Thermal Insulation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material Type and Industry Vertical

List of Tables

The thermal insulation market is expected to grow from US$ 53.39 billion in 2022 to US$ 72.90 billion by 2028; it is expected to grow at a CAGR of 5.3% from 2022 to 2028.

The thermal insulation market growth is driven by the increasing spending on the construction industry by various governments of different countries. The demand for thermal insulation has increased as it reduces heat movements and vapor condensation. It prevents humidity, mold, freezing, and deformation. Moreover, increasing government initiatives for promoting the construction of the green building is bolstering the thermal insulation market growth.

The surging construction of zero energy buildings is contributing to the thermal insulation market growth. Thermal insulation materials limit the flow of heat energy from two ends of different temperatures. Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Additionally, the high demand for lightweight thermal insulation products has compelled many companies to launch lightweight insulation products such as plastic, as it is easy to install due to its lightweight property. This factor is augmenting the thermal insulation market growth.

Based on material type, the global thermal insulation market is categorized into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. In 2021, the fiber glass segment accounted for the largest revenue share and plastic foam is expected to account for the highest growth rate over the forecast period. Based on industry vertical, the global thermal insulation market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. In 2021, the building and construction segment accounted for the largest revenue share.

By region, the thermal insulation market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). In 2021, APAC accounted for the largest share of the market. APAC countries, such as China and India, have the world's fastest-growing populations; thus, they have a huge and rapidly growing construction & automotive industry. The overall market is growing rapidly in the region due to the increased construction activities and high purchasing power of consumers. Moreover, North America is expected to grow at the highest CAGR over the forecast period.

The North America thermal insulation market is segmented into the US, Canada, and Mexico. The market is growing significantly due to the change in the country's construction sector. Increased demand for energy-efficient construction solutions and rising demand for insulating commercial construction materials are expected to boost the market growth. Moreover, the high demand for the product for promoting thermal energy conservation in low-income households through federal funding is expected to boost the thermal insulation market growth over the forecast period.

BASF SE, Bayer AG, ROCKWOOL A/S, Johns Manville, SAINT GOBAIN S.A, Kingspan Group PLC, Dow Chemicals Company, Owens Corning, Asahi Kasei Corporation, and DuPont are a few of the key players operating in the thermal insulation market. These companies provide a wide range of product portfolios for the market. The companies are in developing regions, providing lucrative market growth opportunities. Market players are developing high-quality, innovative products to meet customer requirements.

The overall thermal insulation market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants, such as valuation experts, research analysts, and key opinion leaders-specializing in the thermal insulation market.

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Product Code: TIPRE00004359

1. Introduction

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study
3.2 Research Methodology
- 3.2.1 Data Collection
- 3.2.2 Primary Interviews
- 3.2.3 Hypothesis Formulation
- 3.2.4 Macro-economic Factor Analysis
- 3.2.5 Developing Base Number
- 3.2.6 Data Triangulation
- 3.2.7 Country Level Data

4. Global Thermal Insulation Market Landscape

4.1 Market Overview
4.2 PEST Analysis
- 4.2.1 North America
- 4.2.2 Europe
- 4.2.3 Asia Pacific
- 4.2.4 Middle East & Africa
- 4.2.5 South & Central America (SAM)
4.3 Expert Opinion

5. Thermal Insulation Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Increase in demand for lightweight thermal insulation
- 5.1.2 Growth in the building and construction industry
5.2 Market Restraints
- 5.2.1 High cost of installing thermal insulation
5.3 Market Opportunities
- 5.3.1 Expansion of aerospace industry in emerging economies
5.4 Future Trends
- 5.4.1 Increasing demand for high-temperature thermal insulation
5.5 Impact Analysis of Drivers and Restraint

6. Thermal Insulation - Global Market Analysis

6.1 Thermal Insulation Market Overview
6.2 Thermal Insulation Market -Revenue and Forecast to 2028
6.3 Competitive Positioning - Key Market Players

7. Thermal Insulation Market Analysis - By Material Type

7.1 Overview
7.2 Thermal Insulation Market, By Material Type (2021 and 2028)
7.3 Fiber Glass
- 7.3.1 Overview
- 7.3.2 Fiber Glass: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
7.4 Plastic Foam
- 7.4.1 Overview
- 7.4.2 Plastic Foam: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
7.5 Stone Wool:
- 7.5.1 Overview
- 7.5.2 Stone Wool: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
7.6 Calcium Silicate:
- 7.6.1 Overview
- 7.6.2 Calcium Silicate: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
7.7 Cellular Glass:
- 7.7.1 Overview
- 7.7.2 Cellular Glass: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
7.8 Others:
- 7.8.1 Overview
- 7.8.2 Others: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)

