Building Insulation Materials Market Growth & Trends [2031]
Building Insulation Materials Market Growth & Trends [2031]
Segments - Building Insulation Materials Market by Material Type (Polyurethane/Polyisocyanurate Foam, Fiberglass, Cellulose, Mineral Wool, Polystyrene, Glass Wool, Foamed Plastics, Polyvinyl Chloride, and Others), Application (Wall, Floor & Basements, and Roof & Ceiling), End-user (Residential and Non-residential), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CM-5152
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Report Description
The global building insulation materials market size was around USD 31.18 Bn in 2022 and is likely to reach USD 45.53 Bn by 2031, expanding at a CAGR of 4.9% during 2023–2031. Rapid urbanization and industrialization are expected to fuel the market.
Building insulation materials are used to minimize the amount of heat that flows through a building. It includes insulated roofing sheets, insulating foam, and insulation blocks that are embedded in walls, roofs, and floors. Laying down insulating materials in walls and ceilings while construction is important as it keeps the building cool in the summer and warm in the winter.
Building insulation materials enhanced process performance by controlling the emission of pollutants and preventing moisture condensation. These materials provide fire and impact resistance to the building and improve soundproofing and thermal capabilities.
It is a cost-effective solution, as it minimizes the use of energy required to cool or heat a building. It protects the buildings during summer and winter by holding optimum temperatures.
Thermal insulation materials in building save expenses on energy, as it controls the indoor environment of the building and reduces heat loss during cold climates and heat surplus in warm weather conditions. It reduces the transmission of heat to the outside environment, which further minimizes carbon emissions.
Thermal insulation is widely used to reduce the high energy requirement. The quality and heat resistance of insulation materials is rated or measured according to their R-value. If the insulating material’s R-value is high, it offers high heat resistance and better insulation.
The market report finds that the COVID-19 pandemic adversely affected the market. The market faced a sudden downfall, owing to the halting of various construction projects and the prolonged shutdown of industries. Many countries have imposed emergency lockdowns and social distancing, which restricted people to go outside their homes. This in turn created labor shortages and encouraged builders to halt their projects. Furthermore, the lack of timely supply of raw materials required for insulation, due to the traveling restrictions disrupted the overall supply chain of the market and slowed down revenue generation during the pandemic.
Building Insulation Market Dynamics
Major Drivers
Increasing global warming is a major factor that boosts the demand for insulating materials. Global warming increases the demand for green and sustainable building solutions worldwide, which significantly boosts the demand for insulated roofing sheets, insulating foam for walls, insulation blocks, and insulated concrete formwork. Furthermore, the stringent regulations to reduce energy consumption and greenhouse emissions are likely to propel the market during the forecast period.
Rising construction activities at a rapid pace, due to growing urbanization and industrialization are anticipated to drive the market during the forecast period. Urbanization and industrialization have fueled infrastructural developments in both developing and developed economies. As per the U.S. Census Bureau and U.S. Department of Housing and Urban Development, around 1,649,400 housing projects were authorized by building permits in 2022. However, around 1,392,300 housing units were successfully completed. This is 3.8% above the 2021 figures of 1,341,000.
Existing Restraints
Laying insulation while constructing a building may increase additional expenses, due to the high cost of insulating materials, which hinders market growth during the projected period. Moreover, the volatility in the price of raw materials and the lack of awareness about the benefits offered by thermal insulation are expected to hamper the market.
Using insulation materials may increase health-related risk, which acts as a major restraining factor. Some insulating materials such as extruded polystyrene emit styrene during the manufacturing process, which may cause tiredness, changes in color vision, and feeling drunk. Furthermore, glass wool may irritate the eyes and respiratory system during the laying process, which restricts their use and restraints the market to a certain limit.
Emerging Opportunities
Rising research & development create immense growth opportunities for the prominent players competing in the market. R&D activities encouraged insulation manufacturing companies to increase their investment to create advanced and organic insulation materials. However, the growing demand for advanced insulative materials accelerates the market.
