is increasing segment growth.
The market is divided into three categories based on the Application: roof, walls, and floor. The roof segment dominates the market. The growing need for sun protection and other environmental factors is spurring demand for roofing insulation.
The market is divided into two categories based on End Users: residential and commercial. The commercial segment dominates the market and is expected to maintain its high dominance during the forecast period. The residential segment is anticipated to expand at the fastest CAGR over the forecast period.
Thermal Insulation Market- Geographical Insights
Globally, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America dominates the global market. All regions have varying energy efficiency regulations and building codes, influencing the demand for thermal insulation materials. For example, countries in Europe have strict standards for energy-efficient buildings, driving the adoption of high-performance insulation solutions. In contrast, emerging economies may have less stringent regulations but are increasingly recognizing the importance of energy conservation, leading to market growth.
The Thermal Insulation market is moderately competitive. Larger companies seek to expand their product portfolios, geographic reach, and technological capabilities by acquiring smaller players or forming alliances with complementary businesses. Leading companies invest in research and development to introduce innovative insulation materials and solutions that offer superior performance, durability, and sustainability. Advancements in materials science, nanotechnology, and manufacturing processes drive product innovation in the market. Collaborations between insulation manufacturers, building contractors, architects, and energy consultants facilitate the adoption of integrated insulation solutions in construction projects.
In March 2023, Isolite Insulating Products Co., Ltd. increased its manufacturing facilities to meet the growing demand in Asia Pacific markets.
In 2022, Atlas Roofing Company launched SureSlope tapered products to enhance its product portfolio.