Thermal Insulation Market is expected to reach US$ 72.90 Billion by 2028

Increase in Demand for Lightweight Thermal Insulation Products Drives Thermal Insulation Market Growth

According to our latest market study, “Thermal Insulation Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type and Industry Vertical,” the market is expected to grow from US$ 53.39 billion in 2022 to US$ 72.90 billion by 2028; it is expected to grow at a CAGR of 5.3% from 2022 to 2028. The report highlights key factors driving the thermal insulation market growth and prominent players along with their developments in the market.

Insulation materials are common and inexpensive, with many displaying characteristics suitable for varied end use applications such as construction, oil and gas, chemical, aerospace, automotive, etc. A few of the more prominent thermal insulation materials include fiberglass, mineral wool, cellulose, polyurethane foam, polystyrene, etc. Increasing awareness and investments toward sustainability and reducing greenhouse gas (GHG) emissions and energy consumption from fossil fuel sources are also supporting the adoption of thermal insulation materials.

Moreover, the research and development initiatives toward product development in terms of material and design are propelling the thermal insulation market growth. Other factors influencing sales and applications of thermal insulation include shrinkage, ease of installation, and moisture resistance. Consumers are demanding lightweight thermal insulation products as heavier insulation materials have high installation and labor costs. Lightweight thermal insulation material requires minimal effort and time for installation. If a thermal insulation material is too thick, rigid, or heavy, it can impede its performance and restrict its application. Moreover, companies are also focusing on providing lightweight thermal insulation products such as plastic. Thus, lightweight products have become a preferred choice for manufacturers for complex and high-quality product designs. These factors mentioned above are driving the thermal insulation market growth.

BASF SE, Bayer AG, ROCKWOOL A/S, Johns Manville, SAINT GOBAIN S.A, Kingspan Group PLC, Dow Chemicals Company, Owens Corning, Asahi Kasei Corporation, and DuPont are the key players operating in the global thermal insulation market. These companies provide a wide range of product portfolios for the market and have a widespread global presence, which provides a lucrative opportunity to serve a large number of customers and increase the market share. These market players are highly focused on developing products with advanced technology platforms to serve their customers better.

Impact of COVID-19 Pandemic on Thermal Insulation Market

The COVID-19 pandemic initially affected the global thermal insulation market due to the shutdown of manufacturing units, declining construction activities, shortage of labor, disruption of supply chains, and financial instability.

The spread of SARS-CoV-2 resulted in the decline of thermal insulation production as ~50-60% of thermal insulation was utilized by the building & construction sector, followed by the consumer goods & transportation industry. Various industries such as chemical, oil & gas, aerospace & defense, automotive, and pharmaceutical have been adversely affected by the COVID-19 pandemic. Insulation manufacturers have directly affected the demand for thermal insulation owing to significant supply chain disruptions and a slowdown in manufacturing operations. The trade barriers imposed by international borders had interrupted the entire thermal insulation production process.

The insulation industry is likely to focus and shift toward mechanization, automation, and off-site fabrication. This will be a significant step toward reducing dependency on labor. During the COVID-19 pandemic, labor was a significant concern, and due to the lockdown, the availability of labor became difficult.

Global Thermal Insulation Market Breakdown – by Region

The report includes the segmentation of the global thermal insulation market as follows:

The global thermal insulation market is segmented into material type, industry vertical, and geography. Based on material type, the market is categorized into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. Based on industry vertical, the market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others.

By geography, the thermal insulation market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The North America thermal insulation market is further segmented into the US, Mexico, and Canada. The Europe thermal insulation market is sub segmented into Germany, France, Italy, the UK, Spain, and the Rest of Europe. The Asia Pacific thermal insulation market is further categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) thermal insulation market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The South & Central America thermal insulation market is segmented into Brazil, Argentina, and the Rest of South & Central America.