8. Thermal Insulation Market Analysis - By Industry Vertical

8.1 Overview
8.2 Thermal Insulation Market, By Industry Vertical (2021 and 2028)
8.3 Building and Construction
- 8.3.1 Overview
- 8.3.2 Building and Construction: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
8.4 Oil and Gas
- 8.4.1 Overview
- 8.4.2 Oil and Gas: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
8.5 Chemical
- 8.5.1 Overview
- 8.5.2 Chemical: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
8.6 Aerospace and Defense
- 8.6.1 Overview
- 8.6.2 Aerospace and Defense: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
8.7 Automotive
- 8.7.1 Overview
- 8.7.2 Automotive: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
8.8 Pharmaceutical
- 8.8.1 Overview
- 8.8.2 Pharmaceutical: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)
8.9 Others
- 8.9.1 Overview
- 8.9.2 Others: Thermal Insulation Market - Revenue and Forecast to 2028 (US$ Mn)

9. Geographic Analysis

9.1 Overview
9.2 North America: Thermal Insulation Market
- 9.2.1 North America: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
- 9.2.2 North America: Thermal Insulation Market, by Material Type
- 9.2.3 North America: Thermal Insulation Market, by Industry Vertical
- 9.2.4 North America: Thermal Insulation Market, by Key Country
  - 9.2.4.1 US: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.1.1 US: Thermal Insulation Market, by Material Type
    - 9.2.4.1.2 US: Thermal Insulation Market, by Industry Vertical
  - 9.2.4.2 Canada: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.2.1 Canada: Thermal Insulation Market, by Material Type
    - 9.2.4.2.2 Canada: Thermal Insulation Market, by Industry Vertical
  - 9.2.4.3 Mexico: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.2.4.3.1 Mexico: Thermal Insulation Market, by Material Type
    - 9.2.4.3.2 Mexico: Thermal Insulation Market, by Industry Vertical
9.3 Europe: Thermal Insulation Market
- 9.3.1 Europe: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
- 9.3.2 Europe: Thermal Insulation Market, by Material Type
- 9.3.3 Europe: Thermal Insulation Market, by Industry Vertical
- 9.3.4 Europe: Thermal Insulation Market, by Key Country
  - 9.3.4.1 Germany: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.1.1 Germany: Thermal Insulation Market, by Material Type
    - 9.3.4.1.2 Germany: Thermal Insulation Market, by Industry Vertical
  - 9.3.4.2 France: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.2.1 France: Thermal Insulation Market, by Material Type
    - 9.3.4.2.2 France: Thermal Insulation Market, by Industry Vertical
  - 9.3.4.3 Italy: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.3.1 Italy: Thermal Insulation Market, by Material Type
    - 9.3.4.3.2 Italy: Thermal Insulation Market, by Industry Vertical
  - 9.3.4.4 UK: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.4.1 UK: Thermal Insulation Market, by Material Type
    - 9.3.4.4.2 UK: Thermal Insulation Market, by Industry Vertical
  - 9.3.4.5 Spain: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.5.1 Spain: Thermal Insulation Market, by Material Type
    - 9.3.4.5.2 Spain: Thermal Insulation Market, by Industry Vertical
  - 9.3.4.6 Rest of Europe: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.3.4.6.1 Rest of Europe: Thermal Insulation Market, by Material Type
    - 9.3.4.6.2 Rest of Europe: Thermal Insulation Market, by Industry Vertical
9.4 Asia Pacific: Thermal Insulation Market
- 9.4.1 Asia Pacific: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
- 9.4.2 Asia Pacific: Thermal Insulation Market, by Material Type
- 9.4.3 Asia Pacific: Thermal Insulation Market, by Industry Vertical
- 9.4.4 Asia Pacific: Thermal Insulation Market, by Key Country
  - 9.4.4.1 Australia: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.1.1 Australia: Thermal Insulation Market, by Material Type
    - 9.4.4.1.2 Australia: Thermal Insulation Market, by Industry Vertical
  - 9.4.4.2 China: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.2.1 China: Thermal Insulation Market, by Material Type
    - 9.4.4.2.2 China: Thermal Insulation Market, by Industry Vertical
  - 9.4.4.3 India: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.3.1 India: Thermal Insulation Market, by Material Type
    - 9.4.4.3.2 India: Thermal Insulation Market, by Industry Vertical
