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Global Thermal Insulation Market: Snapshot

The global thermal insulation market is benefitting from government-backed environmental regulations for conservation of energy in buildings. In particular, governments in cold countries are actively promoting zero energy loss buildings that can be attained by means of reliable thermal insulation materials. As per the analysis revealed by the institute for Energy Diversification and Saving (IDEA), thermal insulation improvements can account for up to 30% drop in heat and air conditioning consumption to translate into energy and money savings and reduction in CO2 emissions as well.

Proving to challenge the growth of thermal insulation market is the high price of insulation materials that is resulting in their low adoption.

A report by Transparency Market Research forecasts the worldwide thermal insulation market to reach a valuation of US$77,770.7 mn by the end of 2025 increasing from US$48,288.3 mn in 2016 at a CAGR of 5.4% between 2017 and 2025.


Building & Construction End-user to Continue to Remain Significant

In this report, the global thermal insulation market is evaluated on the basis of product, foam, end-user, and region. Based on product, the market is categorized into cellular material, fibrous material, and granular material. The cellular material segment is further sub-segmented into glass, polypropylene, polyurethane, polystyrene, polyisocyanurate, and epoxy. The segment of fibrous material comprises mineral, fiberglass, silica, alumina silica, and silicone rubber as sub-segments. The granular material segment comprises cellulose, calcium silicate, perlite, aerogel, and expanded vermiculite as sub-segments. Amongst all, fibrous material reported the leading demand in 2016 among other thermal insulation products.

Based on foam type, the market has been classified into rigid board, rigid foam/foam board, flexible foam, sprayed foam, batts, loose fillers, barriers, and others. Vis-à-vis revenue, the segment of rigid board held more than 30% of the market in 2016.

By end-user, the thermal insulation market has been segregated into building & construction, oil & gas, aerospace & aviation, mechanical systems, clothing, automotive, industrial, and others. The building & construction segment comprises residential and commercial sub-segments. The oil & gas segment is further sub-segmented into offshore, subsea, and others. Of them, the building & construction segment constituted the leading more than 50% in 2016.

Asia Pacific to Register Robust CAGR through 2025

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the prime regional markets for thermal insulation that have been studied in this report. Among these, Asia Pacific emerged as the most lucrative market in 2016 with more than 35% share in the overall market. The trend is expected to continue over the forecast period with the region expected to account for a revenue contribution of US$34535.8 mn by the end of 2025. The growth of the construction industry in the region due to industrialization and urbanization is stoking demand for thermal insulation materials. Growing population coupled with increasing number of nuclear family setups is necessitating governments in this region to implement energy conservation practices.

Besides this, in this region, the thermal insulation market is benefitting from increasing maintenance activities among home owners. Home owners are increasingly investing in insulation materials for the upkeep of floors, walls, and roofs.

North America is anticipated to display the second-leading growth rate of 5.10% for the forecast period between 2017 and 2025. The region will serve a demand to attract a revenue of US$17562.8 mn by 2025 end.

The report has profiled key manufacturers in thermal insulation market as leading players, which include Armacell, Asahe Kasei Corporation, BASF SE, Johns Manville, Covestro AG, The Dow Chemicals Company, DuPont Insulcon Group, Isolatek International, Kingspan Group Plc, Owens Corning, ROCKWOOL International A/S, Saint-Gobain S.A., Thermax Jackets LLC, URSA Insulation S.A, and others.

R&D in Material Selection Lean on Specialized Applications in Thermal Insulation Market

Thermal insulation minimize heat transfer between objects or surfaces.  A slew of techniques, design features, and materials are utilized for heat insulation applications, propelling the growth of the thermal insulation market. Focus on reducing the energy loss with the objective of reducing carbon footprint is a key trend propelling the expansion of new avenues. Some of the organic materials in use include expanded plastics, wool, wood, cork, straw, technical hemp, while inorganic ones include mineral fibers and glass foams. Growing research in ceramic fiber thermal insulation are allowing vendors meet special considerations in end-use industries in relation to some of the popular regional certifications. A case in point is thermal insulation materials that can meet specification for high-temperature fiber blanket insulation application. Rise in demand for inexpensive materials for building industry to reduce heat loss or gain is a key driver for opportunity in the thermal insulation market. Increasing regulatory impetus on reducing energy consumption is a key aspect for stirring demand in the building and construction industry in developing and developed nations. Modernization of house construction in developing economies has fuelled the demand for high-performance thermal insulation products in recent years.

