Global Thermal Insulation Material Market Insights Forecasts to 2032

• The Thermal Insulation Material Market was valued at USD 67.30 Billion in 2022.
• The Market Size is Growing at a CAGR of 6.5% from 2022 to 2032
• The Worldwide Thermal Insulation Material Market Size is expected to reach USD 106.80 Billion by 2032
• North America is expected To Grow the fastest during the forecast period

The Global Thermal Insulation Material Market Size is expected to reach USD 106.80 Billion by 2032, at a CAGR of 6.5% during the forecast period 2022 to 2032.

Thermal insulation materials are substances or goods made to lessen the transmission of heat between objects or areas of varying temperatures. To improve energy efficiency, lower heat gain or loss, and maintain desirable temperatures, they are frequently employed in construction, industrial operations, and a variety of other applications. The application, intended thermal performance, cost, and environmental concerns all play a role in the insulation decision. The correct installation of high-quality insulation materials is the secret to a successful insulation system. The use of insulation in buildings helps to limit heat gain and loss while consuming less energy. For homes to stay warm in the winter and cool in the summer, it serves as a barrier to heat movement. The right amount and kind of insulation depend on the climate.

Impact of COVID-19 On the Thermal Insulation Material Market

Various nations such as India, China, Italy, Germany, and Brazil have imposed nationwide restrictions in order to resolve the impact of the COVID 19 pandemic since the fourth quarter of 2019. For instance, the revenue generated of BASF suffered a decline of 0.3% owing to the outbreak of pandemic. The movement of materials and people which has been impacted owing to the restrictions which has affected the supply chain of the insulation industry. Many countries, on the other hand take into consideration as well as related operations which help businesses to continue providing services to the customers albeit with a same workforce and more factors. So, to reduce the impact, the companies have started focussing on new government building and developmental projects in improving healthcare infrastructure. Moreover, the companies have advocating the use of insulation products in such structures for reducing energy demand as well as support the requirement for a sustainable environment within the premises of organizations.

Key Market Drivers

With the urbanization and rapid industrialization in various developing nations, the construction industry has witnessed a rapid growth which is ultimately driving the thermal  insulation materials market. Constructions in different regions such as North America, Asia Pacific, and Europe are witnessing a significant growth and is going to increase the demand of global thermal insulation material market. When it comes to the construction sector, the Asia Pacific region is the dominant one with excellent growth. The main reason behind the growth of this region is the increasing middle class income, increasing population and urbanization. Not only this but also the climatic conditions also significantly affect the market. Apart from this, the increasing awareness among the consumer in energy saving and protecting against excessive consumption of energy is driving the overall growth of the global thermal insulation material market.

Key Market Challenges

The price of plastic foams is fluctuating constantly which is hampering the global thermal insulation materials market. The products are used at plastic foams such as polyurethane foams and polystyrene foams which are made of crude oil. So, these types of contant changes in the prices and the accessibility of this oil is a primary factor in the production of these plastic foams. The accessibility of these products which are made of crude oil such as polymers and elastomers is completely based on the import and manufacturing framework of various economies. The price of raw material mostly lie on the labour prices, trading costs, production locations, etc. The disruption of supply chain due to the pandemic outbreak which caused a lower manufacturing rate. The high process of freights and so of the raw materials come after it in the reverse order. These elements are impeding the expansion of the world market for insulating products.

Market Segmentation

Product Insights

EPS segment accounted the largest market share over the forecast period

On the basis of product, the global thermal insulation material market is segmented into EPS, XPS, Polyurethane, Polyurethane Foam, Polyvinyl Chloride, Cellulose, Glass Wool, Mineral Wool, Aerogel, Calcium Silicate, Others. Among these, the EPS segment holds the largest market share over the forecast period. EPS, also known a expanded polystyrene is basically a high tensile plastic which is lightweight and made of rigid pellets of polystyrene. Thus, all these factors are anticipated to dominate the market over the forecast period. Glass wool segment, on the other hand is anticipated to witness the fastest market share over the forecast period. Glass wool is low weight and has a high tensile strength. The Polyurethane have a significant market share over the forecast period. This material offers high thermal resistance of the gas. This product is also used for insulation in the automotive interiors.

End User Insights

Construction segment is dominating the market over the forecast period

Based on the end user, the global thermal insulation material market is segmented into Infrastructure, Construction, Industrial, HVAC, Transportation, Appliances, OEM, Others. Among these, the construction segment is dominating the market with the largest market share over the forecast period. The growth is attributed to the rising number of buildings in the urban areas which are insulation intensive. The residential construction sectors as well as the transportation sectors are anticipated to witness a significant growth over the forecast period. The transportation segment, on the other hand is anticipated to witness the fastest market over the forecast period.  Insulation helps to offer fire protection, noise reduction, and superior thermal insulation

Regional Insights

Asia Pacific is dominating the market with the largest market share over the forecast period. 

Asia Pacific is dominating the market with the largest market share over the forecast period. Many developing nations like India and China due to the increasing production of oil, there has been a rapid use of insulation materials. There has significant use of insulation in order to prevent the wastage of energy as well as rising demand for insulation in renovation and refurbishing application.

North America, on the other hand is anticipated to witness the fastest market growth over the forecast period due to the huge demand of insulation materials. The North American thermal insulation material market is highly influenced by the significant demand for oil and gas, power, manufacturing, metal and mining industries where the temperature of operation is high. Due to the strong presence of key manufacturers of thermal insulation material and rapid industrialization, the European market is also anticipated to witness a huge market share over the forecast period. 

Recent Market Developments

• In July 2021, Owens Corning has made an announcement about its acquisition of vliepa GmbH which has a speciality in printing, coatings, nonwoven finishing, paper and film.
• In February 2020, Parafon was acquired by Rockwool International AS. This acquisition will help to establish its footmarks in Northern Europe.

List of Key Companies

• Rockwool International A/S
• GAF Materials Corporation
• Guardian Building Products, Inc.
• Huntsman International LLC
• Johns Manville Corporation
• Cellofoam North America, Inc.
• Atlas Roofing Corporation
• CertainTeed Corporation
• Roxul, Inc.
• Dow Building Solutions
• Owens Corning Corporation
• Saint-Gobain S.A.
• Byucksan Corporation
• Kingspan Group PLC
• BASF Polyurethanes GmbH

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global UV Stabilizers Market based on the below-mentioned segments:

Thermal Insulation Material Market, Technology Analysis

• Radiation Cure
• High Solids
• Powder
• Waterborne

Thermal Insulation Material Market, Application Analysis

• Product finishes
• Packaging
• High Performance
• Industrial
• Automotive
• Architectural

Thermal Insulation Material Market, Application Analysis

• Metal
• Plastic

Thermal Insulation Material Market, End Use

• Furniture
• Automotive
• Electronics
• Medical
• Retail
• Appliances
• Consumer Goods
• Others

Thermal Insulation Material Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa