Thermal Insulation Market Size & Growth | Statistics Report 2028

The thermal insulation 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 demand for thermal insulation increased owing to its advantages. It reduces energy costs and the heat transfer between two objects of different temperatures. Thermal insulation material offers insulation in which the radiative heat is reflected, reduced, and absorbed. Companies are focusing on providing lightweight products such as plastic, as it is easy to install and requires less time and effort. These factors are expected to augment the thermal insulation market growth.

The thermal insulation market is projected to witness significant growth in the coming years due to the strong presence of prominent players, such as 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. A large variety of thermal insulation products gained consumers' attention. Growing awareness about the benefits of high-temperature insulation, including resistance to elevated temperatures and thermal shocks, low thermal conductivity, environmental benefits, and cost efficiency, is likely to propel the thermal insulation market growth over the forecast period.

In 2021, Asia Pacific held the largest share of the global thermal insulation market. However, North America is estimated to register the highest CAGR in the market during the forecast period. The APAC market is segmented into China, India, Australia, Japan, South Korea, and the Rest of APAC. The construction industry is one of the booming industries in APAC due to the rapidly increasing population; this ultimately leads to the high demand for thermal insulation products. Moreover, the rising disposable income levels of consumers and the growth of the middle-class population are a few of the key factors driving the thermal insulation market growth in the region.

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Thermal Insulation Market: Strategic Insights

Thermal Insulation Market

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  CAGR (2022 - 2028)

  5.3%
• Market Size 2022
  US$ 53.39 Billion
• Market Size 2028
  US$ 72.9 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• BASF SE
• Bayer AG
• ROCKWOOL A S
• Johns Manville
• SAINT GOBAIN S A
• Kingspan Group PLC
• Dow Chemicals Company
• Owens Corning
• Asahi Kasei Corporation

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Material Type

• Fiber Glass
• Plastic Foam
• Stone Wool
• Calcium Silicate
• Cellular Glass

Industry Vertical

• Building and Construction
• Oil and Gas
• Chemical
• Aerospace and Defense
• Automotive
• Pharmaceutical

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Impact of COVID-19 Pandemic on Thermal Insulation Market

Before the COVID-19 pandemic, the thermal insulation market growth was primarily driven by the rising demand for buildings and construction activities. However, the market faced hurdles during the first quarter of 2020 due to business shutdown, raw material, and labor shortages, and decline in construction and transportation activities. The COVID-19 pandemic led to economic recession in the initial months of 2020, which created financial difficulties for low-income and mid-income consumers.

Moreover, due to restrictions, shutdown of many construction companies and manufacturing affected the growth of thermal insulation market. Moreover, during the pandemic, shortage of labor was a major concern for the thermal insulation industry. This led to shift towards mechanization, automation, and off-site fabrication in the thermal insulation industry.

Market Insights

Benefits of Using Thermal Insulation

Thermal insulation reduces heat movements and vapor condensation. Therefore, it prevents humidity, mold, freezing, deformation that may occur in the building and weakening of iron parts due to corrosion; and helps preservation of the building.  Moreover, in various industries, huge energy saving benefits can be obtained with decreased thermal conductivity in the lining construction through the utilization of products such as BTU-BLOCK insulation.

Based on material type, the global market is categorized into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. In 2021, the fiber glass segment accounted for the largest revenue share and plastic foam is expected to account for the highest growth rate over the forecast period. By industry vertical, the global market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. The building and cocntruction segment accounted for the largest revenue share.

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 a few of the key players operating in the thermal insulation market. These companies provide a wide range of product portfolios for the market. The companies have their presence in developing regions, providing lucrative market opportunities. Market players are developing high-quality, innovative products to meet customer requirements.

Report Spotlights

• Progressive industry trends in the market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the thermal insulation products market size from 2022 to 2028
• Estimation of global demand for thermal insulation
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook and factors driving and restraining the growth of the thermal insulation market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The size of the thermal insulation market at various nodes
• Detailed overview and segmentation of the market, as well as the thermal insulation industry dynamics
• Thermal insulation market size in various regions with promising growth opportunities

Thermal Insulation Market Report Scope

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The "Thermal Insulation Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a special focus on the global thermal insulation market trend analysis. The report aims to provide an overview of the market with detailed market segmentation.

The thermal insulation market is segmented into material type, industry vertical, and geography. Based on material type, the global market is segmented into fiber glass, plastic foam, stone wool, calcium silicate, cellular glass, and others. Based on industry vertical, the global market is segmented into building and construction, oil and gas, chemical, aerospace and defense, automotive, pharmaceutical, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

Company Profiles

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 prominent players operating in the global thermal insulation market.