Building Insulation Material Market Size was valued at USD 28.3 billion in 2022. The building insulation material market industry is projected to grow from USD 29.3 Billion in 2023 to USD 39.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.67% during the forecast period (2023 - 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.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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.
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 2022 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.
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, 2022&2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
Figure2: BUILDING INSULATION MATERIAL MARKET SHARE BY REGION 2022 (%)Â
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 2023 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.
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.
BASE SE
Rockwool International A/S
Lloyd Insulations Limited
Paroc Group Oy
Knauf Insulation Inc
Kingspan Group Plc
Saint-Gobain SA
GlassRock Insulation Company
SAE
In March 2022, BASF has expanded its line of graphitic expandable polystyrene (EPS) granulates. BASF introduced Neopor F 5 McycledTM, which comprises 10% recycled material and is suited for a wide range of building applications, including facade insulation.
In February 2021, Hira Industries has announced the release of Aero foam NBR Lap Seal Tubes, an effective and efficient thermal insulation solution that can be installed in a variety of residential and commercial complexes to provide corrosion protection while improving the building's safety, efficiency, and durability.
In September 2019, Demilec, Inc., a subsidiary of Huntsman Corporation and a manufacturer of open- and closed-cell spray polyurethane foam (SPF) insulation and coatings in North America, announced the launch of several spray foam insulation products for the Middle East market, as well as the opening of its Spray Foam Technical Application and Training Centre in Dubai.
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
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| Report Attribute/Metric | Details |
| Market Size 2022 | USD 28.3 billion |
| Market Size 2023 | USD 29.3 billion |
| Market Size 2032 | USD 39.1 billion |
| Compound Annual Growth Rate (CAGR) | 3.67% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Application and End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â 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 | Adoption of innovative construction materials is increasing. A greater emphasis on infrastructure development |
| Key Market Dynamics | The building industry has maintained product demand from some of Asia's fastest-growing countries. |
Building Insulation Material Market Highlights:
Frequently Asked Questions (FAQ) :
The building insulation material market size was valued at USD 2.3 Billion in 2022
The market is projected to grow at a CAGR of 3.67% during the forecast period, 2023-2032
Europe had the largest share of the market
The key players in the market are Paroc Group Oy, Lloyd Insulations Limited, Knauf Insulation Inc., Johns Manville Inc., GlassRock Insulation Company SAE
The EPS building insulation material category dominated the market in 2022
The Roof had the largest share of the market
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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