Scope of the Building Insulation Materials Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Building Insulation Materials Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Material Type (Polyurethane/Polyisocyanurate Foam, Fiberglass, Cellulose, Mineral Wool, Polystyrene, Glass Wool, Foamed Plastics, Polyvinyl Chloride, and Others), Application (Wall, Floor & Basements, and Roof & Ceiling), and End-user (Residential and Non-residential) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
BASF SE; Covestro AG; Cabot Corporation; Huntsman Corporation; Kingspan Group; Owens Corning; ROCKWOOL A/S; Saint-Gobain; Atlas Roofing Corporation; Dow Corning Corporation (Dow); Firestone Building Products; Johns Manville; Knauf Insulation; Paroc Group; and URSA |
Building Insulation Materials Market Segment Insights
On the basis of material type, the building insulation materials market is segmented into polyurethane/polyisocyanurate foam, fiberglass, cellulose, mineral wool, polystyrene, glass wool, foamed plastics, polyvinyl chloride, and others. The polystyrene segment is anticipated to expand at a considerable CAGR in the coming years, due to its long life and outstanding thermal insulating properties. Moreover, high tensile plastic properties make it light in weight. Growing requirement for thermal insulation and durable insulation accelerates the market.
The glass wool segment is estimated to grow at a high CAGR during the forecast period, owing to its high R-value, high tear strength, and corrosion-resistant properties. It helps to maintain a stable temperature. Thus, it is suitable for every climate. On the other hand, the foamed plastics segment is projected to grow at a rapid pace, due to the rising usage in tropical temperature locations. It possesses low R-values, which makes it suitable for equatorial climates.
The glass wool segment is estimated to grow at a high CAGR during the forecast period, owing to its high R-value, high tear strength, and corrosion-resistant properties. It helps to maintain a stable temperature. Thus, it is suitable for every climate. On the other hand, the foamed plastics segment is projected to grow at a rapid pace, due to the rising usage in tropical temperature locations. It possesses low R-values, which makes it suitable for equatorial climates.
Based on application, the market is divided into wall, floor & basements, and roof & ceiling. The wall segment is expected to expand at a significant growth rate during the assessment period, due to the wide use of insulation in both internal and external walls. Rising demand from residential buildings, due to the increasing global warming at a rapid pace is further likely to propel the segment.
On the basis of end-user, the market is bifurcated into residential and non-residential. The non-residential segment is anticipated to register a robust growth rate during the projection period, owing to rapid urbanization and industrialization. Insulation offers protection from fire, superior thermal insulation, and reduces noise in buildings. The segment growth is further attributed to the strict regulation to install thermal insulation in industrial buildings to reduce energy consumption and the rising demand for acoustic insulation to reduce noise.
In terms of region, the global building insulation materials market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market in the coming years owing to the growing industrialization at a rapid pace. However, rising government initiatives toward several housing projects and the rehabilitation of slum areas in developing countries such as India is likely to boost the regional market growth. As per the Indian Government, more than 40% population of India is anticipated to live in urban India, which is likely to create a demand for additional housing projects.
The market in North America is projected to expand at a high CAGR during the projected period, due to the increasing development of green buildings at a rapid pace. As per the US Environment Protection Agency (EPA), green building is the practice of using processes and creating structures with resource-efficient materials throughout a building’s lifecycle from sitting to design, renovation, deconstruction, and construction. This practice expands and complements the building design concerns of economy, comfort, durability, and utility.
Segments
The global building insulation materials market has been segmented on the basis of
Material Type
- Polyurethane/Polyisocyanurate Foam
- Fiberglass
- Cellulose
- Mineral Wool
- Polystyrene
- Glass Wool
- Foamed Plastics
- Polyvinyl Chloride
- Others
Application
- Wall
- Floor & Basements
- Roof & Ceiling
End-user
- Residential
- Non-residential
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- BASF SE
- Covestro AG
- Cabot Corporation
- Huntsman Corporation
- Kingspan Group
- Owens Corning
- ROCKWOOL A/S
- Saint-Gobain
- Atlas Roofing Corporation
- Dow Corning Corporation (Dow)
- Firestone Building Products
- Johns Manville
- Knauf Insulation
- Paroc Group
- URSA
Competitive Landscape
Key players competing in the global building insulation materials market are BASF SE; Covestro AG; Cabot Corporation; Huntsman Corporation; Kingspan Group; Owens Corning; ROCKWOOL A/S; Saint-Gobain; Atlas Roofing Corporation; Dow Corning Corporation (Dow); Firestone Building Products; Johns Manville; Knauf Insulation; Paroc Group; and URSA.
