Market Research Future (MRFR) has announced a new report on the global building thermal insulation market. The report provides market forecasts from 2021 to 2028 (forecast period).
According to the new report, the global building thermal insulation industry is likely to exhibit steady growth over the forecast period due to the consistent support given by governments to thermal energy conservation initiatives and steady growth of the global construction industry.
Building thermal insulation is becoming a crucial component in construction projects due to the growing awareness regarding its contribution in reducing the building’s carbon footprint. As depletion of manmade emissions has taken precedence in tackling global climate change, measures such as building thermal insulation are gaining steam and likely to remain popular across the world in the coming years. Developing as well developed economies are likely to support advances in building thermal insulation, lending support to the global building thermal insulation market’s growth prospects over the coming years.
The report segments the global building thermal insulation market by material, application, end-use, and region. Fiberglass, mineral wool, polyurethane (PU) foam, and others are the major market segments by material. By application, the market is segmented into residential construction, commercial construction, and others. By end use, the market is segmented into roofs, walls, and floors, while by region, the market is divided into North America, Europe, APAC, and Rest of the World.
Residential as well as commercial construction projects are likely to exhibit steady demand for building thermal insulation over the coming years due to the rising global population and the strong government support being given to the construction industry across the world.
North America is likely to be the dominant market for building thermal insulation products over the forecast period. Government-sponsored rebates and other tax benefits for construction companies are expected to give a major boost to the construction industry in North America, driving the demand from the building thermal insulation market. The increasing environmental awareness among construction magnates in North America is also likely to propel the use of building thermal insulation products. The environmental movement is also gaining significant populist support, making the use of effective building thermal insulation materials a strong USP for construction companies. Thus, the presence of governmental as well as populist support is likely to enable strong growth of the building thermal insulation market in North America.
However, Asia Pacific is likely to be the major driving force for the global building thermal insulation market over the coming years. Rapid economic development in countries such as China and India has led to strong demand from the construction industry. Residential as well as infrastructure construction is on the rise in these and other countries in Asia Pacific, lending strong support to the building thermal insulation market in the region. Growing environmental awareness among customers in Asia Pacific is also likely to boost the demand for building insulation materials, as the vast population of the region presents a major opportunity for the construction industry and also represents a significant share of global carbon emissions, which can be reduced through the introduction of building thermal insulation materials in new construction projects in the region.
Key building thermal insulation market share players analyzed in the report include Johns Manville Inc., Beijing New Building Material Co. Ltd., GAF Material Corporation, BASF SE, Atlas Roofing Corporation, Rockwool International A/S, Knauf Insulation GmbH, Owens Corning Corporation, Certain Teed Corporation, Knauf Insulation, Huntsman International LLC, Kingspan Group Plc, Paroc Group, Dow Building Solutions, and Saint-Gobain Group.
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