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Building Insulation Material Market Trends

ID: MRFR//0884-CR | 110 Pages | Author: Priya Nagrale| May 2018

Global Building Insulation Material Market Overview

Building Insulation Material Market Size was valued at USD 29.3 billion in 2023. The building insulation material industry is projected to grow from USD 30.375 Billion in 2024 to USD 39.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.21% during the forecast period (2024 - 2032). Growing emphasis on infrastructure development, particularly in the commercial and residential sectors, as well as increased use of modern construction materials are the key market drivers enhancing the market growth.Building Insulation Material Market OverviewSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Building Insulation Material Market Trends

  • Growing Building and Construction Industry Drives Market Growth.

Market CAGR for Building Insulation Material is being driven by rising Building & Construction Industry. The rising demand for building thermal insulation has increased as the building and the construction sector have grown. Thermal insulation systems in buildings keep indoor temperatures consistent by minimizing heat transmission between adjacent environments. Furthermore, they cut carbon emissions by reducing heat transfer to the outside environment and requiring less energy to maintain temperature. It has excellent properties for building structures, including fire and impact resistance. Thermal insulation materials are required in the architecture and construction industry due to their great energy efficiency. Furthermore, rising industrialization encourages the installation of thermal insulation systems in commercial buildings to save energy, which is expected to fuel market growth.

For instance, according to the US Census Bureau and the US Department of Housing and Urban Development, 1,295,000 housing constructions were completed. In addition, building permits are scheduled to authorize 1,724,700 housing projects in 2021. This is 17.2% (0.6%) greater than the 2020 figure of 1,471,100. Building thermal insulation market growth is expected to be aided by rising construction projects.

In addition, rising energy prices are being driven mostly by rising demand for building thermal insulation materials in both residential and commercial applications. Inefficient energy consumption has two costs. Significant energy usage may cost the consumer a lot of money due to recent price rises. Natural resources are also depleted as a result. As a result, consumers, particularly those who live in urban areas, make an effort to insulate their homes. Creating low-energy insulating goods like foamed plastics represents a massive commercial opportunity. Some of these products can recover insulation expenditures in as little as 12 months through energy savings.

Furthermore, according to the Indian Green Building Council, good building insulation saves money while also helping the environment. It not only reduces monthly energy costs but also enhances overall comfort. Insulation maintains a pleasant temperature by reducing heat loss and leakage.

Owens Corning acquired Vliepa GmbH (Germany) in July 2021, which is engaged in the coating, printing, and finishing of nonwovens, paper, and film. It helps Owens Corning to serve the building and construction market in the European region, thereby strengthening its position there.

Rockwool International AS purchased Parafon, which delivers stonewool-based acoustic solutions, in February 2020. This will foster entry into new markets in northern Europe, and when mixed with an excellent acoustic performance of stone wool, this acquisition will help to increase the customer base.

Building Insulation Material Market Segment Insights

Building Insulation Material Type Insights

The building insulation material market segmentation, based on material type includes stone, wool, glass wool, EPS, XPS and others. The EPS segment led the market in 2022, accounting for more than 27.4% of worldwide sales. Expanded polystyrene is a lightweight and high-tensile plastic foam insulation manufactured from rigid polystyrene pellets. The product is expected to maintain its dominance during the predicted period.

Building Insulation Material Application Insights

The building insulation material market segmentation, based on application, includes walls, roofs and floors. Roof category accounted for the largest share of all application categories in 2023 and is predicted to exhibit significant strong revenue CAGR over the forecast period, owing to the increasing requirement to minimize heat penetration via the roof. Furthermore, an increase in the number of single-family houses is expected to drive market growth during the projection period.

Building Insulation Material End-User Insights

The building insulation material market segmentation, based on end-user, includes commercial and residential. Residential category held the largest revenue owing to the trend of single-family dwelling gaining traction, as well as increased refurbishment and re-insulation operations of current and older residences. Furthermore, a growth in multi-family housing development activities is expected to enhance demand for building thermal materials in the future. Rising importance of energy conservation in commercial and public buildings due to high energy prices, which also contribute to increased maintenance costs, is a significant factor projected to promote revenue growth in this category over the forecast period.

