Thermal Insulation Material Global Market Report 2024

The thermal insulation material market size has grown strongly in recent years. It will grow from $58.71 billion in 2023 to $62.24 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth observed in the historic period in the thermal insulation material market can be attributed to several factors. Government regulations promoting energy efficiency, increased awareness about energy conservation, technological advancements in insulation materials, growth in the construction industry, and the rise in energy costs all played significant roles in driving the demand for thermal insulation materials during this period.

The thermal insulation material market size is expected to see steady growth in the next few years. It will grow to $74.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. In the forecast period, the growth in the thermal insulation material market can be attributed to several factors. Increased urbanization, climate change mitigation efforts, a focus on sustainable construction practices, the adoption of green building standards, and advancements in material science are expected to contribute to the market's expansion. Major trends anticipated in the forecast period include the development of bio-based insulation materials, an expansion of the retrofitting market, the rise of smart insulation solutions, and the integration of nanotechnology in insulation materials. These trends reflect the industry's continuous efforts to align with sustainable and innovative practices.

The thermal insulation material market is expected to experience growth fueled by the rising building and construction industry. The building and construction sector, which involves various activities related to the creation of structures, including residential and commercial buildings, infrastructure projects, and industrial facilities, utilizes thermal insulation materials to enhance energy efficiency, comfort, and sustainability in buildings. The increased completion of housing units, as indicated by the United States Census Bureau's data showing a 4.5% increase in completed housing units in 2023 compared to the previous year, reflects the growing activity in the building and construction industry.

Key players in the thermal insulation material market are concentrating on developing innovative products with advanced technologies to enhance their market position. One such innovation is the introduction of light mineral wool, exemplified by Isover's QTech. QTech is a light mineral wool insulation solution designed for medium-temperature applications. This versatile material offers excellent thermal insulation, heat resistance, and easy handling during installation. It addresses safety and environmental sustainability concerns in various applications, including industrial, HVAC, and OEM settings.

In June 2023, Etex Group, a Belgian-based manufacturer of gypsum products, acquired Superglass Insulation Limited for an undisclosed amount. This strategic acquisition aims to expand Etex's sustainable insulation footprint in Europe, complementing its existing holdings in glass mineral wool and extruded polystyrene through URSA. The agreement strengthens Etex's operations in the UK, contributing to its comprehensive European sales and production network. Superglass Insulation Limited, based in the UK, specializes in manufacturing glass mineral wool insulation products.

Major companies operating in the thermal insulation material market report are BASF SE, Compagnie de Saint-Gobain S.A., Dow Chemicals Company, Bayer AG, Asahi Kasei Corporation, DuPont de Nemours Inc., Owens Corning, Kingspan Group PLC, Huntsman International LLC, Rockwool International A/S, Fletcher Building Products Ltd., Guardian Building Products Inc., GAF Materials Corporation, Armacell International, Paroc Group, Johns Manville Corporation, Byucksan Corporation, Jushi Group Corporation, Aspen Aerogels Inc., Atlas Roofing Corporation, Cellofoam North America Inc., Isocell GmbH, CertainTeed Corporation, Roxul Inc., ARK Thermal Insulation.

Asia-Pacific was the largest region in the thermal insulation material market in 2023. The regions covered in the thermal insulation material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the thermal insulation material market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Thermal insulation materials are substances or products specifically engineered to diminish the transmission of heat between objects or areas characterized by different temperatures. These insulation materials are commonly installed in various structural elements such as walls, roofs, floors, and others to effectively reduce heat transfer. The primary purposes of thermal insulation include minimizing heat loss during winter and preventing heat gain in summer, contributing to improved energy efficiency and temperature regulation within buildings or structures.

The primary products in the thermal insulation material market include roof insulation, wall insulation, and floor insulation. In roof insulation, thermal insulation materials are applied to minimize heat transfer through the roof structure. These materials find application in two types of buildings, residential buildings and non-residential buildings. The various thermal insulation materials utilized in these applications include stone wool, glass wool, plastic foam, among others. These materials are used across a diverse range of end-user industries, such as furniture, automotive, electronics, medical, retail, appliances, consumer goods, and others.

The thermal insulation material market research report is one of a series of new reports that provides thermal insulation material market statistics, including thermal insulation material industry global market size, regional shares, competitors with thermal insulation material market share, detailed thermal insulation material market segments, market trends and opportunities, and any further data you may need to thrive in the thermal insulation material industry. This thermal insulation material market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The thermal insulation material market consists of sales of smart lighting systems, daylight harvesting control systems, and energy-efficient outdoor lighting solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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