The roof insulation market is projected to grow from $10.34 billion in 2023 to $10.7 billion in 2024, reflecting a CAGR of 3.5%. This growth is attributed to increasing energy efficiency regulations and construction activities. By 2028, the market is expected to reach $12.55 billion, at a CAGR of 4.1%, driven by advancements in building materials and government incentives.
Major Driver In The Roof Insulation Market
The roof insulation market is set to grow propelled by the rising number of residential constructions globally. Residential construction, encompassing new builds and renovations, plays a pivotal role in meeting the demand for housing. Roof insulation, crucial for energy efficiency and cost reduction, becomes integral in this context. ToolSense reported a 4% increase in housing unit construction in 2021, reaching 1,337,800 units. Notably, the volume of residential building saw a substantial 275% rise between March and July 2020. The surge in residential constructions significantly contributes to the growth of the roof insulation market, with the positive trend expected to continue in 2023, 2024, and 2028.
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Roof Insulation Market Competitive Landscape
Berkshire Hathaway Inc., BASF SE, Saint-Gobain SA, Dow Inc., DuPont deNumorous Inc., Owens Corning Inc., Kingspan Group plc, Huntsman International LLC, Carlisle SynTec Systems, Cabot Corporation, Rockwool International A/S, Synthos SA, Beijing New Building Material (Group) Co Ltd., Knauf Insulation GmbH, Morgan Advanced Materials plc, Certain-teed Products Corporation., Paroc Group Oyj, IKO Industries Ltd., Atlas Roofing Corporation, Johns Manville Corp, Aspen Aerogels Inc., Guardian Building Products Inc., Lapolla Industries Inc., Atlas Molded Products, Building Products of Canada Corp, Insulation Company of America, Insulation Technology Inc., General Aniline & Film Corp, American Rockwool Manufacturing LLC, Icynene Inc., Lloyd Insulations (India) Limited, Recticel Insulation Oy Company, Soprema USA, Superglass Insulation Ltd., Technonicol Corporation, Ursa Group
Key Roof Insulation Market Trend
Major companies operating in the roof insulation materials market are focused on innovating new technologies to sustain their position in the market. For instance, in January 2021, Armacell, a Luxembourg-based manufacturer and supplier of industrial foams and flexible insulation materials launched a new AF/ArmaFlex generation, which satisfies fire class B/BL-s2, d0 and increases fire safety in buildings. The new elastomeric foam technology increases visibility in the event of a fire, which increases the amount of time that is available to evacuate a structure. In the event of a fire, its smoke quickly spreads throughout the structure, obstructing escape and rescue routes and reducing sight. In comparison to other flexible elastomeric foam materials, AF/ArmaFlex Evo emits 50% less smoke, giving inhabitants more time to leave the structure and improving access for rescue crews.
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Roof Insulation Market Segmentation
The roof insulation market covered in this report is segmented –
1) By Type: Batts And Rolls, Rigid Insulation, Reflective system
2) By Building Type: Residential, Non-Residential
3) By Material: Glass Wool, Stone Wool, Plastic Foam, Other Materials
4) By Application: Flat Roof, Pitched Roof
By Geography:The regions covered in the roof insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the roof insulation market in 2023.
The Roof Insulation Global Market Report 2024 furnishes information about the global roof insulation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
