Building Thermal Insulation Global Market Report 2024

Building thermal insulation is a method that prevents the transfer of heat from one substance to another when they are in thermal contact. It utilizes materials with low thermal conductivity to achieve effective insulation.

The primary materials in the building thermal insulation market include foamed plastic, mineral wool, aerogels, cellulose, and others. Glass wool, a type of insulating material made from glass fibers bound together, is designed to resemble wool in texture. It is employed to reduce the movement of sound, heat, and cold within buildings. Various products in this market include glass wool, mineral wool, expanded polystyrene (EPS), extruded polystyrene (XPS), and others, utilized for roof insulation, wall insulation, and floor insulation. End-users encompass residential, commercial, and industrial sectors.

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

The building thermal insulation market size has grown steadily in recent years. It will grow from $29.76 billion in 2023 to $30.75 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth observed during the historical period can be attributed to various factors, including energy efficiency regulations and building codes driving the demand for insulation, an increased awareness of environmental sustainability and energy conservation, growth in the construction industry, fluctuations in energy prices, and government incentives.

The building thermal insulation market size is expected to see steady growth in the next few years. It will grow to $35.83 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The anticipated growth in the forecast period can be attributed to climate change mitigation efforts and the imperative for energy-efficient buildings, the adoption of green building certifications and standards, ongoing research and development in high-performance and sustainable insulation materials, a rising demand for passive house and zero-energy building designs, and the effects of urbanization and population growth. Key trends expected during this period include the emergence of biodegradable and sustainable insulation materials, the utilization of aerogel insulation, the development of prefabricated insulation panels, the focus on high-performance insulation for cold climates, and the application of insulation solutions for aging buildings.

The growth of the building thermal insulation market is anticipated to be driven by the increasing construction of green buildings. Green buildings, designed to minimize or eliminate adverse effects on the environment, incorporate building thermal insulation to enhance energy efficiency and maintain natural cooling. In India, the construction of green buildings witnessed a substantial rise, with a 37% increase in buildings obtaining green certification in 2020, as reported by Times Property. CBRE, a US-based commercial real estate company, highlighted that nearly 40% of assets in India are green, reflecting the growing adoption of sustainable practices. In Singapore, the Singapore Green Building Council reported that 49% of buildings were green in 2021, with projections indicating an 80% increase by 2030. The surge in green building construction underscores the significant role of building thermal insulation in promoting energy-efficient structures.

The growth of the building thermal insulation market is further expected to be fueled by the rise in global energy costs. Factors such as supply and demand dynamics, geopolitical tensions, and environmental regulations contribute to the overall energy costs for consumers and industries globally. In response to increasing energy costs, property owners are incentivized to invest in building thermal insulation to reduce energy consumption. A Utility Dive report in January 2023 revealed a 14.3% increase in electricity prices, reaching 15.07 cents per kilowatt-hour in 2022, twice the rate of overall inflation. Projections indicate a continued rise, reaching 15.45 cents per kWh in the current year. This escalation in energy costs is expected to drive the demand for insulation materials, fostering the growth of the building thermal insulation market.

In the building thermal insulation market, technological advancement emerges as a key trend, with major companies focusing on introducing innovative technologies for a competitive edge. ACC Ltd., an India-based building material manufacturer, exemplifies this trend by introducing ACC Atrium in March 2022. ACC Atrium is a thermal insulating climate control concrete system that utilizes innovative insulating technology. This technology enables insulation during the construction of roofs, making the product suitable for both residential and commercial construction. The emphasis on technological innovation highlights the industry's commitment to providing sustainable, fire-resistant, and efficient solutions in building thermal insulation.

Major players in the building thermal insulation market are striving for a competitive edge by introducing innovative and sustainable products, such as the Ultra-Fast 70 foam formulation by Covestro in collaboration with Selena Group. This polyurethane (PU) foam is designed to significantly reduce the installation time for doors and windows, thus enabling an increased number of projects to be completed within the same timeframe. The Ultra-Fast 70 formulation is not only focused on faster installation but also emphasizes sustainability, with ISSC Plus certification confirming the use of plant-based feedstocks through the mass balance method. This approach leads to a substantial 60% reduction in carbon emissions compared to materials derived from fossil sources. The innovation addresses the need for efficient building thermal insulation while aligning with environmentally friendly practices.

In a strategic move to strengthen its position in the market, Owens Corning, a prominent US-based company specializing in fiberglass composites, roofing, and insulation, made an acquisition in August 2021. Owens Corning acquired Vliepa GmbH, a Germany-based company engaged in the manufacturing of insulation, roofing membranes, and thermal roofing construction. This acquisition allowed Owens Corning to expand its nonwoven range globally and better serve European customers, facilitating regional growth in building and industrial insulation. The move reflects the company's commitment to enhancing its product portfolio and presence in key markets, contributing to its competitiveness in the building thermal insulation sector.

Major companies operating in the building thermal insulation market include Johns Manville, Saint-Gobain S.A., Baden Aniline and Soda Factory, Kingspan Group PLC, Owens Corning, Rockwool International A/S, GAF Materials Corporation, Guardian Building Products Inc., CertainTeed Corporation, Knauf Insulation, Armacell International S.A., Dow Inc., Huntsman Corporation, Cabot Corporation, Recticel NV, Paroc Group, URSA Insulation S.A., Superglass Insulation Ltd., Kaimann GmbH, Thermaflex International Holding B.V., Lapinus Fibres, KCC Corporation, Beijing New Building Material (Group) Co. Ltd., Fletcher Insulation Pty Ltd., TechnoNICOL Corporation, Unifrax I LLC, Aspen Aerogels Inc., Evonik Industries AG, Alutech Systems Ltd.

Asia-Pacific was the largest region in the building thermal insulation market in 2023. The regions covered in the building thermal insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the building thermal insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The building thermal insulation market consists of sales of polyurethane foam and fiberglass. 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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