What Has Been The Evolution of the Thermal Insulation Material Market in Recent Years?
The thermal insulation material market has seen considerable growth due to a variety of factors.
• In recent times, there has been significant growth in the size of the thermal insulation material market. Its worth is projected to increase from $62.24 billion in 2024 to $65.77 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%.
The historical growth can be linked to factors such as government legislation, increased awareness of energy efficiency, technological progress, the expansion of the construction industry, and escalating energy expenses.
What Are the Future Growth Projections for the Thermal Insulation Material Market?
The thermal insulation material market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the thermal insulation material market, with projections for consistent expansion in the coming years. The market is set to climb up to $77.98 billion by 2029, with a compound annual growth rate (CAGR) of 4.3%.
The anticipated growth during this period is linked to factors like rising urbanization, efforts to combat climate change, a focus on environmentally-friendly construction, the implementation of green building standards, and progress in material science. Key trends to watch out for during this forecast period include the creation of bio-based insulation materials, growth in the retrofitting market, the emergence of smart insulation solutions, and the application of nanotechnology in insulation materials.
What Are The Core Factors Supporting Growth In The Thermal Insulation Material Market?
Growth in the building and construction sector is anticipated to propel the thermal insulation material market. This sector embodies a vast array of activities, including the design and construction of residential and commercial buildings, infrastructure projects, and industrial facilities. Thermal insulation materials are utilized in these industries to improve the energy efficiency, comfort, and sustainability of structures. For instance, the United States Census Bureau, a government agency in the US, reported in January 2024 that an estimated 1,452,500 housing units were completed. This represents a 4.5% increase from 2023, which saw 1,390,500 units completed. Thus, the escalating building and construction sector is a significant driver for the thermal insulation material market.
What Are The Major Segments Within The Global Thermal Insulation Material Market?
The thermal insulation material market covered in this report is segmented –
1) By Product: Roof Insulation, Wall Insulation, Floor Insulation
2) By Building Type: Residential Building, Non-Residential Building
3) By Application: Stone Wool, Glass Wool, Plastic Foam, Other Applications
4) By End Use: Furniture, Automotive, Electronics, Medical, Retail, Appliances, Consumer Goods, Other End Users
Subsegments:
1) By Roof Insulation: Rigid Foam Insulation, Spray Foam Insulation, Batt And Blanket Insulation, Reflective Or Radiant Barrier Insulation
2) By Wall Insulation: Rigid Board Insulation, Spray Foam Insulation, Batt And Blanket Insulation, Insulated Concrete Forms (ICFs)
3) By Floor Insulation: Rigid Foam Insulation, Batt And Blanket Insulation, Underfloor Heating Systems, Loose-Fill Insulation
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What Trends Are Shaping The Thermal Insulation Material Market?
Leading enterprises in the thermal insulation material sector are committing themselves to creating innovative products with cutting-edge technology, such as light mineral wool, to maximize their profitability. Light mineral wool serves as a versatile, effective insulator that enhances energy conservation, comfort, and sustainability in built environments. For example, in May 2023, Isover, a subdivision of the France-based Saint-Gobain Group which specializes in thermal and acoustic insulation solutions, introduced QTech. This product is a light mineral wool insulation solution ideal for medium-temperature uses, offering superior thermal insulation and shot-free construction for enhanced heat resistance, as well as ease of use during installation. Due to its non-combustible nature and chemical inertness, QTech ensures safety and environmental sustainability across industrial, HVAC (Heating, Ventilation, and Air Conditioning), and OEM (Original Equipment Manufacturer) contexts.
Who Are the Key Players In The Thermal Insulation Material Market?
Major companies operating in the thermal insulation material market are:
• 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
What Is The Most Dominant Region In The Thermal Insulation Material Market?
Asia-Pacific was the largest region in the thermal insulation material market in 2024. The regions covered in the thermal insulation material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