  - 9.4.4.4 Japan: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.4.1 Japan: Thermal Insulation Market, by Material Type
    - 9.4.4.4.2 Japan: Thermal Insulation Market, by Industry Vertical
  - 9.4.4.5 South Korea: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.5.1 South Korea: Thermal Insulation Market, by Material Type
    - 9.4.4.5.2 South Korea: Thermal Insulation Market, by Industry Vertical
  - 9.4.4.6 Rest of Asia Pacific: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.4.4.6.1 Rest of Asia Pacific: Thermal Insulation Market, by Material Type
    - 9.4.4.6.2 Rest of Asia Pacific: Thermal Insulation Market, by Industry Vertical
9.5 Middle East and Africa: Thermal Insulation Market
- 9.5.1 Middle East and Africa: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
- 9.5.2 Middle East and Africa: Thermal Insulation Market, by Material Type
- 9.5.3 Middle East and Africa: Thermal Insulation Market, by Industry Vertical
- 9.5.4 Middle East and Africa: Thermal Insulation Market, by Key Country
  - 9.5.4.1 South Africa: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.1.1 South Africa: Thermal Insulation Market, by Material Type
    - 9.5.4.1.2 South Africa: Thermal Insulation Market, by Industry Vertical
  - 9.5.4.2 Saudi Arabia: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.2.1 Saudi Arabia: Thermal Insulation Market, by Material Type
    - 9.5.4.2.2 Saudi Arabia: Thermal Insulation Market, by Industry Vertical
  - 9.5.4.3 UAE: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.3.1 UAE: Thermal Insulation Market, by Material Type
    - 9.5.4.3.2 UAE: Thermal Insulation Market, by Industry Vertical
  - 9.5.4.4 Rest of the Middle East & Africa: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.5.4.4.1 Rest of the Middle East & Africa: Thermal Insulation Market, by Material Type
    - 9.5.4.4.2 Rest of the Middle East & Africa: Thermal Insulation Market, by Industry Vertical
9.6 South and Central America: Thermal Insulation Market
- 9.6.1 South and Central America: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
- 9.6.2 South and Central America: Thermal Insulation Market, by Material Type
- 9.6.3 South and Central America: Thermal Insulation Market, by Industry Vertical
- 9.6.4 South and Central America: Thermal Insulation Market, by Key Country
  - 9.6.4.1 Brazil: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.6.4.1.1 Brazil: Thermal Insulation Market, by Material Type
    - 9.6.4.1.2 Brazil: Thermal Insulation Market, by Industry Vertical
  - 9.6.4.2 Argentina: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.6.4.2.1 Argentina: Thermal Insulation Market, by Material Type
    - 9.6.4.2.2 Argentina: Thermal Insulation Market, by Industry Vertical
  - 9.6.4.3 Rest of South and Central America: Thermal Insulation Market -Revenue and Forecast to 2028 (US$ Million)
    - 9.6.4.3.1 Rest of South and Central America: Thermal Insulation Market, by Material Type
    - 9.6.4.3.2 Rest of South and Central America: Thermal Insulation Market, by Industry Vertical

10. Impact of COVID-19 Pandemic on Thermal Insulation Market

10.1 Overview
10.2 Impact of COVID-19 on Thermal Insulation Market
10.3 North America: Impact Assessment of COVID-19 Pandemic
10.4 Europe: Impact Assessment of COVID-19 Pandemic
10.5 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.6 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
10.7 South & Central America: Impact Assessment of COVID-19 Pandemic

11. Industry Landscape

11.1 Merger and Acquisitions
11.2 Product News
11.3 Expansion

12. Company Profile

12.1 BASF SE
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Bayer AG
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 ROCKWOOL A/S
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Johns Manville
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 SAINT GOBAIN S.A.
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 Kingspan Group PLC
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Dow Chemicals Company
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 Owens Corning
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 Asahi Kasei Corporation
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
12.10 DuPont
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners
13.2 Glossary of Terms