Thermal Insulation Material Market worth $96.0 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 11, 2023 /PRNewswire/ -- The report "Thermal Insulation Material Market by Material Type (Fiberglass, Stone Wool, Foam, Wood Fiber), Temperature range (0-100?, 100-500?, 500? and above), End use industry (Construction, Automotive, HVAC, Industrial), and Region - Global Forecast to 2028", is projected to grow from USD 71.7 billion in 2023 to USD 96.0 billion by 2028, at a CAGR of 6.0% from 2023 to 2028. The thermal insulation material market is mainly driven by the demand for thermal insulation material in various end-use industries, including construction, automotive, HVAC and industrial applications coupled with the increasing demand for indoor air quality, energy efficiency regulations and concerns for the environmental impact. Moreover, it is also driven by rapidly developing and emerging economies.
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225 – Tables
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Fiberglass by material type is projected to grow at fastest CAGR, in terms of value, during the forecast period.
Fiberglass is projected to be the fastest-growing segment in the global thermal insulation material market by material type, in terms of value, during the forecast period. One of its primary benefits is its strength and durability. Fiberglass is incredibly strong and can withstand heavy loads and impacts, making it ideal for use in structures and products that require high strength and longevity. Additionally, fiberglass is lightweight, which makes it easy to transport and install. It is also highly resistant to corrosion and extreme weather conditions, making it a good choice for use in harsh environments other benefits of fiberglass include its insulation properties, fire resistance, and low maintenance requirements. Because of these benefits, fiberglass is widely used in industries such as construction, automotive, aerospace, marine, and more.
0-100? is projected to be the fastest growing temperature range in the market, in terms of value.
Thermal insulation materials that can withstand temperatures ranging from 0 to 100 degrees Celsius are widely available and commonly used in a variety of applications. These materials include mineral wool, polyurethane foam, cellulose insulation, fiberglass insulation, and aerogel insulation. This range of temperatures is relevant for a variety of applications because it includes typical indoor temperatures, the range of temperatures commonly found in many industrial settings, and the range of temperatures experienced by many vehicle components. In building construction, thermal insulation materials with resistance to this range of temperatures are used to improve energy efficiency, reduce heating and cooling costs, and increase overall comfort. These materials help to prevent heat transfer through walls, floors, and roofs, keeping indoor spaces cooler in the summer and warmer in the winter. Thus, helping to improve energy efficiency, increase safety, and reduce maintenance costs.
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Europe is expected to be the fastest growing market for thermal insulation material during the forecast period, in terms of value.
Europe was the largest thermal insulation material market, in terms of value, in 2021. The European market is regulated by Registration, Evaluation, Authorisation and Restriction of Chemical Substances (REACH), which monitors and sets up the guidelines for protecting the environment and preventing health hazards from chemical substances. Industrial expansion and technological developments in the region are driving the consumption of thermal insulation material. Market growth is also expected to be supported by the improving global economy. The rising investments are contributing to the growth of the manufacturing industry in Germany. Economies, including Germany, the UK, France, Poland, Italy, Spain, and are important markets for thermal insulation material.
The key players in this market are Saint Gobain SA (France), Kingspan Group (Ireland), Rockwool International A/S (Denmark), Owens Corning (US), Knauf Insulation (US), BASF SE (Germany), Asahi Kasei Corporation (Japan), Recticel (Belgium), GAF Material Corporation (US), Evonik (Germany). These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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