The Global Building Thermal Insulation Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Global Building Thermal Insulation market is segmented by Product type (Glass Wool, EPS and Others); Application (Walls, Roof and Floor); End-users (Residential and Commercial) Region (North America, Europe, APAC, ROW).
Introduction
Building thermal insulation refers to a crucial technology in construction that helps decrease energy consumption of the buildings, by preventing loss or gain of heat through the envelope of the structure. The building thermal insulation market will observe growth from roof insulation applications.
Building thermal insulation comprises the use of suitable insulation materials for limiting heat transfer from enclosures. It helps to reduce the loss or gain of heat due to indoor-outdoor temperature differences. The market for building thermal insulation will expand with increased demand for energy saving solutions.
Reduction in the energy consumption and its related cost, presence of stringent building energy codes along with rebates and tax credits will positively impact the growth of the building thermal insulation market.
Table of Contents
Market Overview
The Global building thermal insulation is expected to grow to $34.90 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 4.28% CAGR.
Favorable regulations, owing to the focus on lowering overall energy consumption, development of green buildings are rising popularity of building thermal insulation materials.
North America is dominating the market due to increased demand from the construction sector, developed manufacturing industry, and government initiatives favoring the development of social infrastructure
Key Trends
Green building initiatives across various regions, are anticipated to propel the demand for the market in the coming years.
Increasing healthcare infrastructure development across globe amid COVID-19 is expected drive the demand.
The increasing number of renovation and refurbishment projects in the developed countries is anticipated to boost the demand for materials, thereby propelling the industry growth.
Key Market Players
Some of the key players in the market are Rockwool International, Guardian Building Products, Huntsman International, Atlas Roofing Corporation, GAF Material Corporation, Johns Manville Corporation.
The global market for building thermal insulation is competitive, owing to the presence of a large number of significant players in the market. The market has been witnessing an increasing trend of organic growth. Companies in the market are focusing on expanding their product portfolio with enhanced properties.
Growth Drivers and Challenges
The rising investment in various construction and infrastructure projects across the globe is driving the market. Global construction industry is growing at a faster pace with a major contribution from emerging countries. The revenue is expected to reach approximately $14.98 trillion by 2025
Favorable regulations, owing to the focus on lowering overall energy consumption is driving the demand.
The lack of a skilled workforce in the country is anticipated to restrain the demand
Health concerns related few thermal insulation products are limiting the market growth
Environmentally friendly raw materials restricting the demand for traditionally used raw materials to build thermal insulation which is challenging industry players in the market