The COVID-19 pandemic was unprecedented in the way that it impacted the broader ecosystem of chemicals industry and materials manufacturing industries. New trends arose in relation to diversification, cost-optimization, economic and ecological sustainability, and new plans related to plant expansion for producers of thermal insulation products. Some of the top players were quick to diversify their business models to absorb the pandemic shocks in 2020 faster. In the foreseeable future, companies in producing and selling products in the thermal insulation market are likely to adopt new digital channels for promotion and advertisement efforts. Focus on circular economy is one of the key trends that will shape the production technologies in the thermal insulation market.

Global Thermal Insulation Market: Overview                 

This report analyzes and forecasts the market for thermal insulation at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (Kilo Tons) from 2017 to 2025. The study includes drivers and restraints of the global thermal insulation market. It also covers the impact of these drivers and restraints on demand for thermal insulation during the forecast period. The report also highlights opportunities in the thermal insulation market at the global and regional level.

The report comprises a detailed value chain analysis, which provides a comprehensive view of the global thermal insulation market. Porter’s Five Forces model for the thermal insulation market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.

Global Thermal Insulation Market: Scope of Study and Research Methodology

The report provides the estimated market size of thermal insulation for 2016 and forecast for the next nine years. The global market size of thermal insulation has been provided in terms of revenue and volume. Market numbers have been estimated based on key product, foam, end-user and regional segments of thermal insulation market. Market size and forecast for each major product, foam, and end-user have been provided in terms of global and regional/country markets.

In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.

Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, Factiva, etc.

Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.

Global Thermal Insulation Market: Market Segmentation

The study provides a decisive view of the global thermal insulation market by segmenting it in terms of product, foam, end-user, and region. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for thermal insulation in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual Foam segments in all the regions.

Global Thermal Insulation Market: Market Dynamics

The market for thermal insulation is primarily driven by rising demand from construction industry and increasing LNG demand. Demand for thermal insulation has been rising primarily due to the increase in demand for insulation in buildings for thermal purposes. With the growth of the population the rise for the construction industry is also increasing. Construction can be residential as well as non-residential. The rising demand from the new construction has raised the demand for thermal insulation products. The thermal insulation market would also be driven by increasing residential maintenance activities. Home owners are interested in investing more in the upkeep of their floors, walls, and roofing's. This trend is anticipated to promote the growth of thermal insulation market. Also, rise in construction industry will lead to the rise in the insulation market as the people are more inclined towards the energy saving processes. Growing population coupled with increasing numbers of nuclear families in Asia Pacific is encouraging growth of the construction industry in the region.

Global Thermal Insulation Market: Competitive Landscape

The study includes profiles of major companies operating in the global thermal insulation market. Key players in the thermal insulation market include Armacell, Asahi Kasei Corporation, BASF SE, Johns Manville, Covestro AG, The Dow Chemicals Company, DuPont, Insulcon Group, Isolatek International, Kingspan Group PLC, Owens Corning, ROCKWOOL International A/S, Saint-Gobain S.A., ThermaXX Jackets LLC, URSA Insulation S.A., and others. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis.

The Global Thermal Insulation market has been segmented as follows:

By Product

  • Cellular Material
    • Glass
    • Polypropylene
    • Polyurethane
    • Polystyrene
    • Polyisocyanurate
    • Epoxy
  • Fibrous Material
    • Mineral Wool
    • Fiberglass
    • Silica
    • Alumina Silica
    • Silicone Rubber
  • Granular Material
    • Cellulose
    • Calcium Silicate
    • Perlite
    • Aerogel
    • Expanded Vermiculite

By Foam

  • Rigid Board
  • Rigid Foam/Foam Board
  • Flexible Foam
  • Sprayed Foam
  • Batts
  • Loose Fillers
  • Barriers
  • Others

By End-User

  • Building & Construction
    • Residential
    • Commercial
  • Oil & Gas
    • Offshore
    • Subsea
    • Others
  • Aerospace & Aviation
  • Mechanical Systems
  • Clothing
  • Automotive
  • Industrial
  • Others

By Region/Country/Sub-region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Russia
    • Turkey
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

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Thermal Insulation Market

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