Selbyville, Delaware, Dec. 01, 2022 (GLOBE NEWSWIRE) --
Building Thermal Insulation Market is expected to cross a valuation of USD 45 billion by 2032, according to the latest research report by Global Market Insights Inc.
New government initiatives to reduce carbon footprint will have a positive impact on the industry outlook. According to the International Energy Agency (IEA), buildings account for nearly 40% of global energy consumption and approximately 33% of greenhouse gas (GHG) emissions. Thermal insulation reduces the need for active heating and cooling systems in buildings, which facilitates the reduction of energy consumption and carbon emissions. Due to ongoing concerns associated with climate change and surging carbon emissions, government bodies worldwide are introducing ambitious strategies to decarbonize energy use. Such initiatives will boost the demand for building thermal insulation materials.
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Construction of green buildings to foster necessity of open-cell thermal insulation
Building thermal insulation market share from open-cell materials is expected to surpass USD 20 billion by 2032. Open cell materials elevate the overall performance of building thermal insulation with improved insulation properties, cost-effectiveness, and greater durability. Open-cell spray foams have emerged as popular insulators due to an increasing preference for green building materials that save on energy costs.
Carbon reduction strategies will emphasize the need for roof insulation
The industry from roof insulation applications will witness over 6% CAGR during 2023-2032. It enables improved fire rating, reduction of carbon footprint, and creates a mold-resistant space. With an increasing focus on reducing energy consumption across residential and commercial spaces, this insulation type is gaining significant traction.
Rising need for thermal insulation in commercial buildings
The commercial end-user segment in building thermal insulation market is poised to cross USD 12.5 billion revenues by 2032. Increasing number of commercial projects in developed and developing countries will propel the demand for thermal insulation products. Several government initiatives are encouraging the adoption of sustainable heating systems for commercial buildings. As commercial space owners seek sustainable and energy-efficient HVAC technologies to reduce their carbon footprint, the demand for thermal insulation is projected to rise.
Europe to emerge as a hotspot for building thermal insulation companies
Europe building thermal insulation market is anticipated to surpass USD 12 billion by 2032. Ambitious environmental goals and carbon emission policies will complement industry expansion. Government bodies are urging homeowners to replace fossil gas boilers with more sustainable alternatives. According to a study conducted by the Buildings Performance Institute Europe (BPIE), home insulation is one of the most promising means to reduce energy use and energy bills in the region. Furthermore, growing efforts to reduce dependence on Russian gas will increase the need for insulating homes.
New product developments to garner industry progress
Leading building thermal insulation industry companies are BASF SE, Huntsman International LLC, Johns Manville, CertainTeed, Cellofoam North America, Inc., Atlas Roofing Corporation, Neo Thermal Insulation (India) Pvt., Ltd., Paroc Group, Dow Building Solutions, etc. These participants are expanding their product portfolios. For instance, in September 2022, CertainTeed expanded its suite of high-performance insulation products with the addition of InsulPure™ Fiberglass Building Insulation which is a lightweight product.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Building thermal insulation industry 3600 synopsis, 2018 - 2032
2.1.1 Business trends
2.1.2 Material trends
2.1.3 Application trends
2.1.4 End-use trends
2.1.5 Form of insulation trends
2.1.6 Regional trends
Chapter 3 Building Thermal Insulation Industry Insights
3.1 Introduction
3.2 Industry landscape
3.3 Industry ecosystem analysis
3.4 Price analysis
3.5 Regulatory landscape
3.6 Global construction industry outlook
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Greenhouse gas emission reduction
3.7.1.2 Tough government carbon targets
3.7.1.3 Increasing demand for energy requirement
3.7.2 Industry pitfalls and challenges
3.7.2.1 Stagnant growth of the construction industry in Europe
3.7.2.2 Lack of awareness
3.8 Growth potential analysis, 2022
3.9 Global building thermal insulation market outlook
3.10 Cost comparison ratio
3.11 Number of LEED projects awarded by region
3.12 Insulation material volume, by country
3.13 Raw material trends
3.14 Innovation & sustainability
3.15 Simulation software/service for heat transfer and acoustic diagnostic, by region
3.16 Porter’s analysis
3.17 PESTEL analysis
3.18 COVID-19 impacts on building thermal insulation demand, by end-user
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