Figure1: Building Insulation Material Market, by end-user, 2024 &2032 (USD billion)

Building Insulation Material Market, by end-user

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Building Insulation Material Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. In 2022, Europe had the largest profits share in the market, and this trend is predicted to continue between 2018 and 2032. The European Commission's and the Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) projects to stimulate thermal insulation deployment to reduce energy consumption are likely to drive market growth in the region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America’s building insulation material market accounts for the second-largest market share due to cold climatic condition and the rapid urbanization in the region. Further, the German building insulation material market held the largest market share, and the UK building insulation material market was the fastest-growing market in the North American region

The Asia-Pacific Building Insulation Material Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the increased building activity being done in the region to suit the needs of a rising population. Moreover, China’s building insulation material market held the largest market share, and the Indian building insulation material market was the fastest-growing market in the Asia-Pacific region.

Building Insulation Material Key Market Players & Competitive Insights

Leading market players are extensively spending in research and development to extend their product lines, which will help the building insulation material market grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the building insulation material industry must provide cost-effective products.

Manufacturing locally to reduce operational costs is one of the primary business strategies adopted by manufacturers in the building insulation material industry to serve clients and expand the market sector. In recent years, the building insulation material industry has provided some of the most significant benefits to medicine. Major players in the building insulation material market, such as Paroc Group Oy, Lloyd Insulations Limited, Knauf Insulation Inc., Johns Manville Inc., GlassRock Insulation Company SAE, and others, are seeking to raise market demand by investing in research and development operations.

Owens Corning is a corporation based in the United States that develops and manufactures insulation, roofing, fibreglass composites, and related materials and products. It is the largest producer of fibreglass composites in the world. It was founded in 1935 by two large American glassworks, Corning Glass Works and Owens-Illinois. Around 19,000 people are employed by the organization worldwide. Since the list's inception in 1955, Owens Corning has been a Fortune 500 firm every year. The Pink Panther serves as the company's mascot and can be seen in the majority of their ads. In July 2021, Owens Corning has announced the acquisition of vliepa GmbH (Germany), a company that specializes in nonwovens, paper, and film coating, printing, and finishing. The deal allows Owens Corning to better service the European building and construction markets.

The Atlas Corporation is an American financial corporation founded in 1928. Atlas invested in and managed a number of large US corporations during the twentieth century, and also has a number of natural resource investments. Atlas Corporation was formed in 1928 by the amalgamation of the United Corporation, an investment firm founded in 1923 with $40,000, and Atlas Utilities and Investors Ltd. The company focused on capital formation and management. Atlas began as a $12,550,000 investment trust in 1929.The corporation survived the 1929 Wall Street Crash and continued to develop during the 1930s and 1940s. Floyd Odlum and his brother-in-law, Boyd Hatch, created the company. In August 2022, Atlas Roofing Corporation announced plans to invest USD 200 million in the construction of a shingle manufacturing facility in the Midwestern United States. Atlas will also produce novel and revolutionary items, such as roofing underlayment and Atlas' patented roof system components.

Kingspan Group is acquiring a majority stake in Steico SE –a major player in wood fiber insulation and wood-based building envelope products, in July 2023. This acquisition complements Kingspan’s strategy of extending its range of insulating materials and enhancing sustainability. The acquisition is, however, subject to regulatory approval and expected to be complete by early 2024.


Key Companies in the building insulation material market include

Building Insulation Material Industry Developments

November 2023: The HemKor range was launched by Kingspan Group and featured the company’s first insulation product derived from biomass. To enable it to drive down the embodied carbon of buildings, the product was mainly made of hemp.

March 2023: Energystore Limited introduced its low-carbon footprint insulation products line, Energystore+, which consists of expandable polystyrene (EPS) granules under BASF SE called Neopor BMB.

February 2023: Atlas Roofing Corporation unveiled EnergyShield XR, a new polyiso insulation product designed for continuous insulation on foundation walls and use under slabs.

In March 2023, Knauf Insulation invested €120 million in doubling Croatia's plant energy-saving manufacturing capacity, creating 70 jobs and expanding its presence across Europe. Also included are an electric melting furnace that reduces emissions by 80%, green electricity sourcing, and more recycling in the production process. Construction begins in 2023, with full operation expected by 2025. This supports Croatia’s goals for energy-efficient building renovation, with most sales going abroad while aiming at export shares reaching up to 90%.

Building Insulation Material Market Segmentation

Building Insulation Material Market By Material Outlook

  • Stone wool

  • Glass wool

  • EPS

  • XPS

  • Others

Building Insulation Material Market By Application Outlook

  • Walls

  • Roofs

  • Floors

Building Insulation Material Market By End-User Outlook

  • Commercial

  • Residential

Building Insulation Material Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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