Some of these companies adopted several development strategies including collaborations, partnerships, mergers, acquisitions, product launches, and production expansion to expand their consumer base worldwide. For instance,
- On June 21, 2021, ROCKWOOL to begin production of stone wool insulation for the French Market using low-carbon electric melting technology. The company announced that production is likely to start in 2022.
- In April 2021, Atlas Roofing Corporation introduced SureSlope prefabricated tapered products for roofing applications. It reduces job site waste and minimizes installation time.
- In September 2020, Paroc introduced stone wool for renovated and new buildings. It provides off-cuts of stone wool during construction activities.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Building Insulation Materials Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Building Insulation Materials Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Building Insulation Materials Market - Supply Chain
4.5. Global Building Insulation Materials Market Forecast
4.5.1. Building Insulation Materials Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Building Insulation Materials Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Building Insulation Materials Market Absolute $ Opportunity
5. Global Building Insulation Materials Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Building Insulation Materials Market Size and Volume Forecast by Applications
5.3.1. Wall
5.3.2. Floor & Basements
5.3.3. Roof & Ceiling
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Building Insulation Materials Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Building Insulation Materials Market Size and Volume Forecast by End Users
6.3.1. Residential
6.3.2. Non-residential
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Building Insulation Materials Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Building Insulation Materials Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Building Insulation Materials Demand Share Forecast, 2019-2026
8. North America Building Insulation Materials Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Building Insulation Materials Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Building Insulation Materials Market Size and Volume Forecast by Applications
8.4.1. Wall
8.4.2. Floor & Basements
8.4.3. Roof & Ceiling
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Building Insulation Materials Market Size and Volume Forecast by End Users
8.7.1. Residential
8.7.2. Non-residential
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Building Insulation Materials Demand Share Forecast, 2019-2026
9. Latin America Building Insulation Materials Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Building Insulation Materials Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Building Insulation Materials Market Size and Volume Forecast by Applications
9.4.1. Wall
9.4.2. Floor & Basements
9.4.3. Roof & Ceiling
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Building Insulation Materials Market Size and Volume Forecast by End Users
9.7.1. Residential
9.7.2. Non-residential
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Building Insulation Materials Demand Share Forecast, 2019-2026
10. Europe Building Insulation Materials Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Building Insulation Materials Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Building Insulation Materials Market Size and Volume Forecast by Applications
10.4.1. Wall
10.4.2. Floor & Basements
10.4.3. Roof & Ceiling
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Building Insulation Materials Market Size and Volume Forecast by End Users
10.7.1. Residential
10.7.2. Non-residential
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Building Insulation Materials Demand Share Forecast, 2019-2026
11. Asia Pacific Building Insulation Materials Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Building Insulation Materials Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Building Insulation Materials Market Size and Volume Forecast by Applications
11.4.1. Wall
11.4.2. Floor & Basements
11.4.3. Roof & Ceiling
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Building Insulation Materials Market Size and Volume Forecast by End Users
11.7.1. Residential
11.7.2. Non-residential
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Building Insulation Materials Demand Share Forecast, 2019-2026
12. Middle East & Africa Building Insulation Materials Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Building Insulation Materials Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Building Insulation Materials Market Size and Volume Forecast by Applications
12.4.1. Wall
12.4.2. Floor & Basements
12.4.3. Roof & Ceiling
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Building Insulation Materials Market Size and Volume Forecast by End Users
12.7.1. Residential
12.7.2. Non-residential
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Building Insulation Materials Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Building Insulation Materials Market: Market Share Analysis
13.2. Building Insulation Materials Distributors and Customers
13.3. Building Insulation Materials Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. BASF SE
13.4.2. Covestro AG
13.4.3. Cabot Corporation
13.4.4. Huntsman Corporation
13.4.5. Kingspan Group
13.4.6. Owens Corning
13.4.7. ROCKWOOL A/S
13.4.8. Saint-Gobain
13.4.9. Atlas Roofing Corporation
13.4.10. Dow Corning Corporation (Dow)
13.4.11. Firestone Building Products
13.4.12. Johns Manville
13.4.13. Knauf Insulation
13.4.14. Paroc Group
13.4.15. URSA
Methodology
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