The global building thermal insulation market size is expected to reach USD 38.95 billion by 2025, at a CAGR of 4.8%, according to a new report by Radiant Insights, Inc. Implementation of stringent regulations by various governments to reduce greenhouse gas emission is expected to have positive impact on the growth.
Increasing demand in residential and commercial applications, owing to rising energy costs and importance of energy conservation is expected to drive the market over the forecast period. In addition, government initiatives to promote energy efficient operations is estimated to benefit the product demand.
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The market exhibits high level of integration by the raw material suppliers across the value chain. This enables the players to expand their scope of operations and enter new geographies. The manufacturers may face pricing pressure due to fluctuation in raw material prices on account of unstable crude oil prices.
Increasing R&D expenditure to develop transparent insulation technology to impart superior aesthetic appearance to thermal insulation materials is expected to boost the product adoption. In addition, development of vacuum insulation panels as an economically viable solution for household applications is expected to propel growth of the building thermal insulation market.
The industry is capital intensive, hence entry and sustenance requires considerable time, resources, and planning. Favorable government regulations coupled with increasing regulatory support is expected to attract a number of new entrants. Highly fragmented nature of the market is expected to encourage the entry of new players.
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Further key findings from the report suggest:
• Glass wool accounted for the market share of 28.3% in 2018, owing to its ability to withstand temperature fluctuations and reduce energy consumption
• Wall insulation led the market in 2018 and is estimated to reach USD 16.77 billion by 2025, owing to larger surface areas of insulation coupled with rising number of residential construction activities across the globe
• Commercial application emerged as largest application segment in terms of revenue in 2018 and is expected to expand at a CAGR of 4.5% from 2019 to 2025, owing to increasing importance of energy efficiency in commercial and public buildings due to rising energy costs
• The consumption in Asia Pacific stood at 5,535.3 kilotons in 2018 and is expected to exhibit the fastest growth over the forecast period due to the rapid economic developmentcoupled with rising construction spending by the governments to improve public infrastructure
• Major companies in the building thermal insulation market such as Owens Corning are focused on mergers and acquisitions to expand their geographical presence
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