The North America Building Thermal Insulation Market- Growth, COVID-19 impact and Forecast (2021-2025)
The North America 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 (U.S, Canada, Mexico).
Introduction
The global building thermal insulation market displays steadfast growth and is expected to continue doing this according to its requirement as observed. Due to the geographical location, several places show high temperature variation between summer and winter.
This requires building insulation to maintain optimum indoor temperature that is done using energy or building thermal insulation material. Building thermal insulation material is used to prevent loss of heat as well as loss of cooling of indoor areas.
Despite the current pandemic situation, the building thermal insulation providers are recovering their operations in full capacities from 2021 beginning. Along with this, the recovering construction activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The North America building thermal insulation is expected to grow to $15.50 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 3.11% CAGR.
Favorable regulations, owing to the focus on lowering overall energy consumption, are likely to be a significant factor in the rising popularity of building thermal insulation materials.
U.S 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 contract glazing in the coming years.
Increasing the construction of hotels, office buildings, and retail stores is expected drive the demand.
The increasing number of renovation and refurbishment projects in the U.S., Canada, and Mexico 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 Anco Products, Certain Teed Corporation, Cellofoam North America, Atlas Roofing Corporation, GAF Material Corporation, Johns Manville Corporation.
The regional 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.
Companies are also adopting certain strategic initiatives, M&A activities to increase their production capacity and to enhance their product portfolio to cater to the growing demand.
Growth Drivers and Challenges
Favorable regulations, owing to the focus on lowering overall energy consumption is driving the demand.
High demand for the product for promoting thermal energy conservation in low-income households through federal funding is shaping the growth positively.
The lack of a skilled workforce in the country is anticipated to restrain the demand
Environmentally friendly raw materials restricting the demand for traditionally used raw materials to build thermal insulation which is challenging industry players in the market