The worldwide Building Insulation Material marketis projected to generate a CAGR of 3.67% in the assessment period of 2021-2030. Further, the same market has been estimated to register more than USD 35 billion by the end of the year 2030.
The building insulation materials are very helpful to reduce the heat transfer through the building in terms of panels, spray foam, and blankets forming an envelope of thermal around the construction work. Here, a substantial saving on the energy cost can be done with the appropriate insulation of a building that can lower the cooling expenses and heating.
The building insulation materials are of different types widely used across various construction sites due to their anti-absorbent characteristics, low-cost, and non-flammability characteristics. Thus, these effective properties' presence in the material is making it more preferable materials among the construction work settings. The rising application of building insulation materials in roofs, walls, and floors is projected to bring lucrative opportunities for the global Building Insulation Material marketin the assessment timeframe.
The regions like the Asia Pacific and South America are giving focus on the expansion of the construction sector, which is helping to maintain the global sales at the higher marketing position. Here, the fast-developing countries of the Asia Pacific region have huge demand over the products relating to Building Insulation Material, which the construction sector has maintained. According to the Building Insulation Material Market Forecastreport, the market is fuelling with the support of the biggest intended audiences like suppliers and distributors, building insulation material manufacturers, raw material suppliers, potential investors, associations, construction companies, end-users, and government.
The Building Insulation Material Marketwas negatively affected because of the covid-19 outbreak in the first half of 2020. During this time, many raw material manufacturers and insulating material manufacturing companies have closed all their operations at different locations because of the imposition of strict regulations from the government authorities. Moreover, the global economy has been affected adversely due to the covid-19 pandemic that includes manufacturing and supply chain disruption. The delay in the supply of many components has been evident in China.
However, it took some time to reopen, but the supply chain is opening again in the present scenario. The key players of the market are playing an important role in regrowing the performance of the Building Insulation Material Marketduring the forecast period.
Chief Factors Existing In The Market
Cumulative Evaluation Of The Market
The global marketis projected to show steady growth in between the forecast period of 2016 to 2023. This upward trend has continued to maintain the market performance till now and is estimated to maintain the same in the upcoming years.
As per theBuilding Insulation Material Market Outlook report, an unbiased growth assessment has been projected to be delivered in the upcoming years based on the current and future prospects of the global market.
According to the Building Insulation Material Market Analysis,the market has covered various regions like the Middle East and Africa, Europe, South America, and the rest of the world.
Among all, the European market for Building Insulation Material is projected to generate the largest market share during the review period. In this region, the countries like Germany are contributing highly and dominating the market as its economy is the fifth-largest in the world and the largest in Europe. In between 2013 to 2019, the weakest growth rate has been recorded, i.e., 0.6% due to the booming construction, increasing substantial private consumption, and higher state spending in the region. In 2020, the arrival of covid-19 had recorded a decline in GDP growth of nearly -4.8%. But it is projected to grow at 3.6% y the end of the year 2021 with the recovery of economic condition. Moreover, Germany consists of the largest construction industry in the country, which is fuelling the rising new residential construction activities in the region.
Significant growth in commercial and non-residential buildings has been evident in the country in the forecast timeframe. This region is expanding because of the increased real disposable incomes, lower interest rates, and rising investments by the German government and the European Union.
Competitive Intensity Within The Industry
The Building Insulation Material Market Trendsreports highlight that the current market share has been evaluated, which shows that the market players are contributing highly to lead the global market across regions. These key leaders include:
These key players have given the focus on the growth strategies, merger and acquisition activities, new product launches, segmental share, and geographical incomes to propel the growth in the Building Insulation Material Market Size.Moreover, these players are also giving focused on the recent research and developmental initiatives that can bring more opportunities to the global market.
Recent Market Developments
The global Building Insulation Material Market report is a combination of both qualitative and quantitative analysis that covers the market segmentation, market overview, covid-19 analysis, regional analysis, market dynamics, competitive analysis and recent development.
Further, the global Markethas been segmented based on material type, application and end-users.
Key Industrial Segments
By material type:
|Market Size||USD 35 billion 2030|
|Historical Data||2019 & 2020|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Application and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE, Rockwool International A/S (Denmark), Owens Corning Corporation, Paroc Group Oy, Lloyd Insulations Limited, Knauf Insulation Inc., Johns Manville Inc., GlassRock Insulation Company SAE, Saint-Gobain SA and Kingspan Group Plc.|
|Key Market Opportunities||Rising adoption of advanced constructions materials and increased focus on infrastructural development|
|Key Market Drivers||The construction sector has maintained the product demand from some of the fast-developing countries in Asia region.|
Frequently Asked Questions (FAQ) :
The building insulation material market is predicted to grow at a 3.67% CAGR between 2021-2030.
The global building insulation material market is predicted to touch USD 35 billion by 2021.
Key players profiled in the building insulation material market include Kingspan Group Plc., Saint-Gobain SA, GlassRock Insulation Company SAE, Johns Manville Inc., Knauf Insulation Inc., Lloyd Insulations Limited, Paroc Group Oy, Owens Corning Corporation, Rockwool International A/S (Denmark), and BASF SE.
Volatile raw material prices and inconsistent supply may restrict the building insulation material market growth.
Demand for energy efficiency in construction and government regulations on building insulation are boosting market growth.
The global Building Insulation Material Market has been segmented into material types, end-users, and applications.
Building Insulation Material players adopt geographical expansion for operational efficiencies
The global building insulation material market is currently dominated by a few players namely, BASF SE, Saint-Gobain S.A, Kingspan Group Plc, Rockwool International A/S, Owens Corning Corporation, and others.
Extensive growth in building insulation material market has brought to light that companies are investing heavily in expanding their presence across borders. Increasing demand and private construction have led to investment by manufacturers so to increase the market share and improve brand name. The other strategies followed by the companies are mergers & acquisitions, and product development. Product development is a key strategy adopted extensively by the players to expand their product portfolio and meet expanding customer base. The market is governed by favorable government regulations pushing the use of insulation in the construction to balance the energy conservation.
BASF SE pursued a strategy product innovation and technologies in close collaboration with the end-users by focusing on specialities and system solutions. The company leverages their expertise in chemicals and performance materials to develop new technologies and products. Furthermore securing their position in Europe market remains one of the other strategies along with their expansion plans in North America, Asia, South America, Eastern Europe, and the Middle East.
Rockwool International see focusing on expanding manufacturing capabilities to enhance efficiency, as key strategy along with creating new products. In FY2017, the company invested more in their brands and majorly in their online channels. This would also ensure the visibility of their products to a wider audience.
Owens Corning Corporation is focussing on capitalizing on the positive trend in United States housing starts. In the mid-term of FY2016, the company expanded Insulation segment to benefit from an overall strengthening of the United States housing market, higher capacity utilization and improved pricing.
The other prominent players in the market include, Paroc Group Oy, Lloyd Insulations Limited, Knauf Insulation, Inc., Johns Manville Inc., and GlassRock Insulation Company SAE. Other players accounted for a share of 50.90% in the market in 2016.